Il D.L. 24 agosto 2021 n. 118 (Decreto Crisi d’Impresa) è ora legge: il 23 ottobre 2021 è stata pubblicata in Gazzetta Ufficiale la L. 147/2021 di conversione del D.L.
The conversion into statute on 23 October 2021 of the so-called Business Distress Bill adds new provisions to those recently adopted by the Italian government to address corporate distress following the COVID-19 pandemic, to provide companies with new legal tools to prevent the onset of economic distress or overcome reversible financial instability.
On Wednesday, November 3, the House Judiciary Committee approved legislation on a party-line vote that could drastically reshape chapter 11 restructurings, particularly in cases involving significant tort liability. The bill, the Nondebtor Release Prohibition Act of 2021 (the “NRPA”) is sponsored by Judiciary Chairman Jerry Nadler (D-NY), Oversight Chairman Rep. Carolyn Maloney (D-NY), and Rep. David Cicilline (D-RI), who chairs the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law, which has jurisdiction over bankruptcy law-related issues.
U.S. Bankruptcy Court for the Western District of North Carolina, October 14, 2021
The Supreme Court of New South Wales has recently handed down its decision in proceedings (“Arrium Proceedings”) brought by a number of lenders against former officers and employees of Arrium Limited and its subsidiaries (“Arrium”).
Introduction
Justice Ball’s landmark decision1 dismissing the lenders’ claims addressed various important issues that often arise when a borrower is facing financial distress in Australia, including:
In this article we look at current trends and developments at the intersection between insolvency and dispute resolution, including a rundown of some of the latest legislative changes, and issues to consider when litigating against parties in financial distress.
This analysis was first published on Lexis®PSL on 27 September 2021 and is republished with their kind permission.
Corporate Insolvency and Governance Act 2020
The High Court has dismissed an application by a landlord creditor to overturn a company voluntary arrangement (CVA) implemented by coffee shop chain Caffé Nero. The CVA, previously approved by its creditors, compromised rent arrears and reduced future rents for the company's premises. The decision follows a series of previous high-profile challenges to retail and leisure CVAs.
U.S. Court of Appeals for the Third Circuit, September 15, 2021
The UK Government yesterday announced that it will proceed with the phasing out of temporary measures introduced to protect businesses from creditor action during the COVID-19 pandemic, whilst also announcing new measures to protect smaller businesses from winding up petitions. The legislation required to implement these amendments was laid before Parliament yesterday and will come into force on 29 September 2021.
Johnson & Johnson currently has approximately 25,000 lawsuits pending against it related to its talc products, including talcum powder and baby powder