Restructuring and insolvency in Italy


BonelliErede advises on all insolvency aspects and acts for insolvent companies, creditors, liquidators, administrators, trustees in bankruptcy, lenders and funds specialising in distressed companies. The team advised Sole Shipping on its involvement in the restructuring of the indebtedness of Navigazione Montanari through a ship sale and lease-back transaction. The 'simply outstanding and highly reputedMarco Arato heads the restructuring and insolvency team and Elisabetta Varni is 'highly professional'. Other key contacts are Marco Passalacqua and Paolo Oliviero; at managing associate level Lucio Guttilla 'has deep knowledge of his matters' and Fabio Macrì is highly regarded.


Assisting distressed companies, financial creditors and third-party investors, Chiomenti is highly rated for its experience in restructuring and turnaround transactions, as well as for its expertise in insolvency and pre-insolvency proceedings. Antonio Tavella heads the restructuring and insolvency business unit; Giulia Battaglia advised Banca Popolare di Milano, Banco Bilbao Vizcaya Argentaria, Mizuho Bank, Banca Ifis and Unione di Banche Italiane on the debt restructuring of Elettra Produzione and the quotaholder. Experienced senior associate Marco Amoruso left for Studio Legale Tributario in Association with Ernst & Young in March 2019.


Linklaters advises on some of the largest and most complex transactions in the market. The team acted for Generali on the restructuring of the financial indebtedness of Alitalia, which arose from its €375m note issuance; it also advised alternative investment fund, Idea CCR (Corporate Credit Recovery) I (managed by Idea Capital Funds) and a pool of over ten lenders on a debt restructuring agreement. Francesco Faldi heads the restructuring and insolvency practice in Italy, Andrea Arosio is Italian banking practice head and  Ettore Consalvi was made partner.

Lombardi e Associati

Lombardi e Associati's team is 'competent, punctual with its responses and immediately understands problems that arise'. It advises on major transactions, including turnaround transactions and high-profile insolvencies. The practice assists the Extraordinary Commissioners of Alitalia - Società Aerea Italiana in extraordinary administration on an ongoing basis with bankruptcy law. Giuseppe Lombardi, Antonio Amoroso, PierDanilo Beltrami and Federico Vermicelli are the names to note; Massimo Fabiani is an experienced of counsel.

Clifford Chance

Clifford Chance advises on high-profile restructurings, distress refinancing and insolvency-related transactions. Carlo Felice Giampaolino handled a restructuring and insolvency proceedings for Rome’s municipal transport company Atac. The other recommended names are Italy managing partner Giuseppe De Palma and Italian litigation practice head Fabio Guastadisegni, along with Charles Adams, Ferdinando Poscio and counsel Francesca Cuzzocrea.

DLA Piper

DLA Piper experienced an increase in distressed M&A deals and is known for real estate portfolio acquisitions in pre-insolvency situations; restructuring-related fund incorporation; assisting lenders and investors with shipping-related restructuring and special opportunities investments; and insolvency-related litigation. Antonio Lombardo assisted a pool of Italian banks with a €500m debt restructuring. Francesco De Gennaro, Ugo CalòLuca Magrini and Federico Zucconi Galli Fonseca are also key contacts; Chiara Anceschi was hired from Freshfields Bruckhaus Deringer.

Gianni, Origoni, Grippo, Cappelli & Partners

Acting for both debtors and creditors, Gianni, Origoni, Grippo, Cappelli & Partners fields specialist lawyers in complex restructuring operations; the team's experience includes out-of-court and in-court proceedings and it regularly works alongside the firm's corporate and M&A, banking and finance, litigation, labour, real estate and tax departments. Gabriella Covino and Luca Jeantet  advised Mossi Ghisolfi Group on admission to an arrangement with creditors procedure (Concordato Preventivo). Antonio AuricchioGiuseppe De Simone and Paolo Gnignati are also highly rated practitioners.

