The Court of Rovigo (1st August 2016) confirms that the debtor shall regularly perform obligations arising after the concordato filing from an existing contract, when the debtor elects not to apply to the Court to terminate it
The case
The Court of Milan (18 April 2016) sticks to its own precedents mandating automatic termination, notwithstanding the recent decision of the Court of Cassation (19 February 2016, No. 3324) requiring that an actual prejudice for the creditors be ascertained
The case
The consequences for cross-border insolvencies will largely depend on how Brexit is implemented, but will not affect schemes of arrangement
Foreword
Understanding and mastering cross-border insolvency requires a thorough knowledge of the different domestic insolvency regimes, all of which have distinctive procedures and rules on jurisdiction and recognition of foreign proceedings. Creditors and debtors look for the most favourable system: in this framework, the UK insolvency system is usually considered “creditor-focused”.
The Italian Supreme Court (5 July 2016, No. 13719) issues a maiden decision on the conditions for theprotection afforded by restructuring plan to stand if the plan fails and bankruptcy is declared
The case
The Court of Cassation (13 June 2016, No. 12120) confirmed that a limited liability company can bedeclared bankrupt, if it is found that the company is a partner of an insolvent de facto partnership
The case
The Court of Trento (3 May 2016) ruled that the judicial liquidator of the concordato is entitled to bring aclaim against directors and statutory auditors, although the claim is not considered by the liquidationplan and has not been approved by the shareholders of the company
The Case
Alternatives to Bankruptcy from Bankruptcy Law Specialist Christy Myatt
The general notion behind receiverships is to preserve property pending the outcome of a case, or the foreclosure of real property or such other time as the Court deems a Receiver is not required.
The Receiver is usually an unrelated third party or attorney familiar with process.
I. State Court Receiverships
A. Purpose of Receivership
A Receiver plays an important part in three common situations:
The Court of Cassation (29 March 2016, No. 6045) ruled that the look-back period for claw-back actionsstarts from the concordato filing, when bankruptcy was declared after a period of time, provided thatboth procedures refer to the same insolvency situation
The case
The Court of Bolzano (5 April 2016) confirms that revolving credit facility agreements providing forancillary set-off and collection terms in favour of the bank can be suspended, but the bank is protectedbecause the amounts collected are controlled by the Judicial Commissioner
The case
The Court of Modena (8 February 2016) challenged precedents of the Court of Cassation ruling thatdelayed payment of secured creditors is allowed only if the timing would not be shorter in bankruptcyliquidation
The case