对于陷入困境的企业，可以通过与债权人之间以协议的方式，对企业进行债务调整和资产重构，以实现企业复兴和债务清偿。而债务重组中债权人最关注的即是如何有效地实现债权退出，不同类型的债权人、不同的债权情况所涉的债权人诉求均可能存在差异，提供多样化的债权退出路径可以更有效地促进困境企业债务重组成功。根据实践经验，我们总结出多种卓有成效的债权退出路径，包括但不限于直接参与留债重组、债权转股权、债权转让、资产证券化等等。

一、直接参与留债重组

对于债务人陷入流动性危机，但本身资质良好，给予一定的时间可度过困境恢复清偿能力的，债权人往往愿意与债务人就还款金额、还款方式、还款时间等债权债务问题达成新的协议，通过优化该类企业的资产负债结构、盘活企业不良资产，帮助企业渡过财务危机，最终实现债权受偿。

在留债重组的方式下，债权人亦可以有多种具体的债权退出路径，包括但不限于资产出售及资产盘活偿债、以资产或信托受益权等财产权抵债、以企业经营收益现金受偿、企业恢复良性负债率后融资还债等等。特殊情况下，如相关债权涉及企业继续经营所必需，还可以采取“类共益债”的形式，由全体债权人表决引入投资人协助原债权人退出。

（一）以部分资产出售偿债退出

With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations

The case

The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense

The case

With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers

The case

The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended

The case

With the decision No. 1649 of 19 September 2017 the Court of Appeals of Catania followed the interpretation according to which a spin-off is not subject to the avoiding powers of a bankruptcy receiver

The case

Applicable law

The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors

Introduction

The Court of Padua (15 June 2017) ruled that, in the procedure provided by Legislative Decree No. 270/1999, the three-year statute of limitations period provided by Art. 69-bis of the Italian Bankruptcy Law starts from the declaration of insolvency and not from the authorization of the plan for the sale of the business

The case

The Court with two recent decisions (6 April 2017, No. 8903 and 13 April 2017, No. 9547) confirmed that the Public Prosecutor is entitled to file for bankruptcy also in case he became aware of the insolvency in the course of a probe regarding other companies or individuals and within the concordato preventivo procedure.

The case