Covid-19 economic crisis

The containment measures, the restrictions on the movement of people and the closure of the borders set up by governments to restrain the spread of Covid-19 are causing an unprecedented crisis for Italian and foreign companies. The economies of the tourism sector, catering, shops to the public, but also those of producers and distributors, connected logistics, have been hardly hit and these aren’t the only effected sectors.

Companies are currently in difficulty if not in the impossibility of fulfilling their obligations, and therefore in the need to review plans and projects, to renegotiate agreements: continuous supply contracts, orders already made, leases, real estate or securities purchases, financing, and any other kind of commitment.

Various legal rules contain a protection for companies, such as the impossibility of providing the service (article 1256 of the civil code) or the its partial impossibility (art. 1258 of the civil code), or, also, the excessive onerous burden of the service and the occurrence of extraordinary and unpredictable events (art. 1467 of the Civil Code). The latter article deals with the so-called “force majeure“, which the Covid-19 pandemic is certainly suitable to justify.

What is the strength that a company can have in renegotiating its contractual commitments? The greatest strength of a company lies in showing, to any contractual counterparty, that it can otherwise act unilaterally. The company can do this by promptly undertaking a corporate restructuring of its debts and obligations, with the aim of moving forward and improving.

With the recent reforms, the system of managing corporate crises and the bankruptcy and on-going preventive agreements has changed radically, allowing for a more fluid and delegated management to professionals.

Miotti Law and Tax firm, with its multidisciplinary approach of lawyers and accountants, tax consultants, employment consultants and accountants, has always followed business crisis situations of corporate restructuring, bankruptcy or continuity estimates. Faced with the growing need, we are even more dedicated to offering a prompt response to the needs of entrepreneurs and companies, forming teams specialized in negotiations, restructuring and agreements.

In a time of difficulty in movements and meetings, we have prepared the possibility of carrying out virtual meetings, online and telephone consultations, and therefore offering immediate remote assistance to companies from all geographic areas, without the need to move.

We offer a first free consultation to all entrepreneurs who want to deepen their understanding of the possibilities in accessing a protection plan from creditors and / or even just renegotiating their contracts and obligations, through an analysis of the business situation, and by proposing solutions dedicated and targeted to the survival of the company or to a closure that avoids the risks and consequences of an uncontrolled bankruptcy.

Any information or request can be sent by e-mail to the appropriate e-mail box: