The law of the State where an insolvency procedure is opened, applicable according to Art. 4, second paragraph, lett. m) of the Regulation (lex concursus), can be unenforceable pursuant to Art. 13 of the Regulation if according to the lawapplicable to the contract (lex contractus) the transaction cannot be challenged.

The case

The decision of the Court of Rovereto of 13 October 2014 and the Court of Bergamo of 26 September 2013 tookopposite stands on the issue of the allocation, for the purposes of the concordato preventivo proposal by the debtor, ofcash generated by future operation of the business following confirmation of the proposal.

The case

The Third Circuit Rules in Favor of the Bankruptcy Estate Creating a Further Circuit Split

Lawmakers amended again the “Marzano” version of the amministrazione straordinaria procedure,  in relation to the situation of ILVA S.p.A. based in Taranto. In particular, lawmakers extend the application to “undertakings of national strategic interest” some rules – which are also partially amended – already introduced for companies providing essential public services by Law Decree No.

Questions Standing of Indenture Trustees to Pursue Fraudulent Conveyance Claims

Two recent decisions of the Tribunals of Ferrara (8 April 2014) and Palermo (9 June 2014) address some of the majorissues involved in group restructurings under Italian insolvency laws: conditions and features of a single “concordatopreventivo” procedure for all the companies of the same group

The Case

In a case where NCTM assisted the debtor, the Court of Appeals of Turin, with a decision of 17 April 2014, confirmed the most recent case law of the Court of Cassation limiting the power of the Tribunal to refuse confirmation to cases where, beyond doubt, the concordato is not economically feasible.

The case

The Tribunal of Naples, with a decision of 5 July 2013 in an interim proceeding, ruled that the Commissioner and the Judicial Liquidator can sue former directors for damages only if the claim (i) was included in the concordato proposal, or (ii) has grounds in tort, for facts entailing bankruptcy crimes.

The Case

In a recent decision, the Tribunal of Monza (23 October 2014) ruled that super-priority status can be denied if it is established that (i) professional duties were not properly performed or (ii) the concordato proved to be useless or detrimental for the creditors.

The Case

The Bankruptcy Code definition of “intellectual property” does not explicitly include “trademarks.”1 This has led to trademark licensees losing their rights to use the trademark upon rejection of the license in bankruptcy.