On May 21, 2015, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed the order of the United States District Court for the District of Delaware in Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.) approving a settlement and dismissal of a chapter 11 case by way of a “structured dismissal.” A structured dismissal is, simply, the dismissal of the bankruptcy case preceded by other orders, such as an order approving a settlement or granting releases, which survive dismissal of the case.

To Our Clients and Friends Memorandum friedfrank.com Copyright © 2015 Fried, Frank, Harris, Shriver & Jacobson LLP 06/04/15 A Delaware Limited Liability Partnership 1 The Supreme Court Rules That Bankruptcy Judges May Adjudicate Stern Claims with the Parties’ Knowing and Voluntary Consent On May 26, 2015, the Supreme Court in Wellness International Network v.

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

The Tribunal of Milan allowed a concordato preventivo proposal to be amended, providing that additional resources for the creditors could be made available through a lien on real estate property belonging to a shareholder of the company.

The case

NCTM Studio Legale Associato assisted a company in filing and subsequently amending a concordato preventivo proposal before the Tribunal of Milan.

On May 4, 2015, the Supreme Court of the United States affirmed the order of the United States Court of Appeals for the First Circuit dismissing the appeal of chapter 13 debtor Luis Bullard for lack of jurisdiction.1 The Court held that the order of the Bankruptcy Court denying confirmation of Bullard’s proposed chapter 13 plan was not a final order from which Bullard could immediately appeal as of right.2 The Court reasoned that, while confirmation of a plan can be said to fix the rights and obligations of the parties in a way that alters the status quo, d

The European Court of Justice (Judgment of 4 September 2014, C-327/13), held that in accordance to the ECRegulation No. 1346/2000, a secondary insolvency proceeding in the Member State where the debtor has its registeredoffice – which does not coincide with the centre of its main interest (COMI) – may be opened at the request of creditorsentitled under the law of that State.

The case

A  focus  on  the  different  interpretations  concerning  the  treatment  of  claims  for  costs  allocation  in  legal proceedings where a creditor is successful against a debtor admitted to a concordato preventivo procedure

The issue

The Court of Padua (6 March 2015) ruled that the authorization can be granted – provided that it is a case of urgency as required by law – only to the extent that the interests of creditors are best protected, through a competitive sale procedure setting a reasonable timing and an appropriate data room.

The case

What’s going on in Brussels? A lot. And trying to follow it all can be difficult.

So this section of AcrossEU seeks to provide you with an overview of what each of the three main EU institutions are doing.

The Commission