Recent years have seen important Italian shipyards navigating rapidly developing financial crises, some even risking insolvency, with significant implications for vessel owners, suppliers, subcontractors, and creditors connected to such yards.

In February 2026, TISG approved an emergency €25 million shareholder loan following extra-budget costs altering the company’s cash position. The company has disclosed a forensic due diligence review by KPMG, delayed salary payments due to liquidity constraints, discussions with banks and factoring companies, and the filing of criminal complaints against former senior executives.

The company has also received audit reports under Article 25-octies of the Italian Insolvency Code, and announced that its CEO is working to “restore the correct financial balance”.

For parties with vessels in build, shipbuilding contracts, unpaid invoices, or equipment located at TISG facilities, the window for precautionary safeguards may already be narrowing.

Under Italian law, once formal insolvency proceedings begin, the ability to recover assets, enforce liens or remove vessels from a yard can become significantly restricted.

Act early

The Italian insolvency framework, particularly the CCII early warning mechanisms now in play, can move quickly once financial distress is identified. Options available today may not remain available in the coming months.

If you have vessels, contracts, equipment or claims connected to yards facing financial irregularities, do not hesitate to contact us for a confidential discussion regarding your position.

Our experience

Richmond Park Associates advises vessel owners, creditors, subcontractors, and suppliers in shipbuilding disputes, distressed maritime assets, and cross-border insolvency situations.

The team advising on this situation includes:

Simon Clark: English-qualified Solicitor with extensive experience in international maritime and commercial law, including shipbuilding disputes and multi-jurisdictional insolvency proceedings.

M: +44 7798 526424

E: s.clark@richmondparkassociates.com

Michele Fucito: Italian-qualified advocate lawyer with direct expertise in Italian commercial and maritime law.

M: +971 54 741 53 75

E: m.fucito@richmondparkassociates.com

Richmond Park Associates also has access to a full range of cyber, IT and digital forensic analysis capabilities within its advisory network. These capabilities allow the team to analyse financial data, contractual records, internal communications and operational systems where necessary, supporting investigations into financial irregularities or operational issues that may arise in distressed situations.

Source (public company announcement): https://investor.theitalianseagroup.com/wp-content/uploads/2026/03/PR_2march2026.pdf