Murphy’s law has struck again. The reform of the Italian insolvency law, which was approved just a couple of years ago after a decade-long process, has been put on hold. The usual suspect for this is Covid-19. The pandemic has reshaped the economic landscape so dramatically that the new tools are likely to prove already obsolete and unable to catch up with the current scenario.

To counteract the risk of a tsunami of insolvencies upon withdrawal of the payment moratorium, the government of Super Mario has introduced, by law decree and along with other measures, a brand-new restructuring procedure titled “crisis negotiated composition” (composizione negoziata della crisi) to streamline the management process of the corporate crisis from an early stage.