ITALY BUSINESS FAILURE
March 1st, 2004
BY KEITH NUTHALLAN ITALIAN law protecting large businesses in financial difficulties from closure has been deemed illegal under European Union (EU) state aid rules, with the European Commission ordering the repayment of any government grants authorised under its terms. The ruling could expose insurance companies to significant commercial risk, given that the law - "urgent measures in favour of employment" - applies to companies with more than 1,000 employees under a specific Italian insolvency proceeding (amministrazione straordinaria). The law allows companies ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.