June 09, 2008
On April 18, 2008, the Inland Revenue issued the circular letter No. 40 (hereafter Circular 40/2008) interpreting the provision of art. 182-ter of Law March 16, 1942 No. 267, the so-called Bankruptcy Law (hereafter BL) on the settlement between the Tax Authorities and taxpayers in pre-insolvency procedures.
Circular 40/2008 gives the proper legal framework in coming to a settlement with the Italian Tax Authorities in the said context, thus providing a useful tool and opening new real business opportunities in the Italian distressed and restructuring market.