Court holds that TIA § 316(b) prohibits only non‐consensual amendments to an indenture’s core payment terms.

A unanimous panel held that Asarco’s settlement in bankruptcy for its “share of response costs” did not preclude it from later bringing a CERCLA contribution claim.

The decision provides some additional, though limited protection for licensees of trademarks in bankruptcy proceedings

Introduction

In In re Tempnology LLC,1 the Bankruptcy Appellate Panel (the BAP) for the First Circuit provided additional clarity regarding the rights of intellectual property licensees under section 365(n) of the United States Bankruptcy Code,2 particularly with respect to trademark licenses. In Tempnology, the First Circuit BAP concluded that:

Section 365(n) extends only to licenses of "intellectual property" as defined in the Bankruptcy Code,3

Key developments in the Indian legal landscape in 2016

From the Startup India campaign launched in January 2016 to the coming into force of substantial provisions of the Insolvency and Bankruptcy Code in December 2016, the legal landscape in India has witnessed some crucial developments this past year. In this LawFlash, we describe briefly what we consider to be some of the key legal and regulatory developments in India in 2016.

Arbitration Act

India’s Ministry of Corporate Affairs (MCA) issued a notification on December 7 (Notification) announcing that certain provisions of the Companies Act, 2013 (Act), which are currently not in effect, will come into force on December 15, 2016.

The key provisions that will be brought into force include the following:

Compromise, Arrangements, and Amalgamation

Certain provisions contained in Chapter XV of the Act will be brought into effect that deal with

With a new Insolvency and Bankruptcy Code that has become effective on 1 December 2016, India seeks to expedite the process for creditors seeking payment or foreclosure through the courts.

Il Decreto Legge n. 59/2016 (il cosiddetto “Decreto Banche”, di seguito il Decreto) è stato pubblicato in Gazzetta Ufficiale (e successivamente modificato e convertito in legge con la Legge n. 199/2016) ed è recentemente entrato in vigore ma è ancora per alcuni aspetti in attesa della normativa secondaria per la sua implementazione.

The so called “Banks Decree” Decree (Law Decree no. 59/2016, hereinafter the “Decree”), published on the Official Gazette and converted into Law no. 199/2016, has recently entered into force.

The main purpose of the Decree is to grant a partial reimbursement to investors of few local banks that were resolved in November 2015. However, the Decree has also introduced additional innovations which represent a further significant step in the Government’s effort of streamlining the credit recovery activities and implementing a more creditor-friendly environment.

Italy's latest law reforms continue with creditor-friendly amendments to support the local banking sector while providing confidence to investors.

Decree Law No. 59/2016 (the so-called "Banks Decree," hereinafter the Decree) was published in the Official Gazette (the Decree was later amended and converted into law by Law No. 119/2016) and has recently entered into force.

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