Founded by business lawyer Monica Pagano in 2010, Studio Pagano & Partners is highly specialised in providing extrajudicial and judicial advice and assistance in the field of civil law, with particular reference to banking, bankruptcy and corporate law. Over time, this all-Italian excellence has focused its core business on debt restructuring of companies and individuals, tax law, real estate, NPLs and over-indebtedness; matters in respect of which it has unquestionably acquired a consolidated experience at a national level, so much so as to be awarded by Le Fonti Award as “Boutique of Excellence of the Year 2021” .
by Roberta Imbimbo
Avvocato Pagano, what is the mission of the Pagano & Partners law firm?
Our main goal is first of all to prevent unpleasant situations, to lift the entrepreneur out of a financial crisis, finding for him the most appropriate solution to his debt situation and supporting him in the path of business growth and management of financial and real estate investments, so as to optimise activities and results. Thanks to a multidisciplinary team of professionals, all divided into Departments, and to a strategic and innovative vision, we are able to provide 360-degree, qualified and reliable tailor-made consultancy, rigorously tailored to the needs of each individual business. The new Business Crisis and Insolvency Code – which came into force on 15 July 2022, merging both the bankruptcy law (which covered large companies) and Law 3/2012 (the so-called ‘Save Suicide Law’, which regulated the over-indebtedness of non-bankrupt companies and professionals) – contains detailed regulations for both bankruptible and non-bankrupt subjects. For each one it is possible to intervene in a specific way to resolve any debt problem. In fact, the possibilities and tools available are varied: not only entrepreneurs of large companies but also those of SMEs can now get out of debt once and for all, obtain cancellation from all bank risk centres and become completely free again.
You were one of the first professionals in Italy to deal with over-indebtedness since Law 3/2012 came into force. Since then you have helped thousands of over-indebted individuals out of the tunnel they were in. What can an entrepreneur in difficulty do today?
The new Code now provides for a number of over-indebtedness procedures: the consumer’s debt restructuring plan, the minor arrangement, the controlled liquidation of the over-indebted person, and the exoneration of the incapacitated person. These are debt restructuring procedures – aimed at the cancellation of past debts including tax debts – that allow the entrepreneur to start from scratch and take back his life, free from economic burdens and dangerous psychological pressures. The debt situation in Italy is unfortunately worrying and should not be underestimated: the total debt of Italians with the tax authorities exceeds 950 billion, or more than half of our GDP. In 2022 we recorded a record number of property foreclosures, with 113,056 properties put up for auction, 309 per day, 13 per hour. Alarming data that must make us realise how important it is, on the one hand, to strive for good financial education (not everyone knows the difference between good and bad debt and incorrect information is at the root of people’s indebtedness); on the other hand, to turn to experienced professionals specialised in the most complex fields of law, who know how to assist every individual, whether natural person or entrepreneur, with punctuality and operational efficiency, with the aim of preventing the risks of bad debt or, if the debt problem is already underway, to identify the right solutions for the specific case.
https://www.studiopaganopartners.it
