Last week, in Merit Management Group, LP v. FTI Consulting, Inc.1 the Supreme Court settled a split in the circuit courts, unanimously holding that the safe harbor provision created by 11 U.S.C. § 546(e), 11 U.S.C.

It’s been an interesting couple of weeks for bankruptcy at the United States Supreme Court with two bankruptcy-related decisions released in back-to-back weeks. Last week, the Supreme Court issued an important decision delineating the scope of section 546(e) of the Bankruptcy Code (discussed here [1] for those who missed it).

Yesterday, the United States Supreme Court, in Merit Management Group, LP v. FTI Consulting, Inc., Case No. 16-784, ruled that the “securities safe harbor” under section 546(e) of the Bankruptcy Code, 11 U.S.C. §§ 101-1532, does not shield transferees from liability simply because a particular transaction was routed through a financial intermediary—so-called “conduit transactions.”

The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended

The case

With the decision No. 1649 of 19 September 2017 the Court of Appeals of Catania followed the interpretation according to which a spin-off is not subject to the avoiding powers of a bankruptcy receiver

The case

The Supreme Court of Cassation (19 October 2017, No. 24682) discerns the respective scope of application of the criteria for the liquidation of compensation to the lawyer in case there was no specific agreement between the parties

The case

Business Finance and Restructuring What will 2018 hold? Horizon scanning for 2018 Legal Outlook Legislative changes Reform of English corporate insolvency framework The Insolvency Service has yet to react to responses to its consultation in mid-2016 on significant reforms designed to improve the restructuring tools available to companies.1 We had expected the government to push this forward in 2017, but the reforms appear to have stalled and the issue was sadly missing from the Queen’s Speech.

Weil have acted for Mike Pink, Richard Heis and Ed Boyle of KPMG as special administrators of MFGUK in connection with a CVA proposal to its remaining ordinary creditors, which will facilitate the winding-up of the estate for the benefit of the creditors.

The case

The receiver of a bankrupt joint-stock company sued its directors before the Court of Rome, in order to ascertain their liability, pursuant to Article 146 of Bankruptcy Law.

More precisely, the bankruptcy was considered the result of a transaction particularly burdensome with respect to the company’s share capital and unjustified in relation to the economic value of the block of shares acquired.

Summer is over and Autumn is truly upon us bringing back many of the winds that seemed die down in the golden summer of Macron. Eurosceptic parties have made electoral gains in Germany and in Austria and the same has now happened in the Czech Republic. The hope that Macron and Merkel could push forward a strong integrationist agenda have faded somewhat as the German liberal party (and possibly the German Supreme Court) fight against common budgets and fiscal transfers.