The Court of Milan (29 September 2016) confirmed that the concordato preventivocan be terminated as a consequence of the mere fact that a “material” breach occurred, as provided by Art. 186 of the Italian Bankruptcy Law.
The case
The Court of Milan (10 November 2016) issued a confirmation order of a debt restructuring agreement pursuant to Art. 182-bis of the Italian Bankruptcy Law on a petition by an investment fund, which was deemed as a legal entity on its own right and not only a separate estate within the SGR which is the legal representative of the fund
The case
On 16 December 2016 an act amending the insolvency laws applicable to financial derivatives transactions passed the Bundesrat (the second chamber of the German legislature). The new law was finalised only six months after the German Federal Court of Justice passed its landmark judgment that held a netting provision based on the German Master Agreement for Financial Derivatives Transactions to be partially ineffective in the event of insolvency.
The Court of Ancona (11 October 2016) ruled that the debtor can continue to draw from existing revolving facilities, to be considered as pending contracts that do not require an authorization by the Court
The case
The Court of Appeals of Turin (5 August 2016) and the Court of Milan (25 June 2016) deal with cases of bankruptcy and concordato preventivo of the assigned debtor and confirm a broad interpretation of the limit to set-off set forth by Article 56 second para. of the Italian Bankruptcy Law
The case
The Court of Rovigo (1st August 2016) confirms that the debtor shall regularly perform obligations arising after the concordato filing from an existing contract, when the debtor elects not to apply to the Court to terminate it
The case
The Court of Milan (18 April 2016) sticks to its own precedents mandating automatic termination, notwithstanding the recent decision of the Court of Cassation (19 February 2016, No. 3324) requiring that an actual prejudice for the creditors be ascertained
The case
The consequences for cross-border insolvencies will largely depend on how Brexit is implemented, but will not affect schemes of arrangement
Foreword
Understanding and mastering cross-border insolvency requires a thorough knowledge of the different domestic insolvency regimes, all of which have distinctive procedures and rules on jurisdiction and recognition of foreign proceedings. Creditors and debtors look for the most favourable system: in this framework, the UK insolvency system is usually considered “creditor-focused”.
Recovery and resolution scenarios are still of importance for European institutions. Banks perform functions which are critical for economic activity to take place. They collect funds (deposits and other forms of debt) from private persons and businesses, provide loans for households and businesses, allow savings to be allocated for investment and manage payment systems that are crucial for various sectors of the economy and society as a whole.
The Italian Supreme Court (5 July 2016, No. 13719) issues a maiden decision on the conditions for theprotection afforded by restructuring plan to stand if the plan fails and bankruptcy is declared
The case