Proposed changes in Italian law mean that it should become easier to create certain types of security in Italy and to recover debt. The relevant law is Decree-law no. 59/2016 (“Urgent provisions on insolvency and executive procedures’’) which came into force on 4 May 2016 and which should be converted into binding law by early July.

The main changes introduced by the Decree are as follows:

In the Kitchener Frame Ltd¹ decision, the Ontario Superior Court of Justice (Commercial List) confirmed that third-party releases in proposals made under the BIA² are permitted. In doing so, the Court relied on the principle that the BIA and CCAA³ ought to be read and interpreted, harmoniously. Finally, the Court sanctioned a consolidated proposal on the basis it met the requirements set out in section 59(2) of the BIA.

The Ontario Superior Court of Justice (Commercial List) has confirmed that historical environmental remediation obligations will not automatically take priority over the claims of other creditors in an insolvency, even where those obligations are framed in the form of regulatory orders.