{"id":31023,"date":"2026-01-26T11:50:40","date_gmt":"2026-01-26T10:50:40","guid":{"rendered":"https:\/\/www.bacciardipartners.it\/?p=31023"},"modified":"2026-02-02T10:13:55","modified_gmt":"2026-02-02T09:13:55","slug":"corporate-crisis-management-tools-the-negotiated-settlement-what-it-is-how-it-works-when-it-makes-sense-to-activate-it","status":"publish","type":"post","link":"https:\/\/www.bacciardipartners.it\/en\/corporate-crisis-management-tools-the-negotiated-settlement-what-it-is-how-it-works-when-it-makes-sense-to-activate-it\/","title":{"rendered":"Corporate Crisis Management Tools: the Negotiated Settlement \u2013 What it is, how it works, when it makes sense to activate it"},"content":{"rendered":"<p data-start=\"0\" data-end=\"110\"><em data-start=\"91\" data-end=\"110\">By <\/em><a href=\"https:\/\/www.bacciardipartners.it\/en\/people\/francesco-todaro\/\">Francesco Todaro<\/a>, Of Counsel \u2013 Special Situations, Bacciardi Partners.<\/p>\n<p data-start=\"129\" data-end=\"396\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-31025\" src=\"https:\/\/www.bacciardipartners.it\/src\/uploads\/CNC_-Cose-970-x-720-FT.png\" alt=\"Mano che blocca un domino, come il professionista che blocca lo stato di crisi dell'impresa\" width=\"596\" height=\"443\" srcset=\"https:\/\/www.bacciardipartners.it\/src\/uploads\/CNC_-Cose-970-x-720-FT.png 970w, https:\/\/www.bacciardipartners.it\/src\/uploads\/CNC_-Cose-970-x-720-FT-768x570.png 768w, https:\/\/www.bacciardipartners.it\/src\/uploads\/CNC_-Cose-970-x-720-FT-480x356.png 480w, https:\/\/www.bacciardipartners.it\/src\/uploads\/CNC_-Cose-970-x-720-FT-560x416.png 560w\" sizes=\"(max-width: 596px) 100vw, 596px\" \/>The <strong data-start=\"133\" data-end=\"182\">Negotiated Settlement of the Corporate Crisis<\/strong> (Composizione Negoziata della Crisi d\u2019Impresa \u2013 CNC) is a tool introduced into the Italian legal system to allow entrepreneurs to address financial and economic difficulties before the crisis becomes irreversible.<\/p>\n<p data-start=\"398\" data-end=\"652\">It is not a traditional insolvency proceeding.<br data-start=\"444\" data-end=\"447\" \/>It is not an \u201cearly\u201d bankruptcy.<br data-start=\"479\" data-end=\"482\" \/>Rather, it is a guided and confidential crisis-management path, based on dialogue with creditors and on the search for sustainable solutions aimed at business continuity.<\/p>\n<p data-start=\"654\" data-end=\"869\">In recent years, the CNC has become one of the most relevant instruments in the Italian corporate crisis framework, especially for structured companies that intend to retain control over the decision-making process.<\/p>\n<h2 data-start=\"876\" data-end=\"927\">What the Negotiated Settlement of the Crisis is<\/h2>\n<p data-start=\"929\" data-end=\"1025\">The Negotiated Settlement is a voluntary procedure that allows an entrepreneur in difficulty to:<\/p>\n<ul data-start=\"1027\" data-end=\"1232\">\n<li data-start=\"1027\" data-end=\"1099\">\n<p data-start=\"1029\" data-end=\"1099\">analyse its economic and financial situation in a structured manner;<\/p>\n<\/li>\n<li data-start=\"1100\" data-end=\"1173\">\n<p data-start=\"1102\" data-end=\"1173\">start an orderly dialogue with banks, suppliers, and other creditors;<\/p>\n<\/li>\n<li data-start=\"1174\" data-end=\"1232\">\n<p data-start=\"1176\" data-end=\"1232\">identify rebalancing solutions before insolvency occurs.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1234\" data-end=\"1415\">A key element of the procedure is the appointment of an <strong data-start=\"1290\" data-end=\"1312\">independent expert<\/strong>, whose role is to facilitate negotiations and to assess whether a turnaround is reasonably achievable.<\/p>\n<p data-start=\"1417\" data-end=\"1619\">During the CNC, the company retains the management of its business, and the procedure is generally conducted on a confidential basis, avoiding the reputational effects typical of insolvency proceedings.