Il concordato preventivo parzialmente liquidatorio

As part of the process of reform of the insolvency discipline in progress in Italy, the essay considers the problem of agreed solutions to the enterprise crisis. The prevailing opinion with respect to the current system — almost uncontested in case law — excludes solutions that provide for only partial liquidation of the assets. The conclusion is motivated by the assertion that similar initiatives would involve the violation of some fundamental principles of our legal system and also a prohibited pact. Therefore similar solutions could not be proposed by the debtor to his creditors. The legislator of the last reform seems to have moved towards this solution, subjecting liquidation solutions to an extremely more rigorous discipline than the one that regulates business continuity solutions. This impression can only be partially confirmed. Nonetheless, the rigor of the latest reform raises some perplexity and should be noted for the significant consequences that go with this approach on the level of the insolvency system and the solutions offered to economic operators by bankruptcy law.