The Cimolai case: A comparative analysis on cross‐border restructuring in Italy and the United Kingdom

Abstract This article provides a comparative analysis of the restructuring framework in the United Kingdom and Italy, focusing on two devices: the restructuring plan, introduced by the Corporate Insolvency and Governance Act 2020, and the Italian concordato preventivo . In the wake of Brexit and the EU Preventive Restructuring Directive 2019, the study demonstrates that, although European legislation is no longer binding on the United Kingdom, the new approach to business rescue has spread beyond its borders and realised a sort of ‘cross‐fertilisation’ between legal systems. The core of this research is grounded in the Cimolai case (2023), the first instance of an English restructuring plan opened in parallel with an Italian concordato . Through the lens of this case the most relevant procedural aspects are analysed, including the application of the Gibbs rule, the eligibility criteria for opening the restructuring, the standing requirement, and the asset management regime under the procedure. The analysis further investigates the divergent legislative choices regarding distributional rules and the implementation of cross‐class cram‐down mechanisms in the creditors' voting procedure. After assessing which of the two systems is more creditor‐friendly and which, on the other hand, is more favourable to troubled companies, the article shows that while both the United Kingdom and Italy pursue similar purposes, the former maintains a more contractualist approach. In contrast, the Italian system exhibits a higher degree of judicial supervision and allows easier departure from the majority principle to overcome the dissent of one or more classes of creditors.