As it was throughout this insolvency, it would not be straightforward. Assets, rights and operations were spread across jurisdictions and separate proceedings. Any misstep could ruin the outcome.
In this article - the third in a series of four - we will explain how we structured the transaction, managed the various stakeholders, and achieved what many thought was impossible.
Structuring the transaction
The main objective was clear - maintain the link between the La Perla brand, its intellectual property and its manufacturing capability, whilst maintaining a clear legal separation between the estates of the various companies involved. A fragmented sale would have broken that connection, reduced the enterprise value and made it harder to restart operations.
However, while the Intellectual Property, trademarks and other rights sat in the UK (with a competing Italian Liquidation insisting on the same), manufacturing and the workforce were in Italy. These elements had to be aligned to enable a buyer to acquire a functioning business rather than a shell and to avoid disputes on the validity of the transfer of good title.
Quantuma developed a structure to:
- Align Intellectual Property held in the UK with operations based in Italy
- Structure transfers so they could take effect across multiple insolvency processes
- Ensure the rights needed for production were in place at completion
The sale process itself was conducted under Italian law and attracted multiple bidders before a successful buyer was selected. That was the American investor Peter Kern.
Stakeholder management and collaboration
The legal framework set the structure, but it did not deliver the outcome on its own. Effective stakeholder management was a significant factor in the process’s eventual success.
There was a wide range of parties with a stake in the insolvency. These included UK and Italian officeholders, legal advisers working within different systems, creditors, employees and government bodies in Italy. Their priorities did not always align. Achieving coordination would demand diplomacy as well as legal expertise.
Several areas required ongoing agreement:
- How claims would be treated across the UK and Italian proceedings
- Sharing information between officeholders and advisers
- Aligning the timing of key decisions across processes
To achieve coordination in these areas, careful sequencing and constant communication were needed. Quantuma’s Andrea Terraneo played a central role in bridging the UK and Italian proceedings, using his experience of both legal systems to engage directly with courts, advisers and stakeholders. This level of coordination kept the process moving. Without it, the transaction would not have reached completion.
Results and outcomes
The process concluded with the sale of the La Perla business and assets to La Perla Atelier, a company controlled by Peter Kern. Completion took place on 30 September 2025, following a competitive process concluded earlier that year.
The structure behind that result was critical. The transaction did not rely on a single sale. It involved a series of linked deals across separate insolvency proceedings in the UK and Italy. This included the UK liquidation, the Italian judicial liquidation and the extraordinary administration of the manufacturing business. By taking this approach, assets could be transferred through a coordinated process, avoiding the need for separate disposals across different jurisdictions and assured the transfer of a valid title.
Production resumed at the Bologna manufacturing facility once the transaction completed. Around 200 jobs were preserved as a direct result of the sale. These outcomes preserved the value of the world-famous La Perla brand and maintained its operational base. The business continued under new ownership with production capability intact.
In the final article in the series, we will look at the implications of the La Perla case on other insolvency cases post-Brexit.
Get the full story
Quantuma has compiled a detailed case study on the La Perla insolvency. In it, you will find out how we solved complex cross-border challenges, saved an iconic fashion brand and set the tone for future cross-border insolvency cases.
Download your copy of the La Perla Whitepaper here.
Here to help
Businesses and advisers facing financial distress that spans more than one jurisdiction should seek specialist advice at an early stage. Early engagement allows more options to be considered and increases the likelihood of preserving value and operational continuity.
Quantuma’s restructuring and insolvency team advises companies, lenders and stakeholders on complex cross-border matters. To discuss a situation in confidence or learn more about the firm’s experience in multinational restructurings, please contact Carl Jackson or Andrea Terraneo from our Restructuring & Insolvency team.
