ITALY. New law provides for settlements for over-indebtedness

 

 

By EDUARDO BRAVO LOSADA, CPA

 

 

New legislation allows a person who is ineligible for bankruptcy proceedings to discharge his or her indebtedness through a procedure that involves all of his or her creditors, even if only some of them participate in the agreement.

 

However, will the benefits to creditors of accepting such a proposal be sufficient to dissuade them from seeking individual enforcement actions?

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