Hayes recently successfully defended a Liquidator in an action by a shareholder of a company to remove him in a long running complex liquidation of a company with foreign subsidiaries and assets.

Factual Background

On 16 April 2020 the Insolvency Committee of the Consultative Committee of Accountancy Bodies – Ireland issued guidance for insolvency practitioners in relation to the holding of meetings of creditors under Section 587 and other meetings of members and creditors during the COVID-19 pandemic by way of

The recent Supreme Court decision in ACC Loan Management v Mark Rickard and Gerard Rickard has confirmed that a judgment creditor may apply to court to appoint a receiver by way of equitable execution over future entitlements due to a judgment debtor, such as the EU Basic Payment Scheme (“BPS”).

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