The Court of Florence (November 2, 2016) confirmed that the debtor can retain part of his assets, with a view to support the company’s recovery and in derogation to principles of liability of the debtor.
The case
A company applied for concordato preventivo, based on a plan providing for, on one side, the sale of those assets not functional to the business and, on the other side, the company to continue to trade retaining those other assets which were needed for the activities to be carried on.
A ruling of the Court of Padua of 31 December 2016 is compared with few other known Court decisions regarding the extension of the effects of a debt restructuring agreement to dissenting financial creditors
The case
Two companies having an indebtedness mainly towards banks and leasing companies, jointly submitted to the Court a request for confirmation of a debt restructuring agreement providing for a two-year moratorium of payment of principal and a restructuring of interests.
The Court of Cassation (decision No. 4915 of 27 February 2017) lowered the threshold allowing the Bankruptcy Court to review the feasibility of the concordato preventivo proposal.
The case
In its recent decision in Pars Ram Brothers (Pte) Ltd (in creditors’ voluntary liquidation) v Australian & New Zealand Banking Group Ltd and others [2017] SGHC 38, the Singapore High Court held that the security interests of lenders survived the commingling of assets, and that the assets should be divided among the secured lenders in proportion to their respective contributions.
Facts
With the judgment No. 25162 of 7 December 2016 the Court of Cassation refers the expression set forth in Art. 67, third paragraph, a) of the Italian Bankruptcy Law to the custom between the parties of the specific commercial relationship and not to the wider use of trade
The case
An insolvency receiver sued a former supplier of the bankrupt company, requesting the claw-back of payments made by the company.
Law No. 232 of 11 December 2016 (Budget Law for 2017), in force since 1st January 2017, amended Art. 182-ter of the Italian Bankruptcy Law by repealing the tax consolidation rule and setting aside the interpretation that the tax settlement thereby provided could be chosen as an alternative to a proposal to tax and social security agencies, based on ordinary rules
The tax settlement before Law No. 232 of 2016
The Court of Cassation with a decision of 5 December 2016, No. 24791 confirmed that receivables of advisors who assisted the debtor with respect to a filing for concordato preventivo shall be considered as super-priority claims in the following insolvency liquidation, unless the advice is challenged in the merits
The case
In its recent judgment in Ting Shwu Ping (Administrator of the estate of Chng Koon Seng, Deceased) v Scanone Pte Ltd and another appeal [2016] SGCA 65, the Singapore Court of Appeal set out the test to be applied in deciding whether to exercise its discretion under section 254(2A) of the Companies Act to order a buy-out instead of a winding-up where a party has applied to wind up the company under section 254(1)(f) (where the directors have acted in the affairs of the company in their own interest rather than the interests of members as a whole) or section 254(1)(i) (where it is ju
Il Tribunale di Milano (29 settembre 2016) conferma l’interpretazione secondo cui il concordato deve essere risolto in conseguenza del solo fatto oggettivo dell’inadempimento che non sia di “scarsa importanza” ai sensi del secondo comma dell’art. 186 l.f.
Il caso
Il Tribunale di Milano (10 novembre 2016) ha disposto l’omologazione ex art. 182-bis l.fall. richiesta da un fondo, ritenuto soggetto di diritto autonomo rispetto alla SGR per mezzo della quale agisce e non solo un patrimonio separato
Il caso
Una SGR ha chiesto l’omologazione di un accordo di ristrutturazione dei debiti per conto di un fondo comune di investimento immobiliare di tipo chiuso, deducendone la situazione di incapienza patrimoniale.