On July 23, 2015, in an action arising from the huge TCEH chapter 11 bankruptcy, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York issued an opinion in Delaware Trust Company v.

Art. 57 para. 6-bis TUF (introduced by Legislative Decree No. 42/2012) provides for a special procedure of judicial liquidation of investment funds in an insolvency situation, where debts cannot be satisfied in full out of the fund’s assets, but does not state whether investment funds are eligible for concordato preventivo as an alternative to liquidation.

The issues

The Court of Cassation with the decision of 28 April 2015, No. 8575 ruled that no amendment to the concordato plan orproposal, even though more favourable to the creditors, can be made by the debtor after the end of the voting process,in a case, though, where the decision could have been influenced by the fact that the debtor himself had waived its rightto confirmation of the concordato proposal.

The case

The Court Monza decided upon a petition filed by the managing director of a company, after confirmation of a “concordato preventivo con continuità  aziendale”  proposal, seeking an authorization to perform certain acts not in the ordinary course of business.

The case

ICELAND INTRODUCES A PLAN TO LIFT CAPITAL CONTROLS

In a move that creditors have been waiting patiently forsince 2008, the Icelandic government has finally taken a step towards the lifting of capital controls which were imposed in Iceland after the financial crisis that will impact the main three failed banks;Kaupthing, Landsbanki and Glitnir.

New rules for the competitive bid process aimed at the sale of the debtor’s assets in each phase or type of concordato preventivo procedure, which can now take place even before the confirmation order of the Court.

Competitive sale of debtor’s assets

The Italian Government further integrated the rules applicable to debt restructuring agreements, allowing the debtor to cram down the agreement also to dissenting minority lenders, in two different frameworks: a) stand-still agreements for a “temporary moratorium” pending negotiations, and b) the actual agreements for the rescheduling and restructuring of the outstanding debt.

Bankruptcies and restructurings involving partners and partnerships1 raise a number of unique tax issues. While the Internal Revenue Service (the “IRS”) has provided guidance with respect to a number of these issues, a surprising number of unresolved issues remain. The first part of this outline summarizes the state of the law with respect to general tax issues that typically arise in connection with partner and partnership bankruptcies and restructurings. The balance of the outline discusses tax issues that arise under Subchapter K when troubled partnerships are reorganized. II.

According to Legislative Decree. No. 175/2014, in case of defaulting transferee / buyer, the transferor / supplier is entitled to recover the VAT originally paid to the Treasury, under the condition that the transferee / buyer - who has not paid his debt - has entered into a debt restructuring agreement with creditors pursuant to Article 182-bis of the Italian Bankruptcy Law (IBL) or into an out-of-court reorganization plans pursuant to Article 67, third paragraph, letter d) of the Italian Bankruptcy Law (IBL)

The New Provision

With a decree of 11 March 2015 the Tribunal of Reggio Emilia, recalling the case-law principle of the socalled “consecution” of insolvency procedures, rejected the pleading in the proof of debt procedure of a creditor who requested its own post-concordato debt towards the then bankrupt company to be set off against its own pre-concordato receivable.

The case