The Senate has given the definitive green light to the bankruptcy decree law, on which the Government had placed its trust. There were 159 votes in favour, 104 against. Here are the main changes introduced by the provision:
1) RULES ON BANKRUPTCY
Rules are envisaged for access to facilitated credit to allow the recovery of companies in crisis, measures to improve competition in composition with creditors and new parameters for debt restructuring agreements, which can be signed if 75% of the financial creditors (banks and other intermediaries) representing at least half of the debt.
2) MORE GUARANTEES FOR CREDITORS
For SMEs, a minimum percentage of satisfaction (20%) of unsecured creditors is introduced in the liquidation arrangements with creditors. On the other hand, the tacit consent in the calculation of the majorities useful for passing the composition plans was cancelled.
3) INCENTIVES FOR NEGOTIATIONS AND ARBITRATIONS
A tax credit of up to 5 euros is being introduced on an experimental basis (and up to the capacity of an initial budget of 250 million) to encourage the success of negotiations and arbitration.
4) SALVA-ILVA STANDARD
The rule saves Ilva has also been included in the text, thanks to which the effect of a seizure order ordered by the judiciary for violation of environmental rules in companies of national importance will be sterilized.
