(A) Introduction -

The law no. 134 of 7 August 2012, published in the Official Gazette on 11 August 2012 (the “Reform”), has signed into law, with amendments, the Law Decree no. 83 of 22 June 2012, the so called “Law Decree Economic Growth” (Decreto Crescita).

The art. 33 of the Reform amends certain provisions of the Royal Decree 16 March 1942, no. 267 (“Bankruptcy Law”) and introduces new ones, acting mainly on the regulation of the composition with creditors and restructuring agreements.

The new provisions, in the intention of the legislator, would have (a) on one side, the purpose to allow companies in crisis faster access to restructuring procedures, granting, among other things, the access to new financial resources and providing certain safeguards already in the preliminary stages of negotiation with creditors and (b) on the other side, the intention to ensure greater severity to the certification of the appointed expert (with related penalties).