The Court of Milan with a decision on 28 May 2014 addressed some heavily debated legal issues: the Bankruptcy Courtmay authorize the debtor to terminate credit facility agreements when the debtor submitted a pre-filing for concordato preventivo (known as “concordato con riserva”)?

The Case

a) Continuità diretta e indiretta

Nella precedente esperienza applicativa del concordato, la conservazione dei complessi aziendali in esercizio assai di rado avveniva in capo allo stesso imprenditore, quanto piuttosto solo in via “indiretta”, attraverso la formale cessione ad un soggetto terzo, procedendo, prima del deposito della domanda di ammissione al concordato, alla concessione in affitto al fine di preservarne l'operatività.

1.     Overview

Following the enactment of the Personal Insolvency Act, the first steps have been taken to implement the new regime in the Irish insolvency landscape with the making of two Ministerial Orders by the Minister for Justice, Mr. Alan Shatter.

The Orders set 1 March 2013 as the establishment date for the Insolvency Service of Ireland which will operate the new debt resolution arrangements provided for in the Act. The Commencement Orders also enables the Insolvency Service to begin authorising approved intermediaries and personal insolvency practitioners.