If you hold a claim in bankruptcy by way of a transfer, you may need to be sure the transaction was accomplished by a sale and not merely by an assignment. Yet another decision highlights the growing complexity in bankruptcy claims as we discuss below.

The Commission has opened a formal investigation under EC Treaty state aid rules into a series of aids amounting to €40.7 million that Italy intends to grant to Legler S.p.A, a denim textile producer. The Commission doubts at this stage that the restructuring plan of Legler S.p.A. would restore the beneficiary's commercial viability and is concerned that the aid would create undue distortions of competition in this highly competitive market. The opening of the formal investigation gives interested parties an opportunity to comment on the proposed measures.

A recent insolvency law case in the Dutch Supreme Court could have serious consequences for software licensees faced with a bankrupt supplier or licensor. The effect of the judgment may be to render traditional software escrow agreements insufficient and to require additional protective measures.

Summary

Another court ruling on a missed bar date highlights the importance of ensuring your rights are protected. Failure to comply with a deadline to file a claim can have catastrophic consequences.

Spanish insolvency law has been modified recently by Act 22/2003. This is the culmination of a long process aimed at including in Spanish Law an insolvency law that will rectify the failures of previous legislation and create a law that fits in with social, economic and legal reality. In order to incorporate the criminal sanctions available against insolvent companies, this Act has also modified various articles of the Penal Code.