USA- Italian Real Estate and Bankruptcy Procedure
Business Profile: US citizen with financial resources deriving from his activity in the financial field
Objective: Have a prestigious property located in an exclusive location in Italy and a company (going through a bankruptcy procedure) that can be taken over to carry out the entrepreneurial activity of temporarily renting holiday homes
Analysis with the client’s lawyers of the debt situation of the company that owns and manages the property and tourist activity
Analysis of the different alternatives for the purchase of the bankrupt company and its properties: purchase of company shares, pruchase of real estate properties through a new company, etc.
Assessment of the risks associated with the purchase of shares or assets of the over-indebted company and with real estate enforcement procedures in progress
Establishment of a newco in the form of a limited liability company (S.r.l.) to be used for the purchase of the company and property in Itay
Presentation by the over-indebted company of application to the Court of Lucca pursuant to art. 182-bis comma 6 R.D. March 16, 1942, no. 267
Definition of debt restructuring agreements with the main creditors of the over-indebted company
Definition pursuant to art. 182-ter of the tax payables of the over-indebted company with the competent office of Agenzia delle Entrate
Presentation to the Court of Lucca of a restructuring agreement pursuant to art 182-bis R.D. March 16, 1942, no. 267, entered into with creditors representing at least 60% of the company’s overall debts
Approval of the agreement by the Court of Lucca
Execution of the agreement through the purchase of the company and properties in Italy, as well as payment of the creditors of the over-indebted company within the established terms
Purchase of a company and its property in Italy in order to start an entrepreneurial activity in the real estate and rentals sector.
Exclusion from revocatory actions pursuant to art. 67, comma 3, letter e) R.D. March 16, 1942, no. 267 of the operations that were carried out