<\/p>\n<h2 data-start=\"1626\" data-end=\"1667\">What the Negotiated Settlement is for<\/h2>\n<p data-start=\"1669\" data-end=\"1724\">The Negotiated Settlement of the Crisis is designed to:<\/p>\n<ul data-start=\"1726\" data-end=\"2042\">\n<li data-start=\"1726\" data-end=\"1807\">\n<p data-start=\"1728\" data-end=\"1807\">detect the crisis at an early stage, when room for intervention still exists;<\/p>\n<\/li>\n<li data-start=\"1808\" data-end=\"1868\">\n<p data-start=\"1810\" data-end=\"1868\">create a protected space for discussions with creditors;<\/p>\n<\/li>\n<li data-start=\"1869\" data-end=\"1988\">\n<p data-start=\"1871\" data-end=\"1988\">reduce the risk of unilateral actions (enforcement proceedings, withdrawal of credit lines, contract terminations);<\/p>\n<\/li>\n<li data-start=\"1989\" data-end=\"2042\">\n<p data-start=\"1991\" data-end=\"2042\">build shared and sustainable medium-term solutions.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2044\" data-end=\"2084\">In practical terms, the CNC may lead to:<\/p>\n<ul data-start=\"2086\" data-end=\"2281\">\n<li data-start=\"2086\" data-end=\"2116\">\n<p data-start=\"2088\" data-end=\"2116\">agreements with creditors;<\/p>\n<\/li>\n<li data-start=\"2117\" data-end=\"2141\">\n<p data-start=\"2119\" data-end=\"2141\">debt restructurings;<\/p>\n<\/li>\n<li data-start=\"2142\" data-end=\"2167\">\n<p data-start=\"2144\" data-end=\"2167\">capital transactions;<\/p>\n<\/li>\n<li data-start=\"2168\" data-end=\"2202\">\n<p data-start=\"2170\" data-end=\"2202\">selective disposals of assets;<\/p>\n<\/li>\n<li data-start=\"2203\" data-end=\"2281\">\n<p data-start=\"2205\" data-end=\"2281\">or, if necessary, an orderly transition to more structured insolvency tools.<\/p>\n<\/li>\n<\/ul>\n<h3 data-start=\"2288\" data-end=\"2331\"><\/h3>\n<h2 data-start=\"2288\" data-end=\"2331\">When it makes sense to activate the CNC<\/h2>\n<p data-start=\"2333\" data-end=\"2389\">The Negotiated Settlement is particularly suitable when:<\/p>\n<ul data-start=\"2391\" data-end=\"2727\">\n<li data-start=\"2391\" data-end=\"2467\">\n<p data-start=\"2393\" data-end=\"2467\">the company is not yet insolvent but shows significant financial stress;<\/p>\n<\/li>\n<li data-start=\"2468\" data-end=\"2567\">\n<p data-start=\"2470\" data-end=\"2567\">debt is concentrated with a limited number of qualified creditors (banks, strategic suppliers);<\/p>\n<\/li>\n<li data-start=\"2568\" data-end=\"2635\">\n<p data-start=\"2570\" data-end=\"2635\">the business is economically viable but financially unbalanced;<\/p>\n<\/li>\n<li data-start=\"2636\" data-end=\"2727\">\n<p data-start=\"2638\" data-end=\"2727\">the entrepreneur intends to manage the crisis proactively, avoiding disruptive solutions.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2729\" data-end=\"2827\">Conversely, the CNC is ineffective if activated too late or without a genuine turnaround strategy.<\/p>\n<h3 data-start=\"2834\" data-end=\"2890\"><\/h3>\n<h2 data-start=\"2834\" data-end=\"2890\">How the Negotiated Settlement works: the main phases<\/h2>\n<h3 data-start=\"2892\" data-end=\"2920\">1. Preliminary analysis<\/h3>\n<p data-start=\"2922\" data-end=\"2997\">Before starting the procedure, a thorough diagnosis is essential, covering:<\/p>\n<ul data-start=\"2999\" data-end=\"3140\">\n<li data-start=\"2999\" data-end=\"3046\">\n<p data-start=\"3001\" data-end=\"3046\">current and prospective financial position;<\/p>\n<\/li>\n<li data-start=\"3047\" data-end=\"3066\">\n<p data-start=\"3049\" data-end=\"3066\">debt structure;<\/p>\n<\/li>\n<li data-start=\"3067\" data-end=\"3095\">\n<p data-start=\"3069\" data-end=\"3095\">business sustainability;<\/p>\n<\/li>\n<li data-start=\"3096\" data-end=\"3140\">\n<p data-start=\"3098\" data-end=\"3140\">operational and organisational weaknesses.