New recovery tools available to transport and logistics operators under Italian law following the bankruptcy of Hanjin Shipping

Business continuity has always been a cornerstone principle in all sectors of the economy. In the maritime, port and transport sector, the bankruptcy of the Hanjin shipping line has thrown operators and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether hundreds of tonnes of goods being carried by the South Korean company will actually reach shop shelves. In this scenario, traders (and carriers) in critical situations have to consider all the recovery tools available by the law of their country, in order to avoid bankruptcy and keep themselves afloat. At the end of 2016 the European Commission issued a proposal for a Directive to prevent restructuring frameworks, provide a second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures (proposal COM (2016) 723 final, 2016/0359 (COD) of 22 November, 2016). Moreover, in order to reach a higher degree of harmonisation in insolvency law, the European Court of Justice (case C-546/14, judgment of 7 April, 2016, Degano Trasporti s.a.s. di Ferruccio Degano & C. in liquidation) affirmed that national legislation can be interpreted as meaning that an insolvent trader may apply to a court for the initiation of proceedings to achieve a settlement with creditors, for the purpose of settling its debts by liquidating its assets, whereby the trader only offers a partial payment of the VAT debt. The aim of this study is to analyse the latest instruments available to allow Italian transport and logistics operators to take action before they get into serious difficulties, offering an evaluation of the possible criminal implications.