On 17th March 2020, the government passed Law Decree no. 18/2020 (the “Cura Italia” Decree), as converted into law and in course of publication in the Italian Official Gazette, introducing, inter alia, new measures to support businesses suffering from cash-flow shortages.
In particular, Article 56 of the “Cura Italia” Decree has provided a moratorium on the payment of loan instalments – as well as “ancillary elements”, such as derivative contracts connected to such loans – until 30th September 2020, for eligible Italian micro, small and medium-sized enterprises.
Our Focus Team Capital Markets has examined the main implications of the moratorium measures introduced by Article 56 of the “Cura Italia” Decree in respect of ISDA derivative contracts governed by English law. The analysis is available here.