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3142\" data-end=\"3445\">This phase is decisive. A serious and in-depth analysis may even avoid the need to access the CNC, as the support of professionals and their team may lead to an early resolution of the crisis. In any event, a negotiated settlement started without a solid analytical basis is unlikely to produce results.<\/p>\n<h4 data-start=\"3452\" data-end=\"3483\"><\/h4>\n<h3 data-start=\"3452\" data-end=\"3483\">2. Access to the procedure<\/h3>\n<p data-start=\"3485\" data-end=\"3653\">The entrepreneur submits the application through the dedicated online platform.<br data-start=\"3564\" data-end=\"3567\" \/>An independent expert with legal, business, and financial expertise is then appointed.<\/p>\n<p data-start=\"3655\" data-end=\"3717\"><strong data-start=\"3655\" data-end=\"3717\">The national online platform for the Negotiated Settlement<\/strong><\/p>\n<p data-start=\"3719\" data-end=\"3948\">Access to the Negotiated Settlement takes place through the <strong data-start=\"3779\" data-end=\"3807\">National Online Platform<\/strong>, managed by the Italian Chambers of Commerce system, available at the following official link:<br data-start=\"3902\" data-end=\"3905\" \/><a class=\"decorated-link\" href=\"https:\/\/www.composizionenegoziata.camcom.it\" target=\"_new\" rel=\"noopener\" data-start=\"3905\" data-end=\"3948\">https:\/\/www.composizionenegoziata.camcom.it<\/a><\/p>\n<p data-start=\"3950\" data-end=\"4016\">Through the platform, the entrepreneur (or delegated parties) can:<\/p>\n<ul data-start=\"4018\" data-end=\"4287\">\n<li data-start=\"4018\" data-end=\"4104\">\n<p data-start=\"4020\" data-end=\"4104\">carry out a preliminary self-assessment test on the feasibility of the turnaround;<\/p>\n<\/li>\n<li data-start=\"4105\" data-end=\"4150\">\n<p data-start=\"4107\" data-end=\"4150\">consult tools and operational checklists;<\/p>\n<\/li>\n<li data-start=\"4151\" data-end=\"4224\">\n<p data-start=\"4153\" data-end=\"4224\">submit the application for the appointment of the independent expert;<\/p>\n<\/li>\n<li data-start=\"4225\" data-end=\"4287\">\n<p data-start=\"4227\" data-end=\"4287\">manage the formal requirements connected with the procedure.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4289\" data-end=\"4480\">The platform represents the formal entry point to the CNC. The effectiveness of the process, however, depends on the quality of the preliminary analysis and on the crisis-management strategy.<\/p>\n<h4 data-start=\"4487\" data-end=\"4512\"><\/h4>\n<h3 data-start=\"4487\" data-end=\"4512\">3. Negotiation phase<\/h3>\n<p data-start=\"4514\" data-end=\"4628\">With the support of the expert, discussions with creditors begin in order to identify concrete solutions, such as:<\/p>\n<ul data-start=\"4630\" data-end=\"4707\">\n<li data-start=\"4630\" data-end=\"4653\">\n<p data-start=\"4632\" data-end=\"4653\">debt renegotiation;<\/p>\n<\/li>\n<li data-start=\"4654\" data-end=\"4668\">\n<p data-start=\"4656\" data-end=\"4668\">moratoria;<\/p>\n<\/li>\n<li data-start=\"4669\" data-end=\"4687\">\n<p data-start=\"4671\" data-end=\"4687\">new financing;<\/p>\n<\/li>\n<li data-start=\"4688\" data-end=\"4707\">\n<p data-start=\"4690\" data-end=\"4707\">capital measures.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4709\" data-end=\"4823\">The entrepreneur remains at the centre of the decision-making process, within a structured and credible framework.<\/p>\n<h4 data-start=\"4830\" data-end=\"4862\"><\/h4>\n<h3 data-start=\"4830\" data-end=\"4862\">4. Outcome of the procedure<\/h3>\n<p data-start=\"4864\" data-end=\"4908\">The Negotiated Settlement may conclude with:<\/p>\n<ul data-start=\"4910\" data-end=\"5077\">\n<li data-start=\"4910\" data-end=\"4984\">\n<p data-start=\"4912\" data-end=\"4984\">an agreement that allows for a sustainable rebalancing of the company;<\/p>\n<\/li>\n<li data-start=\"4985\" data-end=\"5077\">\n<p data-start=\"4987\" data-end=\"5077\">or an orderly transition to alternative tools, if an immediate turnaround is not feasible.