83894 - BANKRUPTCY LAW

Learning outcomes

At the end of the course, the student will: - have acquired a thorough understanding of US Bankruptcy Law as a benchmark for modern insolvency law and will be able to compare it with the solutions adopted at the EU level, starting with the European Commission Recommendation (2014/135/EU), which culminated in EU Directive 2019/1023, the so-called "Insolvency Directive," and the draft Insolvency II Directive. - understands the fundamental principles of insolvency law (the notion of crisis and insolvency, equal treatment of creditors, classes or categories of creditors; the distinction between liquidation and going concern procedures) - has acquired in-depth knowledge, in more detail, of the tools for judicial and negotiated liquidation of insolvency proceedings in the wake of US Chapter 11. - is able to critically analyze the issues related to crisis management of transnational companies, taking into account Regulation (EU) 2015/848 on cross-border insolvencies. - is able to independently and correctly conduct research using various documentary sources.

Course contents

The course is divided into two parts.

The first part – Principles of Bankruptcy Law – provides an overview of the fundamental principles and core concepts of insolvency and restructuring law from both a European and a U.S. perspective. The main topics covered are:

1. European and U.S. Perspectives on Insolvency and Restructuring

2. COMI and Cross-Border Insolvency in the European Union

3. Creditors and Avoidance Actions

4. Automatic Stay, Discharge and Fresh Start

5. Bankruptcy Estate and Executory Contracts

6. Rules on the Distribution of Value

7. Corporate Governance and Restructuring

The second part – Restructuring and Liquidation Procedures – offers a more detailed analysis of the European legal framework, with particular emphasis on the Italian insolvency system, and of the U.S. regulation governing restructuring and liquidation proceedings. The main topics covered are:

1. Chapter 11: Debtor in Possession, Financing and Reorganization Plans

2. Preventive Restructuring Frameworks in European Union Law

3. The Italian Model of Preventive Restructuring Procedures

4. Pre-Pack Proceedings and the Future of European Insolvency Law

5. Italian Judicial Liquidation

6. Chapter 7 and Liquidation Proceedings

7. Public Interests and Social Values in Insolvency Law

Readings/Bibliography

All required reading materials, including legislation, case law, scholarly articles, slides and additional teaching materials, will be made available through Virtuale.

Teaching methods

Each lecture will focus on a specific topic in insolvency and restructuring law from a comparative European and U.S. perspective.

The course combines traditional lectures with case-based discussions. Lectures will provide the legal and theoretical framework for each topic, while selected judicial decisions and practical case studies will be analysed and discussed in class to encourage critical thinking and comparative analysis.

Active student participation in classroom discussions is strongly encouraged.

Assessment methods

The final assessment consists of a written in-class examination including both multiple-choice questions and open-ended questions designed to assess students' understanding of the legal framework, case law and comparative issues discussed during the course.

Teaching tools

Teaching materials, including slides, legislation, selected case law, scholarly articles and case studies, will be available for download on Virtuale

Office hours

See the website of Edgardo Ricciardiello