BonelliErede, Shoosmiths LLP, CBA Studio Legale e Tributario, Zoppini & Associati, and Deloitte Legal advised on the cross-border insolvency resolution and sale of La Perla to Luxury Holding LLC.

The matter marks the first post-Brexit cross-border insolvency protocol between the UK and an EU member state, setting a precedent for future cooperation in multi-jurisdictional insolvency cases.

La Perla Global Management (UK) Limited entered compulsory liquidation in November 2023 following a winding-up petition by HMRC. Simultaneously, insolvency proceedings were opened in Italy over the same entity as well as other group entities. The case presented complex jurisdictional and procedural challenges, particularly in the absence of the EU Insolvency Regulation’s automatic recognition framework post-Brexit. Despite these hurdles, the joint liquidators achieved a coordinated outcome that preserved approximately 200 jobs in Italy through a joint sale process.

BonelliErede assisted the Special Commissioners of La Perla Manufacturing S.r.l., which is in extraordinary administration, in negotiating and executing the first-ever memorandum of understanding between parallel insolvency proceedings under Italy–UK cross-border insolvency law post-Brexit.

The team was led by Partners Alberto Saravalle, Marco Arato, and Gianpaolo Ciervo, along with Associate Vittoria Sollazzo, all members of the firm’s Corporate Crisis & Debt Restructuring Focus Team. Partner Richard Samuel advised on English-law aspects.

Shoosmiths LLP acted as English counsel to the Joint Liquidators of La Perla Global Management (UK) Limited. The cross-departmental Shoosmiths team was led by Corporate Restructuring & Advisory (CR&A) Partner Lee Sennett, with support from Principal Associate Harry Rose. They were joined by Commercial Partners Dominic Murphy and Leigh Smith, along with trademark support from Niki Priest and Irem Alici reflecting the firm’s collaborative approach across practice areas. The team also worked closely with Matthew Abraham and Imogen Beltrami of South Square Chambers.

CBA Studio Legale e Tributario advised on Italian-law aspects of the proceedings commenced in the United Kingdom, with a team comprising Partner Antonio Martini and Associate Alessandro Botti.

Studio Legale Zoppini & Associati advised Peter Kern (through Luxury Holding LLC, the successful bidder), with a team led by Professor Andrea Zoppini and Giulio Angeloni.

Deloitte Legal, represented by Filippo Ghignone, supported the Special Commissioners and served on the coordination committee for the Group’s various insolvency proceedings.