Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
浅析新形势下上市公司并购重组方向与路径——以上市公司在子公司融资后实施并购重组之案例为视角
引言
2024年3月15日，中国证券监督管理委员会（以下简称“证监会”）发布《关于加强上市公司监管的意见（试行）》，明确“支持上市公司通过并购重组提升投资价值”，鼓励“上市公司综合运用各类工具提升对长期投资的吸引力，积极吸引长期机构投资者”，并提出“多措并举活跃并购重组市场，鼓励上市公司综合运用股份、现金、定向可转债等工具实施并购重组、注入优质资产”。
2024年4月12日，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》，原则性提出“严把发行上市准入关”“严格上市公司持续监管”“大力推动中长期资金入市，持续壮大长期投资力量”等指导意见，进一步提高IPO标准，严格再融资审核把关，鼓励上市公司聚焦主业，综合运用并购重组、股权激励等方式提高发展质量，倡导长期资金入市，鼓励长期资金投资。
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.
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
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
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
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
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
Applicable law
The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors
Introduction