Special Situations and Corporate Crisis

We assist companies, distressed funds, banks, special servicers and financial advisors on the tax aspects of crisis situations and debt restructurings, in full consistency with the new Italian Code of Corporate Crisis and Insolvency.

We accompany clients through negotiated settlement procedures (composizione negoziata), certified plans, debt restructuring agreements and preventive arrangements with creditors, with particular oversight of the tax and social-security settlement regime. We operate across all types of distressed M&A, NPL/UTP transactions, financings to companies in crisis and debt-to-equity conversions.

Crisis situations and special situations call for technically sensitive valuations: estimation of the business complex on a going-concern and liquidation basis, valuation of NPL/UTP portfolios, fair value of assets and equity interests in debt conversions, expert reports supporting plan attestation and the assessment of creditor convenience.

We support clients — distressed sponsors, credit funds, banks, industrial advisors — also on these profiles, integrating tax and valuation expertise and engaging, where required, independent specialists.

Areas of focus

  • Negotiated settlement (composizione negoziata), certified plans, debt restructuring agreements, preventive and going-concern arrangements with creditors.
  • Tax and social-security settlement; management of the tax authority’s claim in insolvency proceedings.
  • Distressed M&A, turnaround, debt-to-equity conversion, post-restructuring debt push-down.
  • Acquisition and sale of NPLs/UTPs, including through securitisations; SPVs under Law 130/1999.
  • Tax aspects of judicial liquidation and liquidation proceedings.
  • Advanced tax settlement: extension to the composizione negoziata, principle of non-impairment of tax claims, fiscal cram-down, management of VAT credit and social-security charges.
  • Valuations in special situations: estimation of the business complex on a going-concern and liquidation scenario, valuation of NPL/UTP portfolios, fair value in debt conversions, expert reports supporting plan attestations and convenience reports.
  • Special Situations (beyond crisis): high-value litigation, reputational restructurings and remediation with the Tax Authorities.