Con il D.Lgs. 180/2015 e D.Lgs. 181/2015 è stata recepita la direttiva 2014/59/UE (c.d. “Direttiva BRRD”Bank Recovery and Resolution Directive) che istituisce un quadro di risanamento e di risoluzione deglienti creditizi e delle imprese di investimento

Premessa

With the decision of 16 September 2015, No. 18131, the Court of Cassation settled a long-standing debate, ruling that the receiver 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 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:

What better time than the holiday season to discuss “gifting” in the context of chapter 11 cases.  “Gifting” commonly refers to the situation where a senior creditor pays (or allocates a portion of its collateral for the benefit of) one or more junior claimholders.  Gifting is often employed as a tool to resolve the opposition of a junior class of creditors, who are typically out-of-the-money, to the manner in which the bankruptcy case is being administered.  For instance, creditors’ committees may seek gifts from senior creditors to guarantee a recovery for general unsecured

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

A decision last month by the U.S. Bankruptcy Court for the District of New Hampshire serves as a good reminder that, although helpful, Bankruptcy Code Section 365(n)’s protection for intellectual property licenseesdefinitely has its limits.

The Court of Appeals for the Seventh Circuit recently issued a decision which may give a trump card to fraudulent transfer defendants seeking to use the “good faith” defense under the Bankruptcy Code’s recovery provision. This defense, set forth in section 550(b)(1), provides that a trustee may not recover a voidable transfer from “a transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith, and without knowledge of the voidablity of the transfer avoided[.]” (emphasis added).

Almost every year, changes are made to the set of rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The changes address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. Often there are revisions to the official bankruptcy forms as well.