Financing of Distressed Firms and Out-of-Court Workouts (Reorganization Plans and Court-Controlled Multi-Party Renegotiation) (Il Finanziamento alle Imprese in Crisi e le Soluzioni Stragiudiziali (Piani Attestati e Accordi di Ristrutturazione)) (Italian)

Giurisprudenza Commerciale, Vol. 36, No. 6, pp. 1236-1266, 2009

32 Pages Posted: 26 Apr 2010

Date Written: 2009

Abstract

The Reform of the Bankruptcy Act carried out in Italy in 2005-2007 introduced two forms of workout agreements (out-of-court reorganization plans and court-controlled multi-party agreements). The two devices are mainly conceived as a safe harbour from fraudulent conveyance and preference law. A common feature is their reliance on expert opinions certifying the feasibility of the reorganization plan.

The article analyzes the main issues arising from the new law: the role of advisors and auditors, the structure and contents of the plan and the opinion, the scope of the safe harbour and of judicial ex post control, and what happens in the event of subsequent unfeasibility.

Note: downloadable document is in Italian

Keywords: Bankruptcy, Reorganization, Italy

JEL Classification: G33, K29

Suggested Citation

Zorzi, Andrea, Financing of Distressed Firms and Out-of-Court Workouts (Reorganization Plans and Court-Controlled Multi-Party Renegotiation) (Il Finanziamento alle Imprese in Crisi e le Soluzioni Stragiudiziali (Piani Attestati e Accordi di Ristrutturazione)) (Italian) (2009). Giurisprudenza Commerciale, Vol. 36, No. 6, pp. 1236-1266, 2009, Available at SSRN: https://ssrn.com/abstract=1595756

Andrea Zorzi (Contact Author)

University of Florence ( email )

Via delle Pandette, 9
Florence, 50127
Italy

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