Start-ups to the Test of the New Italian Crisis and Insolvency Code

With this article, the author intends to outline a systematic framework of the long-standing issue relating to the delicate relationship between innovative start-ups and the (different) insolvency procedures. First, the report attempts to provide the subjective and objective elements by which a start-up can actually be framed as ‘innovative’. Secondly, the article analyses the successive regulations on insolvency matters aimed – sometimes at inclusion, sometimes at exemption – at regulating the procedures that can be carried out voluntarily by the innovative startup or those to which, in any case, it shall be subjected. In the following, the author tries to highlight the case law framework in fieri that occurred in the context of insolvency in relation to the aforementioned companies. Finally, the article, analysing some of the recent rulings occurred, attempts to represent the state of the art of the quaestio iuris and how this may affect the application of the new provisions on insolvency matters, governed by the new Corporate Crisis and Insolvency Code (breviter, CCII). Innovative start-ups, bankruptcy, objective and subjective requirements, five-year term