Cross-Border Insolvency Proceedings in Italian Transport Industry View

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This content discusses the Italian approach to cross-border insolvency proceedings in the transport industry, focusing on the unique challenges and responses during the global financial crisis. It delves into specific cases and procedures followed in the Italian marine and transport sectors, outlining bankruptcies, fraudulent practices, and pre-insolvency measures taken by various entities. The analysis provides insights into how the Italian industry coped with financial turmoil and regulatory requirements.

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THE 2ND CROSS-BORDER CORPORATE INSOLVENCY AND COMMERCIAL LAW [CI&CL] RESEARCH GROUP CONFERENCE LONDON - 27 APRIL 2018 Cross-Border Insolvency Proceedings in the Transport Industry: the Italian view - mentions to peculiar approaches Marco Mastropasqua Partner STUDIO LEGALE GARBARINO VERGANI

GLOBAL FINANCIAL CRISIS 15 September 2008

GLOBAL FINANCIAL CRISIS HOW TO PREPARE YOUR BOAT FOR A STORM RULE NO. 1: run away !!! RULE NO. 2: if you cannot run away, strenght the moorings let the hatch closed and let the storm pass away Was the Italian marine and transport industry prepared to face the storm?

GLOBAL FINANCIAL CRISIS ITALIAN MARINE INDUSTRY 2010 2018 31 insolvency & pre-insolvency procedures: 12 bankruptcy (3 fraudulent bankruptcy before Criminal Courts) 3 extraordinary administration procedures 7 pre-insolvency procedures supervised by the Courts 9 pre-insolvency procedures out-of-Court compositions with creditors

ITALIAN MARINE INDUSTRY: 31 insolvency & pre-insolvency procedures ENTITY DI MAIO LINES COOPERATIVA DI NAVIGAZIONE GIULIETTI MARITTIMA FLUVIALE DI NAVIGAZIONE TIRRENIA DI NAVIGAZIONE SIREMAR ARMATORI PIANURA T-LINK DEIULEMAR HANDY SHIPPING SMTV MESSINA NAVIGAZIONE MONTANARI D ALESIO GROUP FINAVAL AREA TORRE DEL GRECO (NAPLES) GENOA GENOA NAPLES PALERMO VENICE GENOA TORRE DEL GRECO (NAPLES) GENOA GENOA VENICE LIVORNO ROME YEAR 2010 2010 2010 2010 2010 2011 2012 2012 2012 2013 2013 2013 2013 2017 2014 2014 2017 2014 2014 2015 2015 2015 2015 2016 2017 2017 2017 2018 2018 2018 2018 2017- 2018 2015 2018 INSOLVENCY & PRE-INSOLVENCY PROCEDURES Bankruptcy fraudulent bankruptcy Enforced judicial liquidation Bankruptcy Extraordinary Administration Extraordinary Administration Bankruptcy Bankruptcy fraudulent bankruptcy Bankruptcy fraudulent bankruptcy Bankruptcy Bankruptcy Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors 1st pre-insolvency procedure out-of-Court composition with creditors 2ndpre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Now fully acquired by Pillarstone Pre-insolvency procedure Pre-insolvency procedure Bankruptcy Extraordinary Administration of ILVA GROUP Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors Bankruptcy Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure 2017 pre-insolvency procedure 2018 bankruptcy 2015 1stpre-insolvency procedure - 2017 2ndpre-insolvency procedure 2018 bankruptcy NAVIGAZIONE DI CABOTAGGIO PREMUDA DI NAVIGAZIONE LIVORNO GENOA MOTIA DI NAVIGAZIONE MINOS DI NAVIGAZIONE ENERGY SHIPPING ILVA SERVIZI MARITTIMI OF ILVA GROUP SCERNI DI NAVIGAZIONE FINBETA DI NAVIGAZIONE MESSINA DI NAVIGAZIONE F.LLI D AMATO S.P.A + DOLPHIN TANKER NAVEMAR MICOPERI DI NAVIGAZIONE GIUSEPPE BOTTIGLIERI GESTIONI ARMATORIALI PERSEVERANZA DI NAVIGAZIONE BAMBINI SRL D AMATO DI NAVIGAZIONE VENICE VENICE GENOA TARANTO GENOA SAVONA GENOA NAPLES MONTE DI PROCIDA (NAPLES) RAVENNA NAPLES RAVENNA NAPOLI RAVENNA NAPLES RBD (RIZZO BOTTIGLIERI DE CARLINI) TORRE DEL GRECO (NAPLES)

ITALIAN MARINE INDUSTRY: 31 insolvency & pre-insolvency procedures 4 VENICE 9 GENOA 3 RAVENNA 1 SAVONA 2 LIVORNO 1 ROME 9 NAPLES 1 TARANTO 1 PALERMO

EU INSOLVENCY RECAST INSOLVENCY REGULATION 848/2015 new economic reality prevention of difficulties and promotion of turnaround EU enlargement to Central Europe States no forum shopping no armonization of the applicable insolvency law

EU INSOLVENCY

EU INSOLVENCY ITALY pre-insolvency / hybrid / restructuring procedures 1. out-of-Court composition with creditors (accordi stragiudiziari con i creditori) 2. attested plan for restructuring (piano attestato di risanamento) 3. agreements for restructuring of debts (accordi di ristrutturazione dei debiti) 4. agreement with tax Authority (transazione fiscale) 5. Scheme of arrangement with creditors (concordato preventivo) a) Composition with creditors filed without a scheme of arrangement (concordato preventivo con riserva) b) Composition with creditors aimed at ensuring business continuity (concordato preventivo con continuit aziendale) 6. Extraordinary administration for large undertakings (amministrazione straordinaria per le grandi imprese in stato di insolvenza)