<\/p>\n<\/li>\n<\/ul>\n<h3 data-start=\"5084\" data-end=\"5130\"><\/h3>\n<h2 data-start=\"5084\" data-end=\"5130\">Why the CNC requires a specialist approach<\/h2>\n<p data-start=\"5132\" data-end=\"5251\">Data show that the Negotiated Settlement is a selective tool: activating it is not enough to ensure a positive outcome.<\/p>\n<p data-start=\"5253\" data-end=\"5279\">The difference is made by:<\/p>\n<ul data-start=\"5281\" data-end=\"5482\">\n<li data-start=\"5281\" data-end=\"5320\">\n<p data-start=\"5283\" data-end=\"5320\">the timeliness of the intervention;<\/p>\n<\/li>\n<li data-start=\"5321\" data-end=\"5361\">\n<p data-start=\"5323\" data-end=\"5361\">the quality of the initial analysis;<\/p>\n<\/li>\n<li data-start=\"5362\" data-end=\"5407\">\n<p data-start=\"5364\" data-end=\"5407\">the ability to build a credible strategy;<\/p>\n<\/li>\n<li data-start=\"5408\" data-end=\"5482\">\n<p data-start=\"5410\" data-end=\"5482\">the coordinated management of legal, financial, and negotiation aspects.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"5484\" data-end=\"5660\">For this reason, the CNC is not a mere formal requirement, but a complex corporate crisis-management process that requires multidisciplinary expertise and unified coordination.<\/p>\n<h3 data-start=\"5667\" data-end=\"5723\"><\/h3>\n<h2 data-start=\"5667\" data-end=\"5723\">The Bacciardi Partners \u2013 Special Situations approach<\/h2>\n<p data-start=\"5725\" data-end=\"5819\">The <strong data-start=\"5729\" data-end=\"5751\">Special Situations<\/strong> division of Bacciardi Partners assists companies and entrepreneurs:<\/p>\n<ul data-start=\"5821\" data-end=\"6099\">\n<li data-start=\"5821\" data-end=\"5902\">\n<p data-start=\"5823\" data-end=\"5902\">in the preliminary assessment of whether to access the Negotiated Settlement;<\/p>\n<\/li>\n<li data-start=\"5903\" data-end=\"5963\">\n<p data-start=\"5905\" data-end=\"5963\">in structuring the most appropriate turnaround strategy;<\/p>\n<\/li>\n<li data-start=\"5964\" data-end=\"6026\">\n<p data-start=\"5966\" data-end=\"6026\">in coordinating legal, financial, and negotiation aspects;<\/p>\n<\/li>\n<li data-start=\"6027\" data-end=\"6099\">\n<p data-start=\"6029\" data-end=\"6099\">in managing relationships with creditors, investors, and stakeholders.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"6101\" data-end=\"6317\" data-is-last-node=\"\" data-is-only-node=\"\">The goal is not to \u201cactivate a procedure\u201d, but to govern a critical phase, preserving value, continuity, and growth potential, and, where possible, avoiding recourse to the CNC itself.<\/p>\n<p data-start=\"6101\" data-end=\"6317\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"6288\" data-end=\"6317\" data-is-last-node=\"\">Contact us to learn more.<\/strong><\/p>\n\n<div style=\"display: block !important; margin:0 !important; padding: 0 !important\" id=\"wpp_popup_post_end_element\"><\/div>","protected":false},"excerpt":{"rendered":"<p>By Francesco Todaro, Of Counsel \u2013 Special Situations, Bacciardi Partners. The Negotiated Settlement of the Corporate Crisis (Composizione Negoziata della Crisi d\u2019Impresa \u2013 CNC) is a tool introduced into the Italian legal system to allow entrepreneurs to address financial and economic difficulties before the crisis becomes irreversible. It is not a traditional insolvency proceeding.It is [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,154],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business crisis management: what the Negotiated Settlement is<\/title>\n<meta name=\"description\" content=\"The Negotiated Settlement of the Corporate Crisis is a tool introduced into the Italian legal system to allow entrepreneurs to address financial and...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bacciardipartners.it\/en\/corporate-crisis-management-tools-the-negotiated-settlement-what-it-is-how-it-works-when-it-makes-sense-to-activate-it\/\" 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