The immediate application of the new section no. 120 TUB and the scope of its anatocism prohibition is the centre of a case-law dispute which originated from a series of inhibitory proceedings promoted by a consumer association in order to make ascertain the unlawful capitalization practiced by Banks of the passive interests in bank accounts. Now that said interim proceedings has been defined a first summary can be drawn.

Two main interpretative options so far emerged:

Regulation No. 2015/848 is an update and an enhancement of European Union rules on cross-border insolvencyprocedures, with respect to Regulation No. 1346/2000 currently applicable. We start here a series of newsletters wherewe will address the new rules which will come into effect starting from 2017.

The Supreme Court (decision No. 20559 of 13 October 2015), decided that a single application for admission to theprocedure is not admissible if it involves a group, with a single proposal for all the creditors of the different companies,although the relevant assets and liabilities are kept formally separated.

The case

The Tribunal of Milan with a decree of 17 September 2015 ruled that the enforcement of a bank guarantee, pending therequest by the debtor to authorize the stay or termination of the same in a concordato preventivo procedure, bars thedecision by the Tribunal

The case

On November 30, 2015, the City of Detroit began filing complaints against vendors and service providers seeking to avoid and recover potentially “preferential payments” made by the City of Detroit during the 90 days preceding entry of the Order for Relief in its Chapter 9 bankruptcy case.  The Order for Relief was entered on December 5, 2013, and the City must file its claims by December 5, 2015.

As part of a modernization effort that began in 2008 that is being spearheaded by the Advisory Committee on Bankruptcy Rules, most official bankruptcy forms are being replaced with revised, reformatted and renumbered versions, effective December 1, 2015.

Two recent decisions of the Court of Rovereto (16 July 2015) and of the Court of Rimini (1 October 2015) reached opposite conclusions.

The case

The Court of Como, by order of 27 May 2015, authorised the Judicial Liquidator to settle the dispute with  the lawyer who advised the company in the concordato preventivo procedure, and this even against the advice of the Creditors’ Committee.

The case

With the decision of 16 September 2015, No. 18131, the Court of Cassation settled a long-standing debate, ruling that the trustee can not terminate an agreement to sell real estate property, entered into by the company which is later declared bankrupt, if the purchaser has registered with the Land Registry, before bankruptcy, its claim to the Court to be transferred title to the property.

The case

All is not lost when a debtor files Chapter 13 Bankruptcy. In addition to teaching the ins and outs of how to collect money and assets in a Chapter 13, the video below discusses the basics of a Chapter 13, motions for relief from stay, co-debtor stay, non-dischargeable claims, and other topics to efficiently and effectively obtain what is rightfully yours in a bankruptcy. View the video below to learn more about Chapter 13 bankruptcy.