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Insolvency and Enforcement Reforms in Italy
Author:
Jose M Garrido null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2016: Issue 134
Language:
English
Publication Date:
11 Jul 2016
DOI:
https://doi.org/10.5089/9781475570243.001
ISBN:
9781475570243
ISSN:
1018-5941
Pages:
21
Keywords:
WP; insolvency; process; enterprise; insolvency process; insolvency administrator; private debt; debt restructuring; enforcement of debt; enterprise insolvency regime; reorganization process; enforcement procedure; insolvency framework; Solvency; Nonperforming loans; Corporate insolvency; Legal support in revenue administration; Western Europe
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund