Insolvency and
Restructuring

Transactions and proceedings when a business comes under financial pressure: from the first warning signs to the solution, on either side of the table.

A restructuring changes the debt, the ownership, the governance and, often, the perimeter of the business. We handle it as a transaction to be completed within a defined timeframe, with the aim of preserving the value of the business and the continuity of its relationships with employees, customers and suppliers.

We have full command of the tools of the Italian Business Crisis and Insolvency Code (CCII) and draw on all the Firm’s practices.

WHO WE ASSIST
  • Italian companies and multinational groups, together with their shareholders, directors and management;
  • private equity funds and their portfolio companies;
  • credit, special situations and turnaround funds, and investors in distressed assets;
  • banks and financial intermediaries, trade creditors, agents and trustees;
  • insolvency officeholders and the experts appointed in negotiated crisis composition;
  • foreign groups, proceedings and creditors with interests in Italy.
WHAT WE DO

For the company and its shareholders. Adequate organisational arrangements (Article 2086 of the Italian Civil Code), early warning signs, duties and liabilities of directors and statutory auditors when going concern is at risk. Choice and implementation of the most suitable tool: negotiated crisis composition, certified turnaround plans (Article 56), debt restructuring agreements (including extended-effect agreements), court-approved restructuring plans (PRO), going-concern and liquidation compositions with creditors, tax and social security settlements, group proceedings. Out-of-court restructurings: standstills and moratoria, refinancings and new money, debt-to-equity conversions, liability management.

For banks, lenders and creditors. Negotiation of standstill and restructuring agreements, new money and super-priority financing, conversion of claims into equity or quasi-equity instruments, NPL and UTP transactions on single names and portfolios, management and recovery of the positions, assistance to agents and trustees.

For investors and sponsors. Acquisitions of businesses, business units, assets and shareholdings out of insolvency proceedings, negotiated crisis composition and judicial liquidation; business leases; rescue and bridge financing. Assistance to sponsors and co-investors when a portfolio company departs from its plan: waivers and covenant resets, new money, recapitalisations, disposal or restructuring of the company.

For insolvency officeholders. Assistance to receivers, extraordinary commissioners and liquidators in the management of the proceedings, in the sale of businesses and shareholdings and in the related litigation.

Cross-border. Recognition and effects in Italy of foreign proceedings (EU Regulation 2015/848), coordination of multi-jurisdictional teams through the Firm’s international network, relationships with foreign counterparties, creditors and proceedings, filing and verification of claims.

Insolvency litigation. Claw-back actions, liability and damages actions, oppositions and appeals, debt recovery, liquidation of foreign subsidiaries.

WHAT OUR CLIENTS CAN RELY ON

Experience on both sides of the table. We act for companies and shareholders who need to restructure and for the banks, funds and investors who lend or invest. Knowing both perspectives allows us to anticipate the positions of the other parties and to build solutions that can be agreed.

Partners involved in every matter. The partner in charge follows the matter from the first analysis to the solution and remains the client’s point of contact throughout.

A single, integrated team. Within the same matter, and under a single coordination, the Firm’s professionals work on:

  • corporate and M&A, for acquisitions, disposals and reorganisations;
  • banking and finance, for new money and the agreements with the lenders;
  • tax, for tax settlements and the tax aspects of the restructuring;
  • employment, for consultations with the trade unions and transfers of business;
  • litigation and arbitration, for actions, oppositions and appeals.

Italian insolvency law is not easy to read from abroad. For international groups and investors, our first job is to make it predictable: which tools, what timing, which risks, and who decides.

PRACTICES