On 11 January 2019, the Council of Ministers approved the text of the legislative decree containing the new code of corporate distress and insolvency (the “Insolvency Code”). The new code was adopted to implement Law 155 of 11 October 2017 (the “2017 Law”), with which the Parliament delegated the Government to reform the pre-insolvency and insolvency rules and proceedings so as to supersede the current bankruptcy law (Royal Decree 267/42, the “Bankruptcy Law”), somewhat outdated and fragmented by the many amendments and integrations made over the years.