Government measures in key jurisdictions 4th edition - Flipbook - Page 76
Italy
Insolvency
The Italian Government has adopted – among others – the following measures:
Has the government •
made any changes
to insolvency
legislation?
•
•
•
Contractual
Issues
What measures
have been taken
to reinforce
contracts?
Property
Have any changes
been made to
the laws around
property, rent and
enforcement?
the extension of the deadlines for performing/fulfilling composition with creditors plans
and debt restructuring agreements already validated by the competent Courts, if
expiring between 23 February 2020 and 31 December 2021,
the possibility to file a new composition with creditors plan/debt restructuring
agreement before the validation hearing or to request an extension of the term for the filing of
the composition with creditors plan/debt restructuring agreement (if not filed yet),
the postponement of the entry into force of the new Code of Crisis and Insolvency from 1
September 2021, and
the disapplication until 31 December 2020, under certain conditions, of the provisions
that require: either the reinstatement of the registered capital, when it has been reduced
by more than 1/3rd as a consequence of losses, or the winding up of the company.
Under a general provision, any action taken to ensure compliance with the measures adopted by the
Italian Government to contain Covid-19 emergency should be taken into account for the purposes of
excluding debtor’s liability – pursuant to the Italian Civil Code – for delayed or omitted performance,
also in relation to the application of any related forfeiture terms or penalties.
Besides the above, all contractual remedies provided for under Italian civil law shall apply.
A tax credit equal to 60% of the rents due in March, April and May 2020 is granted to tenants of
shops and similar properties falling within the C/1 properties category. Such tax credit can be used to
offset future liabilities and cannot be claimed for refund.
The statute of limitations for natural persons willing to enjoy the “first home” registration tax
regime is suspended between 23 February and 31 December 2020.
Enforcement of the measures issued by the competent Courts for the release of properties,
including those for non-residential use, is suspended until 31 December 2020 while garnishments
proceedings over “first home” properties are suspended until 30 October 2020.
Further, with reference gyms, swimming pools and sports facilities lease agreements, the sport
activities suspension set forth during the emergency shall be assessed as factor of “unbalance”
between the interests under the agreement, so triggering the relevant remedies provided for
under the Italian Civil Code (such as fee reduction).
Government measures in key jurisdictions
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