After a postponement of almost two years from the originally scheduled date (August 15, 2020) for its entry into force - mainly caused by the crisis caused by the pandemic emergency - on July 15, 2022, the Code of Corporate Crisis and Insolvency (or "CCII") set forth in Legislative Decree 14/2019, as most recently amended by Legislative Decree No. 83 of June 17, 2022, containing a final set of changes and important innovations, finally entered into force.

Dopo uno slittamento di quasi due anni dalla data originariamente prevista (15 agosto 2020) per la sua entrata in vigore - principalmente causato dalla crisi provocata dall’emergenza pandemica - il 15 luglio 2022 è definitivamente entrato in vigore il Codice della Crisi di Impresa e dell’Insolvenza (o “CCII”) di cui al DLgs. 14/2019, così come da ultimo modificato dal DLgs. 17 giugno 2022 n. 83 contenente una ultima serie di modifiche ed importanti novità.

The High Court decision in Re All Star Leisure (Group) Limited (2019), which confirmed the validity of an administration appointment by a qualified floating charge holder (QFCH) out of court hours by CE-Filing, will be welcomed.

The decision accepted that the rules did not currently provide for such an out of hours appointment to take place but it confirmed it was a defect capable of being cured and, perhaps more importantly, the court also stressed the need for an urgent review of the rules so that there is no doubt such an appointment could be made.

In certain circumstances, if a claim is proven, the defendant will be able to offset monies that are due to it from the claimant - this is known as set off.

Here, we cover the basics of set off, including the different types of set off and key points you need to know.

What is set off?

Where the right of set off arises, it can act as a defence to part or the whole of a claim.

In our update this month we take a look at some recent decisions that will be of interest to those involved in insolvency litigation. These include:

Creditor not obliged to take steps in foreign proceedings to preserve security

No duty of care owed for negligent bank reference to undisclosed principal

The Supreme Court has held that a bank which negligently provided a favourable credit reference for one of its customers did not owe a duty of care to an undisclosed principal who acted on that reference.

There has been a series of high profile tenant company voluntary arrangements (CVAs), particularly in the retail and casual dining sectors. Many landlords have been hit by closure of underperforming stores, and by rent cuts on those remaining open. Here we outline ten points for landlords on what CVAs are, how they are entered into and what landlords can do to protect themselves.

What is a CVA?

A CVA is a statutory process, supervised by an insolvency practitioner. It allows a company in financial difficulty to:

In our update this month we take a look at some of the recent cases that will be of interest to those involved in insolvency litigation. These include:

The Court of Appeal considers 'reasonable adjustment' in the context of possession proceedings

The first case in which the Equalities legislation has been raised as a defence to a mortgagee's claim for possession has recently been before the Court of Appeal.