The New Italian Bankruptcy Law: The Right Way to Reform Insolvency Procedures
The recent Italian Bankruptcy Reform (d.lgs. 9 gennaio 2006, n. 5) has been adopted to modify the old insolvency system, existing since 1942, in order to facilitate the resolution of firms' distress through the implementation of faster insolvency procedures and an increasing adoption of the reorganization plans. The first part of the research shows the insolvencies in some European countries over the last decade and the trend of the main Italian insolvency procedures. The second part of the paper describes both positive and critical aspects of the recent Italian Bankruptcy reform, while the third part aims at evaluating its effectiveness. The empirical evidence shows an increase in the adoption of the reorganization plans compared to liquidation procedures. The new law has a positive impact on the Reorganizations/Liquidations ratio, both in terms of new and closed proceedings. However, the empirical results show that the efficacy of the reform depends on the quality of the civil justice, that is the judges' productivity in each court. Some policy implications conclude the work.
Volume (Year): (2012)
Issue (Month): 1 ()
|Contact details of provider:|| |
When requesting a correction, please mention this item's handle: RePEc:mul:jhpfyn:doi:10.1434/36778:y:2012:i:1:p:167-188. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.