1. Break-out-session IV. Distressed Assets Sales and Insolvency legal tools
Moderator: Konstantinos Issaias (Kyriakides Georgopoulos Law Firm, Greece)
Alessandro Scarso (PLUTA, Italy)
Martin Heidrich (Taylor Wessing, Germany)

2. Pre-insolvency ways to transfer the business/ assets (under
different laws)
The standpoint of the debtor and other stakeholders
The investor’s view
Case studies / Successful practical examples

3. Use of (pre-)insolvency proceedings
Individual sales of (parts of) the distressed business or the assets outside any structured recovery procedure problematic due to: - Transaction avoidance (claw back actions) - Liability of directors (for defrauding creditors, criminal liability etc.) Structured sales of distressed assets as part of (pre-)insolvency procedures is advisable or in certain cases the only possible option

4. Usual challenges (for creditors - debtors - investors)
Approach by the legal regime and the relevant practice of the courts:
Protection of creditors vs. a “rescue approach” favouring public interest
Extension of the life of the distressed company vs. the promotion of a fast recovery
Are pre-agreements with creditors (pre-pack sales) an option?
“New money” – interim finance 
Hostile stakeholders (“Hold-out”)
Risk to lose licenses and contracts (with suppliers, clients - vital for the continuation of the business)
Debts to the State or public bodies and behaviour of such “public creditors” in restructurings

5. Solutions – How effective? (in the various jurisdictions / laws)
Protection of sales from claw-back – title of ownership enforceable
“New money “– interim finance
Privilege / super-seniority of new and interim finance
Protection from claw-back
 Measures against “hold-out” of shareholders – creditors
Measures to prevent shareholders from blocking a rescue plan, especially when equity is negative
Reasonable majorities of creditors / voting rights and limited appeal tools in order to make the pool of creditors manageable

6. Solutions – How effective? (in the various jurisdictions / laws)
Preservation of licenses in court-supervised restructurings ? Prevention from termination of important contracts – possible?
Measures to address possible reluctance of the State and pubic creditors to participate
Thank you!