New Rules on Concordato Preventivo (Composition with Creditors) in Italian Law and their Repercussions on Aviation Claims

With the Italian crisis hitting Italian industry hard, the Monti government has introduced measures designed to enable Italian business to achieve rapid economic and financial recovery. These instruments were introduced into Italian law with the Decreto Sviluppo (Development Decree - Decree-Law 22 June 2012, n. 83, passed into Law n. 134 of august 7, 2012). This wide-raging law includes provisions that reform composition with creditors, (in particular, the concordato preventivo). This article focuses on the implications of the new measures, in particular on third party claims against air transport operators. the analysis extends to matters concerning the jurisdiction and applicable law in relation to lawsuits directly correlated to the new composition with creditors procedures, such as disputes arising from claw back actions or contract cancellation, if there are elements of transnationality.