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)

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