Studio Iacangelo has a strong background in company insolvency cases; we assist authorities and other agencies that are authorized to handle bankruptcy proceedings involving businesses and large enterprises, and we advise clients who wish to buy out businesses or assets resulting from a bankruptcy estate.
In financial distress and pre-bankruptcy situations, we help businesses deal with the crisis from both the business and credit perspective. We help clients identify the best legal option to reschedule debt, make the right decisions regarding the delicate phase of preliminary negotiations with the insolvent company (in negotiating standstill agreements and pacta de non petendo and in identifying forms of bridge financing), negotiate restructuring agreements and amendments to loan agreements and identify the most appropriate method of discharge from liability for the debt, from the legal, tax and regulatory standpoint and in terms of corporate governance and exit strategies.
The firm advises and provides legal assistance to businesses in relation to corporate documents, relationships with financial and industrial consultants, liability of directors, debt management plans to be submitted to creditors, the negotiation and signing of agreements to sell the business, company shares and real estate, use of redundancy funds (CIG) and other implications associated with employment relationships. We also advise clients on the legal aspects of obtaining approval for restructuring plans in accordance with art. 67 of the Italian Bankruptcy Law, preparing applications and appeals associated with restructuring agreements pursuant to art. 182 bis (including the related objections) and preparing all the necessary paperwork and acts associated with pre-bankruptcy arrangements with creditors (classification of creditors, business leasing and so-called “group settlements”) and in relation to the settlement itself.
When pre-bankruptcy restructuring is not possible, the firm provides assistance to creditors, potential buyers of the bankruptcy estate assets and businesses and to special administration bodies. Assistance to special administration bodies typically focuses on classifying assets and creditors, deciding the course of action with respect to existing legal relationships, finalizing agreements required to run and finance the business, preparing the restructuring plan, asset disposal, settlement proposal, preparing and negotiating the contractual documentation required to implement the above and filing claw-back actions and damages and liability actions. In this field, Studio Iacangelo also advises funds and companies that intend to purchase assets from a bankruptcy estate, conducting the necessary due diligence and preparing and negotiating the related agreements, businesses leases and agreements with the lending banks.
The firm has a special business unit dedicated to bankruptcy law and corporate restructuring and the professionals assigned to this team have developed a strong background working in other departments within the firm (finance, litigation, corporate, tax, labour) and act in a coordinated way to better serve the client’s needs, drawing on the firm’s experience.
Areas of practice:
- Bankruptcy and pre-bankruptcy proceedings
- Litigation
- Financial restructuring
