RESTRUCTURING TURNAROUND AND BANKRUPTCY PROCEDURES

One of the most significant connotations of the bankruptcy reform that was developed in the last 10 years is that the discipline of the corporate crisis should be guided by the business recovery, eliminating the perverse logic of the Law from 1942 which, through the fear of revocatory action and bankruptcy prediction, determined, every impending crisis, a kind of tension around the company: banks were taking out their credit, suppliers that threatened to interrupt the deliveries, workers looking for new job opportunities.
There was the need for solutions that could be able to ensure the business preservation through economic and financial restructuring of the company, and on the other hand, start the liquidation process, once verified the impossibility of a successful outcome of the conversion and reorganization procedure that was started. Only in this case, the debtor could go back to being «a nucleus of production», or according to Carnelutti’s metaphor, «green branch of the productive plant», unlike what really happens, instead, with the bankruptcy, closed where the debtor remains liable for the remaining credit not yet satisfied and, therefore, «a dry branch of the economic plant».

In this context, the Firm has depth specific knowledge and focused on restructuring and crisis situations, applying the reformed bankruptcy Institutions, and in particular:

• recovering and restructuring plans, also through turnaround and corporate restructuring procedures;


• Certified Recovery Plans in accordance with article 67, paragraph 3, letter d) of the Italian Bankruptcy Law;


• Debt Restructuring Agreements in accordance with article 182-bis of the Italian Bankruptcy Law;


• assistance throughout time to the access to the bankruptcy procedure, between the stage of admission and its homologation until the end due performance and consequent return in bonis;


• Arrangements with Creditors in accordance with article 160 and following of the Italian Bankruptcy Law and the Bankruptcy Agreement Procedures in accordance with article 124 of the same Law;


• Attestation relation about the restoration Plans pursuant to art. 63, § 3, d, of the Italian Bankruptcy Law, the debt restructuring agreements pursuant art. 182-bis of the same law and procedures of Bankruptcy and Arrangements with creditors under articles 160 et seq. and 124 of the law above;


• optimization of tax and social security contribution on turnaround operations and on the developed bankruptcy procedures, also doing instance to the transaction Institute under art. 182-ter of the mentioned Law above;


• Assistance in the presentation of instances of voluntary bankruptcy by companies that are insolvent, and also assessment of the risks arising from the bankruptcy’s declaration.

Regarding the bankruptcy operations, the Firm takes up charges as certifier, bankruptcy trustee, liquidator, special commissioner and technical consultant to the Court.