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Path Dependence and Paradox in Harmonizing Out-of-court Procedures across Europe. The Evidence from Italy

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  • Mangano Renato

    (Renato Mangano is a Professor of Commercial Law at the University of Palermo (Italy). This paper reproduces with many changes the text of a lecture given in Cologne on 26th of August 2016 at the “7th International Summer Symposium – Out of Court Restructuring Proceedings in Europe”. The author is grateful to an undergraduate student attending his course, Miss Silvia Rotolo, who updated data concerning Italian out-of-court procedures. Of course, all errors and material omissions remain the author’s responsibility. The author also wishes to thank both Prof Christoph Teichmann and Prof Jennifer Payne who, in their respective roles, have decided to publish this paper in this special issue devoted to the UK schemes of arrangement.University of Palermo PalermoItaly)

Abstract

This paper focuses on the impact that the ‘new approach to business failure’ has had on Italian out-of-court procedures. It will demonstrate that in 2005 Italian law started to embrace the rescue culture of out-of-court procedures by means of a series of reforms; initially, this movement facilitated the incorporation of the ‘new approach to business failure’, but – and this is the paradox – the more law makers and courts remove the old paradigms and introduce new ones, which in principle could make the procedures smoother, cheaper and more efficient, the more the law in the book and the law in action appear to be overloaded with additional prerequisites which make the procedures cumbersome, costly and inefficient.

Suggested Citation

  • Mangano Renato, 2018. "Path Dependence and Paradox in Harmonizing Out-of-court Procedures across Europe. The Evidence from Italy," European Company and Financial Law Review, De Gruyter, vol. 15(3), pages 615-644, November.
    • Handle: RePEc:bpj:eucflr:v:15:y:2018:i:3:p:615-644:n:8
    DOI: 10.1515/ecfr-2018-0020
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