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Italy - The Marzano Law: a Special Procedure for Large Insolvent Companies Analysis of the Amendments Brought by the Alitalia Case

January 08, 2009

By Antonio Azzarà, Paolo Manganelli and Simona Klimbacher

Prompted by the urgent situation involving the Alitalia airline companys insolvency, on 28 August 2008 the Italian Government proposed a set of rules that integrate and amend the special insolvency procedure issued earlier in 2003 in the wake of Parmalats financial collapse, i.e., the so-called Marzano Law to solve massive crises of large companies insolvencies. The amendment of the Marzano Law has been enacted by Law Decree No. 134 of 28 August 2008, converted into Law No. 166 of 27 October 2008 (the Amended Marzano Law).