Insights

Three months have passed since the entry into force of the new Business Crisis and Insolvency Code, the result of a long journey, which began with Delegated Law No. 155 of 19 October 2017 and culminated with the issuance of Legislative Decree No. 83 of 17 June 2022, transposing the contents of EU Directive 2019/1023 i.e. the so-called Insolvency Directive. Over these three months, the global economic environment has worsened considerably, influenced by the sharp rise in inflation, the high cost of energy and the prospects of recession, as well as by an exogenous factor, namely the war in Ukraine, which seems destined to last much longer. And we can already see the first signs of difficulty being experienced by the Italian entrepreneurial fabric, grappling with a sharp erosion of margins due above all to the rising cost of energy and raw materials, which will inevitably be reflected in the banking system. The question then arises as to whether or not the new Code contains the necessary tools to deal with the inevitable flow of insolvencies that will arrive in the system, and whether or not it will be able to keep the promise for which it was created, this is guaranteeing intervention from the very first signs of business distress.