Abstract

The article focuses on certain issues arising from modifications in the subjective structure of civil obligations occurring in the context of a restructuring plan pursuant to article 67, co. 3, of Italian bankruptcy law (recently restated under article 56 of the newly adopted Italian code on business crisis and insolvency) or other contractual adjustments of debt or reorganisation measures adopted by a debtor. Recent practice driven by the increasing volume of non-performing loans transactions poses the issue of the consequences on an existing arrangement arising out of the transfer or assignment of credits to a third party. After an introductory description of the main civil-law aspects relating to a restructuring agreement, being an atypical contract introduced in the practice of restructuring operations, the article focuses on different potential approaches to the change in the title to the credit occurring, first, by effect of an ordinary assignment of credit under the framework of rules provided by the Italian Civil Code and, thereafter, by effect of a securitisation involving the credit, in order to focus, in particular, on remedies available respectively to the debtor and the assignee of the credit based on the restructuring agreement