The Tribunal of Milan with a decree of 17 September 2015 ruled that the enforcement of a bank guarantee, pending therequest by the debtor to authorize the stay or termination of the same in a concordato preventivo procedure, bars thedecision by the Tribunal

The case

With the decision of 16 September 2015, No. 18131, the Court of Cassation settled a long-standing debate, ruling that the receiver can not terminate an agreement to sell real estate property, entered into by the company which is later declared bankrupt, if the purchaser has registered with the Land Registry, before bankruptcy, its claim to the Court to be transferred title to the property.

The immediate application of the new section no. 120 TUB and the scope of its anatocism prohibition is the centre of a case-law dispute which originated from a series of inhibitory proceedings promoted by a consumer association in order to make ascertain the unlawful capitalization practiced by Banks of the passive interests in bank accounts. Now that said interim proceedings has been defined a first summary can be drawn.

Two main interpretative options so far emerged:

Con il D.Lgs. 180/2015 e D.Lgs. 181/2015 è stata recepita la direttiva 2014/59/UE (c.d. “Direttiva BRRD”Bank Recovery and Resolution Directive) che istituisce un quadro di risanamento e di risoluzione deglienti creditizi e delle imprese di investimento

Premessa

Directive 2014/59/EU (the "BRRD” or Bank Recovery and Resolution Directive), establishing a framework for recovery and resolution of banks and investment institutions, was implemented in Italy with the Legislative Decree Nos. 180/2015 and 181/2015

Introduction

The Tribunal of Monza (12 October 2015) has adopted a broad application of second para. of Art. 56 of the Italian Bankruptcy Law which excludes – only for receivables non yet overdue – that a debtor of the insolvent may offset its debt against receivables which he has acquired after the declaration of bankruptcy or in the year before.

The case

According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law.¹ Reference is made to Milan Court Decrees 6 November 2015 and 3 December 2015 (the “Case Law”).²

Introduction

Page | 1 Pubblicato in G.U. il Decreto Legge sulla Riforma delle Banche di Credito Cooperativo Finance Law Alert Follow up 16 FEBBRAIO 2016 PUBBLICATO IN G.U. IL DECRETO DI RIFORMA DELLE BCC Con riferimento al nostro precedente alert dell'11 febbraio 2016 relativo alla riforma delle BCC, abbiamo redatto il presente alert di follow up a seguito della pubblicazione in Gazzetta Ufficiale, Serie Generale n. 37, del 15 febbraio 2016, del decreto legge 14 febbraio 2016 n.

The Court of Bergamo (23 December 2015) authorized a business lease agreement even though a previous public auction could not be held due to the urgency of the case, considering that the mandatory provisions of Art. 163-­‐bis of the Italian Bankruptcy Law apply only if consistent with the “pre-­‐ concordato” phase.

The case