{"id":72697,"date":"2026-07-22T12:23:43","date_gmt":"2026-07-22T10:23:43","guid":{"rendered":"https:\/\/www.lexia.it\/2026\/07\/22\/negotiated-settlement-business-crises-executive-decree\/"},"modified":"2026-07-22T15:12:59","modified_gmt":"2026-07-22T13:12:59","slug":"negotiated-settlement-business-crises-executive-decree","status":"publish","type":"post","link":"https:\/\/www.lexia.it\/es\/2026\/07\/22\/negotiated-settlement-business-crises-executive-decree\/","title":{"rendered":"The negotiated settlement of business crises: an analysis of the recent Executive Decree"},"content":{"rendered":"\n

By the Executive Decree of 23 April 2026<\/a>, the Ministry of Justice issued a further update to the implementing document governing the Negotiated Settlement of Business Crises (CNC<\/strong>), introducing amendments to the practical test, the detailed checklist for preparing the restructuring plan, the protocol for conducting negotiations, expert training, the online platform and the related operational annexes.<\/em><\/p>\n\n\n\n

The legislative intervention follows the regulatory amendments already made to the Italian Crisis and Insolvency Code and takes into account the framework resulting from Legislative Decree No. 136 of 13 September 2024 (the so-called \u201cCorrective Decree III\u201d), with the aim of updating the relevant practices and ensuring that the use of the CNC is more consistent with the available crisis resolution tools.<\/em><\/p>\n\n\n\n

This article provides an overview of the main developments introduced by the Executive Decree and the potential benefits for the parties involved in the CNC.<\/em><\/p>\n\n\n\n

A less \u201cbureaucratic\u201d practical test as a tool for assessing the financial restructuring measures<\/strong><\/h2>\n\n\n\n

The first amendment introduced by the Executive Decree concerns the framing of the practical test, which is confirmed as a forecasting tool, rather than a diagnostic one: its purpose is to assess whether the restructuring process is reasonably feasible, not to certify, in itself, the existence of a state of crisis, pre-crisis or insolvency.<\/p>\n\n\n\n

This approach emerges from the Decree\u2019s focus on the scope and significance of the practical test. In particular, it clarifies that the test cannot disregard the fundamental comparison between the debt to be restructured and the cash flows expected during the CNC process, while also specifying that the complexity of the restructuring must be assessed on the basis of concrete economic and financial data. Within this regulatory framework, the Executive Decree seeks to make the practical test a useful preliminary screening tool, enabling the entrepreneur and its advisers to understand from the outset whether the restructuring process may be based, inter alia<\/em>, on direct business continuity or whether discontinuity measures are required, such as indirect business continuity and the transfer of the business or one or more of its divisions.<\/p>\n\n\n\n

Furthermore, the Decree clarifies that, in order to access the CNC, the entrepreneur must have prepared at least a draft restructuring plan and a financial plan covering the following six months. In this context, it also specifies that the checklist<\/em> is intended as a support tool to assist the entrepreneur in preparing a restructuring plan and developing a process that is consistent with the objectives pursued and adequately structured, so that it may serve as a means of \u201cincorporating best practices rather than as a set of absolute requirements<\/em>\u201d. On the basis of these principles, the Decree seeks to encourage practitioners to focus more closely on minimum organisational arrangements and on monitoring business performance, promoting the use of KPIs that are consistent with the relevant business<\/em> and the adoption of ongoing treasury controls.<\/p>\n\n\n\n

Strengthening the need for coordination with crisis resolution tools<\/strong><\/h2>\n\n\n\n

One of the most noteworthy aspects of the updates introduced by the Executive Decree is Section II-bis, which addresses the specific features of restructuring plans in the context of crisis resolution tools and the value reserved for shareholders.<\/p>\n\n\n\n

The Decree also addresses the assessment of liquidation value, reflecting the now well-established practice of considering it an essential benchmark for evaluating the fairness of proposals submitted to creditors, even where such assessment is not expressly required by the Italian Crisis and Insolvency Code.<\/p>\n\n\n\n

In particular, the Decree clarifies that the plan should not merely set out the amount of liabilities and the measures intended to be implemented. It must also provide for the continuous updating of financial and balance-sheet data and of the criteria used to form classes or categories, take into account new financing contributions, assess KPI breakpoints, identify the expected point at which economic and financial balance will be restored, and set out the costs required to ensure compliance<\/em>, inter alia<\/em>, with occupational health and safety and environmental protection requirements. These additional elements effectively bring the structure of the CNC process closer to that adopted under crisis resolution tools, significantly narrowing the gap between the two frameworks.<\/p>\n\n\n\n

