With judgment No. 5945 of 11 March 2013, the Italian Supreme Court of Cassation addressed a key issue under EC Regulation No. 1346/2000: the location of the “center of main interests” (COMI) of the company according to factors recognizable by third parties.

The Case

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.

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom.1

On May 26, 2009, Lehman Brothers Holdings Inc. and its affiliated U.S. chapter 11 debtors (“Lehman” or the “U.S. Debtors”) filed a motion (“Motion”) requesting the U.S. Bankruptcy Court (“Bankruptcy Court”) to set August 24, 2009 at 5:00 p.m. (ET) as the deadline for filing proofs of claim against the U.S. Debtors (the “Bar Date”). The Motion1 seeks entry of a proposed order (“Proposed Order”), that (i) establishes the Bar Date; (ii) approves the Proof of Claim Form; and (iii) approves the proposed notice procedures and form for the Bar Date notices.