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Corporate minds do not all think alike: The Supreme Court affirms a purposive approach to the corporate attribution doctrine

Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Le misure finanziarie anti Covid a seguito della conversione in legge del Decreto Liquidità

 

 

Negli ultimi giorni l’approvazione del d.l. “rilancio” n. 34 del 19 maggio 2020 e la conversione con modifiche del decreto “liquidità”, attuata con legge n. 40 del 5 giugno 2020 (“Legge 40”) hanno introdotto una serie di ulteriori misure relative al settore economico con l’obiettivo di fronteggiare l’emergenza Covid-19.

European Union, Italy, Banking, Insolvency & Restructuring, Litigation, CMS Italy, Bankruptcy, Coronavirus
The alert procedures provided by the Code of corporate crisis and the implementation of the Directive on Insolvency

Italy is already implementing the Directive (EU) 2019/1023 of the European Parliament and the Council of 20 June 2019 (the “Directive”), related to the preventive restructuring frameworks, discharge and measures aiming at increasing the effectiveness of restructuring, insolvency and discharge procedures, that Member States shall implement within 17 July 2021.

European Union, Italy, Insolvency & Restructuring, CMS Italy, Debtor
Le procedure di allerta previste dal Codice della crisi e l’attuazione della Direttiva insolvenza

L’Italia sembra essere in netto anticipo nel recepimento della direttiva (UE) 2019/1023 del Parlamento Europeo e del Consiglio del 20 giugno 2019 (la “Direttiva”), riguardante i quadri di ristrutturazione preventiva, l'esdebitazione e le interdizioni, e le misure volte ad aumentare l'efficacia delle procedure di ristrutturazione, insolvenza ed esdebitazione, che gli Stati membri dovranno fare propria entro il 17 luglio 2021.

European Union, Italy, Insolvency & Restructuring, CMS Italy
Super-priority claims for professional services related to restructuring plans and debt restructuring agreements?

With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Debt restructuring, Italian Supreme Court of Cassation
De facto partnerships can be declared bankrupt even if partners are corporations

The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Italian Supreme Court of Cassation
Contracts remain in force in amministrazione straordinaria even after they are expired ?

With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Italian Supreme Court of Cassation
The bankruptcy receiver can continue utilities contracts, but is not bound to pay in full previous claims based on such contracts

The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Unsecured debt, Italian Supreme Court of Cassation
Claw-back of a corporate spin-off (Art. 2506 of the Italian Civil Code)?

With the decision No. 1649 of 19 September 2017 the Court of Appeals of Catania followed the interpretation according to which a spin-off is not subject to the avoiding powers of a bankruptcy receiver

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Liquidation