The message for entrepreneurs and advisers<\/em> is clear: the CNC is no longer treated as an out-of-court process entirely separate from other insolvency-related tools, but rather as a \u201cpreparatory phase\u201d in which the foundations are laid for the restructuring plan that may subsequently be formalised through the available crisis resolution tools, without prejudice to the successful completion of the CNC itself pursuant to Article 23 of the Italian Crisis and Insolvency Code. From this perspective, the practical impact of the amendments is particularly significant, as they appear intended to reduce the risk of the CNC being managed as a merely interlocutory and instrumental negotiation, lacking genuine restructuring prospects and aimed solely at staying enforcement actions.<\/p>\n\n\n\n

Conduct of negotiations: the central role of the expert and the objective of ensuring greater traceability of the restructuring process<\/strong><\/h2>\n\n\n\n

The Executive Decree confirms, and to some extent strengthens, the central role of the Expert as the independent professional acting as the \u201cfacilitator\u201d of the entire CNC process.<\/p>\n\n\n\n

From an operational perspective, the Expert is required to convene the entrepreneur without delay, assess the actual prospects of restructuring, review any practical test already submitted or request that it be completed, plan the activities to be carried out and communicate them to the entrepreneur. The Expert therefore plays a supporting role throughout the negotiated settlement process, including when issuing opinions before the Court. The protocol also specifies that the Expert may continue to carry out useful activities even after the closure of negotiations in specific circumstances, such as where the authorisation pursuant to Article 22 of the Italian Crisis and Insolvency Code or the finalisation of the instruments referred to in Article 23 occurs shortly before or after the formal conclusion of the CNC. This is also an important clarification, as it makes the CNC more flexible in relation to the formal time limit laid down in Article 17.<\/p>\n\n\n\n

In the context of corporate groups, the Decree strengthens the principle of coordinated management by requiring the Expert to verify from the outset which company has its centre of main interests in Italy and the highest level of indebtedness, for the purpose of correctly identifying the competent Court.<\/p>\n\n\n\n

The role of the Expert is therefore further enhanced as the key point of reference and as a source of support and guidance in the activities forming part of the Negotiated Settlement of Business Crises.<\/p>\n\n\n\n

Protective measures, business management and new financing: a more selective approach<\/strong><\/h2>\n\n\n\n

The Decree provides particularly useful guidance on the relationship between negotiations, protective measures and business continuity. In assessing the appropriateness and scope of protective measures, account must be taken, inter alia<\/em>, of the financial resources required to make the payments due under a going-concern scenario and of the effects on the supply chain.<\/p>\n\n\n\n

Although the management of the business remains the responsibility of the entrepreneur, the protocol identifies more precisely the transactions requiring prior written notice to the Expert and the circumstances in which the Expert may or must express dissent where the relevant transaction or payment is considered detrimental to the interests of creditors, the negotiations or the prospects of restructuring. Sensitive transactions within the CNC process, or transactions falling outside the ordinary course of business, include: (i) transactions concerning the company\u2019s capital or business; (ii) the granting of security; (iii) advance payments; (iv) non-recourse assignments of receivables; (v) financing granted to third parties or related parties; (vi) material settlements; (vii) the release of mortgages; (viii) significant investments; and (ix) the repayment of shareholder loans. The Decree further clarifies that any dissent expressed by the Expert in relation to activities that may prejudice the company\u2019s prospects of recovery must be communicated in writing, through the Online Platform, both to the entrepreneur and to the supervisory body, and must be filed with the Companies Register.<\/p>\n\n\n\n

From a financial perspective, it is also significant that financing granted to subsidiaries or companies subject to common control after the application has been filed is excluded from statutory subordination, provided that the entrepreneur has informed the Expert in advance and the Expert has not formally expressed dissent. This clarification may have a tangible impact on the structuring of intra-group liquidity during the CNC, particularly where internal financial support within the group is essential to preserving business continuity and value. An equally pragmatic approach emerges from the rules governing the Expert\u2019s opinion on financing eligible for super-priority status. The Decree indicates that consideration should be given to whether the financing is useful in preventing serious and irreparable harm to business continuity, the proper functioning of the supply cycle or the regularisation of tax and social security declarations and certificates, including the DURF and DURC, as well as to the balance between the new financial resources made available and the improved recovery afforded to creditors.<\/p>\n\n\n\n

