Abstract
The Joined Chambers of the Supreme Court designed a complete framework of the relationship between the composition with creditors and the bankruptcy. They ruled that should debtors be insolvent after the judicial validation of a composition with creditors and therefore incapable to perform the composition, they may go into bankruptcy even without termination of this latter. Thus, it has been convincingly excluded that the bankruptcy declaration is subject to special procedures after the composition and that the right to file the bankruptcy petition is limited to creditors subject to the composition since its termination. This essay dwells on the consequences of the bankruptcy declaration with the delaying, discharge, and segregating effects of the composition with creditors. Moreover, the matter concerning the interpretation of the provision under Article 119, paragraph 7, of the Italian Code of Business Crisis and Insolvency is analyzed, where it stipulates that termination of the composition is required to initiate bankruptcy proceedings unless the insolvency is due to debts arising after filing the application for composition.
| Translated title of the contribution | [Autom. eng. transl.] Failure to terminate the approved composition with creditors does not exclude bankruptcy. Considerations for a restrictive interpretation of the new art. 119, paragraph 7, c.c.i.i. |
|---|---|
| Original language | Italian |
| Pages (from-to) | 769-782 |
| Number of pages | 14 |
| Journal | BANCA BORSA TITOLI DI CREDITO |
| Volume | 2022 |
| Publication status | Published - 2022 |
Keywords
- crisi d'impresa
- fallimento
- inadempimento
- risoluzione concordato preventivo
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