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Alert: introduction of the floating charge in Italy/new tools for security over real estate assets

On 4 May 2016 the Italian government issued new measures with a view to improve tools available to investors and to generally increase efficiency in enforcement and insolvency processes. Measures are immediately effective, though changes may be introduced during the 60 days conversion period

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Alert: introduction of the floating charge in Italy/new tools for security over real estate assets

  1. 1. Alert: introduction of the floating charge in Italy/new tools for security over real estate assets
  2. 2. 2 On 4 May 2016 the Italian government issued new measures with a view to improve tools available to investors and to generally increase efficiency in enforcement and insolvency processes. Measures are immediately effective, though changes may be introduced during the 60 days conversion period - Floating charge - Long considered a significant minus, Italy was one of the few jurisdictions that did not provide for a proper «floating charge» concept (limited tools being available only for long term financings by banks and, more recently, other classes of financial creditors). - Key points: (i) creditor’s led enforcement, (ii) need for competitive procedures, (iii) need for third party valuations (third party expert consensually appointed or appointed by the court). Banking & Finance alert - May 2016
  3. 3. 3 - To be further understood/confirmed: (i) exact perimeter of eligible assets, (ii) whether third party expert can be identified upfront in the relevant security documentation. - New tools for real estate security - The Decree introduces a new form of security for real estate assets, allowing for the outright transfer of the asset to the creditor subject to the occurrence of selected enforcement events. - This overcomes long standing obstacles set by the Italian legal system to the appropriation of real estate assets by creditors. Banking & Finance alert - May 2016
  4. 4. 4 - Key points: (i) the transfer is only enforceable on selected scheduled repayment defaults (i.e. it is to be further assessed whether it could be available on an acceleration following a non scheduled payment default, such as a mandatory prepayment/other EoD), (ii) sixty days waiting period from transfer notice, (iii) need for a third party valuation, (iv) valuation to be binding on the creditor, (v) third party valuator to be appointed by the court. We believe that the introduction of the “floating charge” in particular may have a significant impact on the design and structuring of security packages for Italian financings. More in general this additional legislation further underscores the recent trend for creditors/investors friendly reform in the Italian legal system. Banking & Finance alert - May 2016
  5. 5. www.gattai.it Milano - 20121 Via Manzoni, 30 tel. +39 02.30323232 fax +39 02.30323242 Roma - 00197 Via Bertoloni, 44 tel. +39 06.83365810 fax +39 06.83365811 Londra - W1K 3NY 130 Mount Street tel. +44 (0) 2034056490 fax +44 (0) 2034056498

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