8The letter of formal notice of 16 July 1997 from the Commission to the Italian Republic alleges incorrect implementation of Articles 3(1) and 4(1) of Directive 77/187 by reason of the content of Article 47(5) and (6) of Law No 428/1990. In support of its analysis, the Commission refers in particular to the Court's interpretation of that directive, especially in Case C-472/93 Spano and Others [1995] ECR I-4321. The Commission adds:‘On 24 February 1997, an amended proposal for a directive amending Directive 77/187/EEC (Document COM(97) 60 final) was presented to the Commission. That proposal envisages allowing for greater flexibility for transfers effected under insolvency procedures, which in some ways is similar to the Italian legislation. I would, however, in any event point out that the Italian legislation will have to be adapted, even if the amendment to the directive is adopted as proposed by the Commission. The mere fact that a situation of “economic crisis” has been declared by an administrative authority is not affected by the proposal for a directive, since the revised provisions require there to be an insolvency procedure.’
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