EU INSOLVENCY ITALY insolvency procedures 1. Bankruptcy (fallimento) 2. Enforced judicial liquidation (liquidazione coatta amministrativa)

ITALIAN MARINE INDUSTRY: 31 insolvency & pre-insolvency procedures ENTITY DI MAIO LINES COOPERATIVA DI NAVIGAZIONE GIULIETTI MARITTIMA FLUVIALE DI NAVIGAZIONE TIRRENIA DI NAVIGAZIONE SIREMAR ARMATORI PIANURA T-LINK DEIULEMAR HANDY SHIPPING SMTV MESSINA NAVIGAZIONE MONTANARI D ALESIO GROUP FINAVAL AREA TORRE DEL GRECO (NAPLES) GENOA GENOA NAPLES PALERMO VENICE GENOA TORRE DEL GRECO (NAPLES) GENOA GENOA VENICE LIVORNO ROME YEAR 2010 2010 2010 2010 2010 2011 2012 2012 2012 2013 2013 2013 2013 2017 2014 2014 2017 2014 2014 2015 2015 2015 2015 2016 2017 2017 2017 2018 2018 2018 2018 2017- 2018 2015 2018 INSOLVENCY & PRE-INSOLVENCY PROCEDURES Bankruptcy fraudulent bankruptcy Enforced judicial liquidation Bankruptcy Extraordinary Administration Extraordinary Administration Bankruptcy Bankruptcy fraudulent bankruptcy Bankruptcy fraudulent bankruptcy Bankruptcy Bankruptcy Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors 1st pre-insolvency procedure out-of-Court composition with creditors 2ndpre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Now fully acquired by Pillarstone Pre-insolvency procedure Pre-insolvency procedure Bankruptcy Extraordinary Administration of ILVA GROUP Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure out-of-Court composition with creditors Bankruptcy Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure Pre-insolvency procedure Pre-insolvency procedure out-of-Court composition with creditors Pre-insolvency procedure 2017 pre-insolvency procedure 2018 bankruptcy 2015 1stpre-insolvency procedure - 2017 2ndpre-insolvency procedure 2018 bankruptcy NAVIGAZIONE DI CABOTAGGIO PREMUDA DI NAVIGAZIONE LIVORNO GENOA MOTIA DI NAVIGAZIONE MINOS DI NAVIGAZIONE ENERGY SHIPPING ILVA SERVIZI MARITTIMI OF ILVA GROUP SCERNI DI NAVIGAZIONE FINBETA DI NAVIGAZIONE MESSINA DI NAVIGAZIONE F.LLI D AMATO S.P.A + DOLPHIN TANKER NAVEMAR MICOPERI DI NAVIGAZIONE GIUSEPPE BOTTIGLIERI GESTIONI ARMATORIALI PERSEVERANZA DI NAVIGAZIONE BAMBINI SRL D AMATO DI NAVIGAZIONE VENICE VENICE GENOA TARANTO GENOA SAVONA GENOA NAPLES MONTE DI PROCIDA (NAPLES) RAVENNA NAPLES RAVENNA NAPOLI RAVENNA NAPLES RBD (RIZZO BOTTIGLIERI DE CARLINI) TORRE DEL GRECO (NAPLES)

EU INSOLVENCY ITALY Transport industry Aviation: ALITALIA GROUP 2008 NEW ALITALIA GROUP 2017 Steel: LUCCHINI GROUP 2013 ILVA GROUP 2015

EU INSOLVENCY ITALY Legal framework 1. Royal decree no. 267 /1942 as amended over last 20 years 2. Law no. 155/2017: new reform of insolvency to be arranged (i) Recast Insolvency Regulation (ii) UNCITRAL model law

INTERNATIONAL INSOLVENCY HANJIN SHIPPING stay order in Italy No EU Regulation on cross border insolvency Italy no signatory of UNCITRAL model law

INTERNATIONAL INSOLVENCY HANJIN SHIPPING stay order in Italy Italian Statute on Private International law (law no. 218/1995) 1. The foreign Court had jurisdiction on the matter under Italian law; 2. The defendant was properly served with original writ of summons or claim pursuant to the law of the State where the proceedings took place, and the fundamental rights of defence have not been violated; 3. The parties appeared before the foreign Court in compliance with local procedural law, or a default of appearance was properly declared in accordance with such law; 4. The foreign judgment is final and binding according to the law of the State in which it was issued; 5. The foreign judgment does not conflict with any other final judgment issued by an Italian Court; 6. No proceedings are pending before an Italian Court between the same parties and on the same subject matter which were initiated before the foreign proceedings; 7. The ruling contained in the foreign judgment do not conflict with Italian public policy.

INTERNATIONAL INSOLVENCY HANJIN SHIPPING stay order in Italy No time to obtain the stay order More than 7,500 teus to be delivered More than USD 1 billion cargo value

INTERNATIONAL INSOLVENCY HANJIN SHIPPING stay order in Italy 1stvessel: Hanjin Italy discharge operations over the weekend 15/16 October 2016

INTERNATIONAL INSOLVENCY HANJIN SHIPPING stay order in Italy 2ndvessel: Hanjin Korea 6/7 November 2016 precautionary applications no ex parte ship arrest order