Dove ci porta l'armonizzazione del diritto dell'insolvenza?

The paper examines the efforts to standardize insolvency law across the European Union, focusing specifically on the Italian legal framework. It reports Professor Vincenzo De Stasio's remarks at Villa Vigoni on July 5, 2022, and discusses various topics related to the adoption of Directive (EU) 2019/1023, also known as the Insolvency Directive, and its incorporation into national laws. The work offers insights on the eve of the enforcement of the Italian Legislative Decree no. 14/2019 (CCII), which marked the end of the era of the "legge fallimentare," which has governed Italian bankruptcy procedures since 1942. The paper aims to expose how the CCII intends to facilitate a significant transition from conventional bankruptcy procedures to a more contemporary framework focused on early intervention and restructuring, which is necessary to balance and safeguard all the stakeholders’ interests, such as the preservation of jobs. The paper focuses on the contrasts and consequences of civil and business insolvency. It highlights the shift from the broad enforcement process of the 1942 bankruptcy law to the more detailed approach of the new CCII. The new code includes provisions for resolving crises through negotiation, indicating a move toward preventive measures instead of reactive liquidation. Afterwards, it outlines the goals of the EU Directive, pointing to standardizing the requirements for initiating insolvency proceedings, the procedures for submitting claims, measures to prevent insolvency, and plans for restructuring and handling insolvencies involving groups of companies. It highlights the importance of implementing early restructuring frameworks to enable debtors facing financial difficulties to adjust their obligations, thereby avoiding insolvency and ensuring the best possible outcomes for creditors, thus enhancing the possibilities of a fresh start for deserving debtors on the condition they have not committed fraud or acted with gross negligence in getting into debt. It also reports the challenges of codifying insolvency laws in the context of European directives and Italy's legislative journey, including the COVID-19 emergency legislation from 2021 into the CCII, and the efforts to comply with the EU Directive while preserving national legal traditions. It further describes the structure of the CCII, outlining definitions, principles, and various procedures such as negotiated crisis resolution, judicial liquidation, and restructuring plans. It also highlights the role of the Commission Pagni, appointed to deliver the new law from the European to the national level, exposing their efforts to integrate the EU Directive into Italian law. The paper discusses the practical challenges faced while implementing the new insolvency code. These challenges include the continuing involvement of public prosecutors in insolvency cases, which is unique to the Italian system, and the impact of external crises such as the COVID-19 pandemic, geopolitical tensions, and economic instability on insolvency proceedings. The introduction of the negotiated crisis resolution process as a response to the pandemic is particularly noteworthy. The paper reflects on the future of insolvency law harmonization in Europe. It highlights the growing complexity of the harmonisation process and the importance of ongoing comparative studies between different legal systems to ensure effective implementation. The paper emphasizes the need for theoretical reflection to guide practical application and suggests that the true impact of these reforms will only be fully understood over time. Conclusively, the analysis offers a detailed summary of how Italy is implementing Directive (EU) 2019/1023. It stresses the importance of balancing adherence to EU standards with preserving national legal tradition, providing valuable insights into the changing landscape of insolvency law in Europe and its practical effects on businesses, creditors, and legal professionals.