1. Introduction

The new Regulation follows on the path of Regulation No. 1346/2000, representing the last step of a process which has been started years ago. European Union authorities resorted also to other means in this direction: aside to the Regulation, a Recommendation has been issued in 2014, inviting Member States to adopt internal procedures more favourable to restructuring (rather than liquidating) distressed businesses.

La Cassazione 20 aprile 2017, n. 9983 conferma un proprio precedente secondo cui la banca può essere ritenuta responsabile per concorso nell’illecito, distinguendo la fattispecie da quella della concessione abusiva di credito

The Court of Cassation with the decision of 3 April 2017, No. 8632 ruled that the confirmation order of the Bankruptcy Court can be appealed, even when there were no oppositions to confirmation, if the Court unilaterally amended the proposal approved by the creditors

By a decree of the Italian Ministry of Economic Development (MISE) on 2 May 2017 the extraordinary administration procedure set forth by legislative decree No. 347/2003 (“Legge Marzano”) was started for Alitalia Società Aerea Italiana S.p.A., which has also been declared insolvent by the Court of Civitavecchia on 11 May 2017

Con decreto del Ministero dello Sviluppo Economico (MISE) del 2 maggio 2017 è stata disposta la procedura di amministrazione straordinaria di Alitalia Società Aerea Italiana S.p.A. ai sensi del d.l. n. 347/2003 (c.d. legge Marzano) e con sentenza del Tribunale di Civitavecchia dell’11 maggio 2017 è stato dichiarato lo stato di insolvenza

La Cassazione 3 aprile 2017, n. 8632 ha stabilito che il decreto di omologazione può essere reclamato, anche in assenza di opposizioni, in relazione ad addizioni estranee alla proposta introdotte d’imperio dal Tribunale, che non rappresentino semplici formule organizzative della fase di esecuzione del concordato

The decision of the Supreme Court of 20 April 2017, No. 9983 confirms that the bank can be held jointly liable with the directors towards the company, on different grounds from those making the bank accountable to individual creditors

According to decision no. 17441, of 31 August 2016, of the First Division of the Supreme Civil Court, the liability of directors without management power cannot originate from a general failure to supervise – that would be identified in the facts as a strict liability – but must be attributed to the breach of the duty to act in an informed way, on the basis of both information to be released by executive directors and information that non-executive directors can gather on their own initiative.

In this Update

• on April 24, 2017, the Alberta Court of Appeal affirmed the Alberta Court of Queen’s Bench’s decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (Redwater)
• reasons for the Redwater decision
• the issues in Redwater raise various important policy concerns regarding land owners, the public at large and the oil and gas industry
• background and significant implications of Redwater

Introduction

In Caetano v Quality Meat Packers, 2017 ONSC 1199, Justice Belobaba of the Ontario Superior Court recently had opportunity to consider whether two representative proceedings commenced on behalf of two separate groups of employees against an insolvent employer ought to be struck because, despite the actions having been commenced within the applicable two year limitation period, the plaintiffs in those two actions had failed to obtain the necessary representation orders within the two year period.