Latham & Watkins LLP

Latham & Watkins LLP acts for lenders and borrowers on restructuring mandates, including distressed lending, out-of-court debt restructuring and in-court proceedings. The firm advised Sardinia-based Italian airline Alisarda on its debt rescheduling; the team also assisted Morfini, an Italian shipping company, with a restructuring agreement with several banks. Other key team members are local banking and finance chair Marcello Bragliani and counsels Mauro Saccani and Antonio Distefano.

Legance - Avvocati Associati

Legance - Avvocati Associati focuses on corporate and debt restructuring matters and M&A transactions involving distressed assets, as well as insolvency proceedings and default management. Alberto Giampieri is well known for complex restructuring work and Luca Autuori advised Castello on the restructuring of Trentino Re Real Estate Fund's financial indebtedness. Also highly regarded are Giandomenico CiaramellaStefano Parlatore and Daniele Geronzi.

Molinari e Associati

Molinari e Associati is 'a go-to firm for restructuring work in Italy; its lawyers have great experience and business acumen'. The practice is highly rated for private debt restructuring transactions and court-governed restructuring proceedings, as well as insolvency proceedings and compositions with creditors. Ugo Molinari is 'a star individual'; he led advice to 21 Italian and international banks on the further restructuring of the financial indebtedness of electricity and natural gas operator, Sorgenia; Alessandro Fontana is another well-respected adviser.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's restructuring work includes bankruptcy, M&A, capital markets, tax, finance and litigation expertise. Carlo de Vito Piscicelli advises on court restructuring, out-of-court workouts and investments in non-performing and other distressed assets. Other experienced advisers include Roberto BonsignoreGiuseppe Scassellati-Sforzolini and counsel Claudio Di Falco.


Dentons' 'work is execellent'. The practice comprises corporate and finance restructuring as well as day-to-day consultancy work, including litigation and enforcement of guarantees; it assisted real estate developer Impreme Group with a complex restructuring process involving distressed assets. Alessandro Fosco Fagotto, who 'negotiates the best solutions for clients', and Federico Sutti jointly head the restructuring and insolvency practice in Italy; Cristian Fischetti is an experienced managing counsel.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer's practice covers debt rescheduling, refinancing and exit strategies along with business rescues and insolvency risks. Emiliano Conio led advice to Oxem, an Italian company operating in the biodiesel market, on the restructuring of its debt; Corrado Angelelli is also a highly regarded adviser and Enrico Castellani is noted for insolvency disputes.

Gattai Minoli Agostinelli & Partners

Gattai Minoli Agostinelli & Partners assists debtors and creditors with both domestic and cross-border in-court and out-of-court restructuring procedures. Riccardo Agostinelli and Sergio Fulco advised the lenders, which included Banco BPM and Intesa Sanpaolo, on the restructuring of Boccadarno Porto di Pisa under Italian bankruptcy law. Gaetano Carrello is also highly rated.

Giovanardi Pototschnig & Associati

Giovanardi Pototschnig & Associati 'finds solutions'. The team assists with debt restructurings and creditor compositions, distressed company asset disposals, insolvency-related transactions, and restructuring-related litigation. Carlo Alberto Giovanardi advised Unicredit, Banco BPM and Banca Popolare di Sondrio on Rafomag and its subsidiary Alessandria 2000's debt restructuring. Linda Morellini and counsels Sara Piccardo, Laura Tutinelli  and Lorenzo Marcello Del Majno are also key contacts.

Hogan Lovells International LLP

Hogan Lovells International LLP's team, led by Ernesto Apuzzo, advises on pre-insolvency, insolvency and restructuring situations, including debt and corporate restructuring. Antonio Di Pasquale assists with debt trading and distressed acquisitions, Filippo Andrea Chiaves is a contentious insolvency expert, and counsel Pierantonio Musso was recruited from Molinari e AssociatiAlessandra Dima and Francesco Gallo are notable senior associates.