Negotiations, business transfers and tax matters<\/strong><\/h2>\n\n\n\n

Turning to the negotiations, the protocol strengthens the role of the Expert as an independent and impartial third party who facilitates dialogue between the parties, encourages agreements, gathers relevant information and safeguards confidentiality. The Expert need not participate in every discussion, provided that they are kept constantly informed of its progress. This approach, combined with the possibility of preparing summary minutes or making audio or video recordings, subject to consent, and with the requirement for greater discipline in the circulation of information, enhances the traceability of the negotiation process without making it excessively rigid.<\/p>\n\n\n\n

The Executive Decree also focuses on employment and tax matters, which are often decisive areas in debt restructurings. Under the new provisions, the Expert may, on the one hand, participate in consultations concerning decisions affecting multiple employees, while respecting the principles of confidentiality, impartiality and independence and, on the other hand, countersign the debtor\u2019s application for the payment by instalments of taxes not yet entered on the tax roll where the Expert considers that there are concrete prospects of restructuring. The framework is completed by Annex 1, which includes, among the proposals that may be submitted to tax authorities and other public creditors, payment deferral arrangements and agreements that must always be structured so as to offer greater value than the liquidation alternative.<\/p>\n\n\n\n

As regards the transfer of the business, the Decree emphasises the principle of competitive bidding, with particular attention to the selection of the purchaser, the organisation of the data room, the collection of expressions of interest and the preference, over other proposals, for offers that are as specific, binding and adequately secured as possible. In the context of distressed M&A<\/em>, the CNC is confirmed as a suitable forum not only for the renegotiation of liabilities, but also for competitive processes involving the disposal or transfer of the business, with express attention to the protection of creditors and the preservation of business value.<\/p>\n\n\n\n

The online platform<\/strong><\/h2>\n\n\n\n

One of the most practical aspects of the update introduced by the Decree concerns the online platform, which should no longer be regarded merely as the tool through which the application is filed, but rather as the infrastructure used to manage the entire procedure. It includes a public area, a restricted area, document-sharing functions, a dedicated section for advisers<\/em>, separate interfaces for each company within a group, the possibility of downloading documents with digital identity tracking, and the creation of specific electronic folders with selective access. This is complemented by a fully confidential area for the submission of offers, in addition to the virtual data room<\/em>.<\/p>\n\n\n\n

From a market perspective, the increasingly digital management of the CNC reinforces the concept of the CNC as an ever more digitalised process, in which the organisation of information becomes an integral part of the effectiveness of the negotiations. For advisers<\/em>, financial creditors and courts, a platform structured in this manner enables more efficient information flows, both with creditors and among the other parties involved.<\/p>\n\n\n\n

Concluding remarks<\/strong><\/h2>\n\n\n\n

Overall, the Executive Decree of 23 April 2026 enriches the CNC with additional guidance and operational mechanisms. The process becomes more measurable at the initial stage, more structured in the preparation of the restructuring plan, more closely coordinated with crisis resolution tools, more traceable in the conduct of negotiations and more advanced from a digital perspective. At the same time, the Decree further enhances the central role of the Expert by strengthening the safeguards protecting their independence, expanding their review responsibilities and placing greater emphasis on their technical and interpersonal skills.<\/p>\n","protected":false},"excerpt":{"rendered":"

By the Executive Decree of 23 April 2026, the Ministry of Justice issued a further update to the implementing document governing the Negotiated Settlement of Business Crises (CNC), introducing amendments to the practical test, the detailed checklist for preparing the restructuring plan, the protocol for conducting negotiations, expert training, the online platform and the related … Continued<\/a><\/p>\n","protected":false},"author":13,"featured_media":72688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[816],"tags":[],"area":[],"collana":[],"competenza":[1096],"class_list":["post-72697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights-es","competenza-derecho-bancario-reestructuracion"],"acf":[],"yoast_head":"\nThe negotiated settlement of business crises: the Executive Decree - LEXIA<\/title>\n<meta name=\"description\" content=\"Negotiated settlement of business crises: changes by the 2026 Executive Decree on the practical Test, restructuring plan and negotiations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexia.it\/es\/2026\/07\/22\/negotiated-settlement-business-crises-executive-decree\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The negotiated settlement of business crises: the Executive Decree - 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