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
The deadline for interested purchasers of every child's favourite superstore, Toys R Us, to submit their letters of intent fell last week, with sources indicating that several parties had expressed interest in purchasing the beleaguered retailer. Hilco Capital, the company which saved HMV from Liquidation in 2013, have reportedly submitted a bid and are believed to be amongst the favourites for the troubled retailer.
The fallout from Carillion's collapse in January continues to play out as it transpired this week that the company had delayed payments to subcontractors by up to 120 days. Carillion allegedly used tactics such as faulting invoices and finding minor problems with work undertaken in order to delay payment.
In Endersby and Coote v Astrosoccer 4 U Ltd the High Court made a retrospective Administration order over a company that was subject to a winding-up petition to "cure" an invalid directors' out-of-court appointment of Administrators.
The Insolvency Service has announced that the UK government is planning to conduct an assessment of the impact of the voluntary industry measures introduced in November 2015 to improve the transparency of connected party pre-pack sales in Administration.
The 2014 Graham Review found that pre-pack sales were a useful business rescue tool but noted that there was evidence of less successful outcomes where the pre-pack sale was to a connected party.
UK burger restaurant chain, Byron Burger, has proposed a company voluntary arrangement (CVA) with its creditors in a bid to restructure the company's finances and rescue the business.
The creditor vote is due to take place on 31 January, with the CVA requiring at least 75% creditor consent for approval. The company is understood to be in talks with creditors and the proposed CVA is thought to be centred around the closure of underperforming restaurants and rent reductions at other branches.
A Belgian diamond and precious metals trader, Exelco NV, has filed a voluntary petition under Chapter 15 in the Bankruptcy Court for the District of Delaware (Case No. 17-12409). Exelco North America, Inc., along with three other American affiliates of Exelco NV, previously filed for Chapter 11 on September 27, 2017 (Lead Case No. 17-12029).
The special administrators of MFGUK have come up with a CVA proposal for its remaining ordinary creditors, which will enable the winding-up of the estate to the benefit of the creditors.
The administrators have made a number of material settlements and realisations during the administration, simplifying the estate and permitting distributions to ordinary unsecured creditors of 90p in the pound.