ITALY Trends and Developments Contributed by: Cristian Fischetti, LEXIA
10. The relevant data Recent statistics reveal a significant increase in the number of applications for the CNC among Italian companies. As of October 2025, approximately 3,400 applications had been submitted, compared with 2,767 recorded as of 15 May 2025, according to the Unioncamere report on the results of the CNC since its introduction. By October 2025, 402 companies had reached a positive outcome, while 1,990 CNC pro - ceedings were closed without success. Unsurprisingly, only eight companies that successfully completed the CNC qualified as below-threshold com - panies, while 60 were part of a group of companies. This data clearly indicates that the CNC, as currently structured, tends to be more suitable for medium- sized and large companies than for smaller ones. The latter, due to their limited organisational capacity and lack of adequate internal controls, often detect warn - ing signs of financial distress too late, leading to an unsuccessful outcome. Additional factors may include the limited interest of financial creditors in negotiating the recovery of small exposures and, probably, the involvement of professionals with less experience in restructuring proceedings. Based on the available data, it is possible to outline the general trends in the outcomes of the CNC. Among the cases concluded positively, the most common solution appears to be an agreement jointly signed by the debtor, the creditors and the Expert pursuant to Article 23, Paragraph 1, letter c), CCII, accounting for roughly one-third of successful cases. This is followed by agreements with one or more creditors under Arti - cle 23, Paragraph 1, letter a), CCII (around 20%), while a smaller share relates to the homologation of debt restructuring agreements and access to other restruc - turing or insolvency proceedings provided by the CCII (together around 15%). Residual outcomes include certified recovery plans and moratorium agreements, which together represent less than 5% of the total. Conversely, among the CNC proceedings that ended without success, approximately half of the compa - nies initiated a formal proceeding following the clo - sure of the CNC. Around one-quarter entered judicial or voluntary liquidation, while a smaller proportion accessed composition with creditors or debt restruc -
graph 1, CCII, if, in the Expert’s opinion, it is suitable to ensure business continuity for a period of no less than two years; or (b) a moratorium agreement; or (c) an agreement signed by the debtor and the creditors, endorsed by the Expert confirming its suitability to address the crisis or insolvency. This agreement pro - duces the effects outlined in Article 166, Paragraph 3, letter d), CCII (ie, exemption from claw-back actions) and Article 324 CCII (ie, exemption from certain insol - vency-related criminal sanctions). Consequently, it has the same value as a recovery plan without the certification of an independent professional, but only the approval of the Expert. Furthermore, the company may establish a tax settlement (pursuant to Article 23, Paragraph 2- bis , CCII), albeit without the cram-down mechanism. In the event of unsuccessful negotiations, the law allows the entrepreneur to file an application for the homologation of a simplified composition of debts with creditors or simplified arrangement ( concorda- to semplificato ). In order to benefit from the simpli - fied procedure, the Expert needs to identify tangible prospects for restructuring the debts and confirm that genuine negotiations have taken place in good faith. Only when these conditions are met, and all potential negotiated or non-negotiated solutions have been considered unfeasible, may the debtor submit a pro - posal for a liquidation plan aimed at the transfer of assets. A simplified arrangement differs markedly from an ordinary composition with creditors. It does not require a formal admission decree, the involvement of a judi - cial commissioner or delegated judge, or any voting phase by creditors. Furthermore, it does not entail a formal agreement between debtor and creditors, as the Expert’s final report and opinion replace the cer - tification normally issued by an independent profes - sional. Subsequently, the court appoints an auxiliary who, based on the final report of the Expert, assesses the requirements to access and to homologate the simplified arrangement. The auxiliary performs a func - tion like a judicial commissioner in a composition of debts with creditors, ensuring transparency and pro - cedural fairness throughout.
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