A Global Guide
Chapter 15: NATIONAL REPORT FOR ITALY
This chapter investigates the treatment of executory contracts in Italian corporate insolvency law procedures. In the discipline of the bankruptcy procedure, the principal rule that deals with pre-existing legal relationships is art. 72 b. law. The general rule is that, upon filing, the enforceability of executory contracts is suspended and the Law gives the administrator the power to assume or reject them. There are also some specific rules on single contracts: these include, among others, rules on real estate contracts where the building is yet to be built or completed or sales with retention of title clauses. In addition, outside the Bankruptcy Law, specific contracts are also subject to specific rules. All these exceptions, and the rationale behind them are investigated as part of this chapter. This chapter concludes that under Italian Law, there is not a unified treatment of the executory contracts when the debtor enters into a formal insolvency proceeding. Depending on the procedure and its goals, different rules apply. It is to be seen if the recent Rordorf Reform – if implemented by the government – will introduce a more unitary treatment of these contracts under insolvency.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.