1. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

2. Cecilia Carrara, LUISS, Rome, Italy
New Financing in the Context of Workouts/Restructuring Agreements under Italian Law
Cecilia Carrara, LUISS, Rome, Italy

3. The 2005 Reform of the Italian Bankruptcy Act (B.A.):
introduced reorganization devices, aiming at restructuring the enterprise as opposed to traditional liquidation proceedings.

4. Different kinds of Restructuring Agreements under Italian law:
concordato preventivo (Art. 160 B.A.)
restructuring agreements (Art. 182-bis B.A.)
reorganization plans (Art. 67, para. 3, lett. d) B.A.)

5. The New Financing in the Contest of Restructuring Agreements:
criminal and civil law implications in the absence of clear rules (bankruptcy crimes, claw-back, treatment of the claims in case of subsequent insolvency of the company)

6. The 2010 Reform:
new provisions on pre-deductibility of claims;
prohibition from commencing or carrying on preventive or enforcement proceedings against the debtor;
exemption from bankruptcy crimes.

7. Pre-deductibility of claims:
financings of banks/financial intermediaries in the context of composition with creditors ex Art. 160 B.A. and restructuring agreements ex Art. 182-bis;
financings granted by shareholders up to 80%;
fees of the professional in charge of the report on the feasibility of the plan.

8. Prohibition from commencing or carrying on preventive / enforcement proceedings also during the negotiation of the restructuring agreements

9. Exemption from Bankruptcy Crimes (Art. 217-bis B.A.):
payments and transactions carried out in the performance of:
competition with creditors ex Art. 160 B.A.;
debt restructuring agreements ex Art. 182-bis B.A.;
reorganization plans ex Art. 67, para. 3, lett. d) B.A.
shall not fall within the scope of certain bankruptcy crimes (Art- 216, para. 3 B.A. and Art. 217 B.A.).

10. Open Questions:
Are bridge-financings always covered by the exemption of Art. 217-bis B.A.?
How does Art. 217-bis B.A. operate and what kind of discretion does the criminal judge have?
How about bankruptcy crimes other than those of Art. 216, para. 3 B.A. and 217 B.A.?

11. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

12. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

13. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

14. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

15. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

16. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

17. The organisers of the Conference thank the following for their support
Conference Sponsor
Conference Supporter
Academic Forum Sponsor
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili