Abstract

Traditionally, in Italy the resolution of corporate distress was constricted to formal insolvency procedures. Until, recently, the development of a new approach toward insolvency and business failure has allowed legislators, both at a national and European level, to begin to have to pay an increasing attention to the use of out-of-Court debt restructuring mechanisms. These non-judicial proceedings hold many advantages compared to the formal insolvency proceedings. However, in numerous cases, out-of-Court debt restructurings are non-efficient because of several debtor-creditors ...