The restructuring of debt
The restructuring of debt, institution envisaged by the Italian Bankruptcy Act, which regulates the aforementioned at article 182-bis, has recently been subject to changes by the legislator, allows companies to balance the accounts avoiding the classic insolvency procedures envisaged by the Italian Bankruptcy Act (bankruptcy and settlement with creditors) and which determine, in practice, the end of the business experience.
The restructuring of debt is characterised by the agreement between the enterpriser and the creditors, agreement that is submitted to the scrutiny of the court, which, with the approval of what has been agreed, renders the whole procedure judicial.
The Law Firm Macchion Resoli and Associates strives to study the best solution for the enterpriser who, although in a state of crisis, does not want to end his business, decides to settle with his creditors in order to recuperate as much as possible with payments and put an end to the situation of over-indebtedness.
Any enterpriser can submit an application, even a farmer that is not subject to bankruptcy, provided that the company is in a state of crisis pursuant to art.182-bis, subsection one.
The procedure for the debt restructuring agreement envisages the filing of the appeal by the debtor with the Clerk of the Court’s Office containing the agreement for which the approval of the judge is requested (which must have the consent of 60% of the overall creditors), accompanied by a report drawn up by a professional attesting the veracity and practicability of debt restructuring. The request must also indicate a time frame within which the fulfilment will be performed, which must occur within 120 days from the approval should the receivables be overdue, or within 120 days from maturity if the receivables are not yet due.
Creditors and anyone else interested, within 30 days of the publication of the agreement, may file their opposition with the court. Once the approval of the agreement has been published, the interested parties can file a complaint before the competent Appeals Court within 15 days.
The Law Firm Macchion Resoli and Associates also closely follows the in-court phase, from the filing of the appeal to the approval of the agreement, in order to best manage the successful outcome of the procedure.