Press Room

BonelliErede assisted the Special Commissioners of La Perla Manufacturing S.r.l., which is in extraordinary administration, in negotiating and executing, together with the other companies of the La Perla Group (La Perla Global Management (UK) Limited – Italian Branch, in judicial liquidation in Italy, and La Perla Global Management (UK) Limited, in liquidation in the United Kingdom), the first ever memorandum of understanding between parallel insolvency proceedings under Italy-UK cross-border insolvency law after Brexit. CBA Studio Legale e Tributario advised on Italian-law aspects of the proceedings commenced in the United Kingdom.
The memorandum stipulated that, in lieu of a piecemeal sale of the assets by each individual company, the entire business, including the La Perla trademark and all of the Group’s employees (currently employed by various Italian and foreign entities) would be sold through a unified, competitive procedure. The sale process was carried out by La Perla Manufacturing S.r.l. under extraordinary administration and concluded with the selection of a successful bidder for the whole business as a going concern. The successful bidder will then have the option to negotiate with La Perla Italia S.r.l., in judicial liquidation, for the purchase of the business as a going concern and the transfer of its employees.
Today, at the Ministry for Enterprises and Made in Italy, Minister Adolfo Urso announced the name of the successful bidder. The bidder is Peter Kern, a top-tier industrial investor already active in the Italian market, which, through the corporate vehicle Luxury Holding LLC, submitted a single offer covering the production facility, the trademark and the entire workforce, as well as an industrial plan potentially capable of restoring La Perla to a position of global leadership in its sector and of expanding the workforce. This announcement marks a significant achievement, as it prevents the dismantling of a historic Made-in-Italy group and ensures the continued full employment of all employees.
The Special Commissioners of La Perla Manufacturing S.r.l. in extraordinary administration, attorneys Francesco Paolo Bello, Francesca Pace and Gianluca Giorgi, were assisted by BonelliErede, with a team led by partners Alberto Saravalle, Marco Arato and Gianpaolo Ciervo, and associate Vittoria Sollazzo, all members of the firm’s Corporate Crisis & Debt Restructuring Focus Team. BonelliErede also advised the commissioners on certain English-law issues with partner Richard Samuel. Filippo Ghignone, attorney-at-law, of Deloitte Legal supported the commissioners and served on the coordination committee for the Group’s various insolvency proceedings.
Andrea Monari and Professor Luca Mandrioli, as judicial liquidators of La Perla Global Management (UK) Limited – Italian Branch, were assisted by Massimo Fabiani, Professor and attorney-at-law.
The Joint Liquidators of La Perla Global Management (UK) Limited in UK liquidation, Andrew Watling and Duncan Beat of Quantuma Advisory Limited, were supported on Italian-law matters by CBA Studio Legale e Tributario, with a team comprising partner Antonio Martini and associate Alessandro Botti, and on English-law matters by Shoosmiths LLP, with a team led by partner Lee Sennett and supported by principal associate Harry Rose. To coordinate the various proceedings, including negotiations relating to the memorandum of understanding, and as a member of the coordination committee, they were assisted by Andrea Angelo Terraneo, attorney-at-law and Senior Case Administrator at Quantuma and Lecturer in Insolvency Law at the University of Milano-Bicocca. Terraneo, attorney-at-law, was also appointed as Agent for the Joint Liquidators in dealings with Italian professionals, the Court of Bologna, and the Ministry for Enterprises and Made in Italy, helping to bridge differences between the applicable legal frameworks and to facilitate cooperation among all advisors.
Matteo Rossi, the judicial liquidator of La Perla Italia S.r.l. under judicial liquidation, was assisted by Stefano Dalla Verità, attorney-at-law.
Peter Kern was advised by Zoppini & Associati, represented by Professor Andrea Zoppini, attorney-at-law, and Giulio Angeloni, attorney-at-law, and by the accounting firm Studio Trombone Dottori Commercialisti Associati, represented by Domenico Trombone, Luca Neri, Matteo Maestroni and Alessandro Zoboli as financial advisors.