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A Centro Einaudi report on bankruptcy in Italy • 1 / Towards an ‘American’ reform?
The article’s aim is to point out the main failures in Italian bankruptcy law and to forecast the possible effects of a reform inspired by United States legislation: the U.S. Bankruptcy Act of 1978. The introduction within the Italian legal system of American standards may determine a total change in previous professional market services related to bankruptcy procedures. Italian standards are now strongly dependent on American experience in the main structure of corporate governance and financial control, indeed, there is not yet an institutional setting able to spread new tools and methods in the field of bankruptcy. The size, the mindset and the professional skills of Italian management, law firms, consultant firms and merchant banks is offering an opportunity to international institutions to enter the Italian market of professional services for company crises and bankruptcy. The reform of Italian bankruptcy law is however strongly influenced by the opposite positions and requests of national and international professionals, showing an interesting point of view for measuring globalisation in action.