Following the introduction of the “blank” (or “with reserve”) arrangement with creditors, Franco Carlo Papa (Chairman of PGS Consulenti) and Luca Sala (Partner of PGS Consulenti) examine the positive and negative aspects of its practical implementation. Several requests have already been received only a few months after the introduction of the new measure. However, in many cases it has simply been used as a means of delaying bankruptcy. This has led to legislative amendments such as the option of immediate appointment of a commissioner and periodical disclosure requirements. The authors examine the pros and cons of the recent measure, also suggesting a new way of reaching agreement between companies and creditors.