Paul Hastings LLP

Paul Hastings LLP 'has special insight into the Italian legal system'. The practice advises on corporate restructuring, insolvency, restructuring-related taxation, refinancing and litigation. Bruno Cova is 'a go-to lawyer for Italian insolvency'; Cova focuses on complex acquisitions of distressed companies and assets, the restructuring of large corporations, and advising bondholder committees.

Pedersoli Studio Legale

Pedersoli Studio Legale 'achieves effective solutions'. The team is noted for debt restructuring and bankruptcy transactions, by way of both out-of-court agreements and judicial procedures. It assisted several banks with the restructuring agreement of Risanamento's indebtedness. Debt restructuring head Maura Magioncalda 'has great technical expertise', Alessandra De Cantellis 'has deep knowledge of legal matters', Consuelo Citterio  is 'always available', and Alessandra Giovetti is bankruptcy department head.

Allen & Overy - Studio Legale Associato

Allen & Overy - Studio Legale Associato is 'focused on solving problems'. Counsel Juri Bettinelli was hired from Chiomenti to head the firm's restructuring and insolvency team; Bettinelli is experienced in restructuring transactions and out-of-court proceedings, as well as insolvency in-court proceedings. Comart, Apollo Management International and China Development Bank are clients.


Ashurst advises banks, investors and asset managers on Italian, UK or US law matters involving restructuring, insolvency and pre-insolvency transactions; the client list includes BNY Mellon and Lendlease. Paolo Manganelli and counsel Annalisa Santini are the names to note.

Bird & Bird

Bird & Bird's recent experience includes advising Stefanel, an Italian-listed company, on its complex debt restructuring. Alberto Salvadè is highly regarded and Matteo Meroni is an experienced senior associate.

CBA Studio Legale e Tributario

CBA Studio Legale e Tributario advises on transactions involving the debt restructuring of distressed and insolvent companies. It also acts in insolvency proceedings; Intesa Sanpaolo and Banca Monte dei Paschi di Siena are clients. Matteo Bascelli and senior associate Elena Grigò are the names to note.

Gatti Pavesi Bianchi

Gatti Pavesi Bianchi Studio Legale Associato's Luca Faustini is highly regarded for debt restructuring transactions and insolvency proceedings, both on the banking and company side.

Nctm Studio Legale

Nctm Studio Legale assists with both in-court and out-of-court restructurings; the practice stands out for its expertise in real estate fund-related restructuring. Fabio Marelli, senior partner Paolo Montironi and Guido Fauda are experienced advisers.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe's 'skilled advisers provide workable solutions'. The practice covers investments in distressed assets, bankruptcy scenarios, bankruptcy-related litigation and debt restructuring transactions. Special counsel Daniela Andreatta heads the restructuring and insolvency group.

Osborne Clarke

Osborne Clarke's 'excellent team is prepared and available'. Filippo Canepa, who 'finds smart solutions to problems', advised Filtex Como, which is known for textile ennobling, on its debt restructuring. Andrea Pinto is responsible for the Milan office’s restructuring practice and Federica Greggio in Padua advises on the lender side.

Pavia e Ansaldo

Pavia e Ansaldo's restructuring and insolvency department is experienced in advising on corporate and financial restructuring as well as pre-insolvency and insolvency litigation; Banca Akros is a client. Roberto Zanchi and Alberto Bianco are the principal advisers.

Simmons & Simmons

Simmons & Simmons' practice covers out-of-court and court-driven restructurings and insolvency and reorganisation procedures; the client list includes UniCredit, Intesa Sanpaolo and Citibank. Davide D’Affronto and Nicholas Lasagna are the principal contacts; Fabrizio Dotti  left for K&L Gates.

Studio Legale Associato a Watson Farley & Williams

Studio Legale Associato a Watson Farley & Williams is experienced in debt and corporate restructuring. The team also advises on protection from creditors and insolvency, and has particular sector expertise in maritime, real estate and energy. Furio Samela is a shipping law specialist.