Soluzioni concordate delle crisi di impresa e autonomia privata

In this conference paper, the author reviews the main rationales and goals of insolvency proceedings and broadly compares insolvency proceedings to contractual private ordering of insolvency. The author stresses how the position of unsecured creditors in insolvency proceedings tends to be protected only in a collective way, through procedural rules that allow to deviate from absolute priority rule, whereas contractual solutions of distressed firms are the domain of contract, with some variations (mainly, the oversight of the court) due to the multiple interests involved in situations in which these contracts are entered into.