Regulation No. 2015/848 is an update and an enhancement of European Union rules on cross-border insolvencyprocedures, with respect to Regulation No. 1346/2000 currently applicable. We start here a series of newsletters wherewe will address the new rules which will come into effect starting from 2017.

The Supreme Court (decision No. 20559 of 13 October 2015), decided that a single application for admission to theprocedure is not admissible if it involves a group, with a single proposal for all the creditors of the different companies,although the relevant assets and liabilities are kept formally separated.

The case

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

This is the third post in our series on Judge Sontchi’s postpetition interest decision in Energy Futures Holdings, issued on October 30, 2015. Our first post in this series analyzed Judge Sontchi’s ruling that postpetition interest on an unsecured claim does not constitute a part of the unsecured claim itself.

This is the second post in our series on 

The law governing postpetition interest in bankruptcy remains unsettled despite having been subjected to more than 100 years of debate in the federal courts. On October 30, 2015, 

Two recent decisions of the Court of Rovereto (16 July 2015) and of the Court of Rimini (1 October 2015) reached opposite conclusions.

The case

The Court of Como, by order of 27 May 2015, authorised the Judicial Liquidator to settle the dispute with  the lawyer who advised the company in the concordato preventivo procedure, and this even against the advice of the Creditors’ Committee.

The case

With the decision of 16 September 2015, No. 18131, the Court of Cassation settled a long-standing debate, ruling that the trustee 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 case

The Tribunal of Modena with a decision of 6 June 2015 stated that a supplier can not refuse to perform its obligation and ask for the payment of previous claims by raising a non-fulfilment of the debtor’s obligations objection. Payment of such claims can then be made only after confirmation of the concordato by the Court.

The case