A bankruptcy case in Illinois highlights the need for the amendments to Uniform Commercial Code Article 9 which will be effective in Indiana and many other states.

(Bankr. S.D. Ind. Aug. 21, 2017)

(Bankr. W.D. Ky. Aug. 16, 2017)

(7th Cir. Aug. 14, 2017)

The Seventh Circuit reverses the district court and holds that certain funds held by the debtor were held in trust for the appellant and other creditors in the same customer class. The funds therefore were not property of the estate that should be distributed pro rata to all creditors. Opinion below.

Judge: Hamilton

Attorneys for Appellant: Foley & Lardner LLP, Stephen Bedell, Robert Seth Bressler, Geoffrey S. Goodman, David B. Goroff, Thomas P. Krebs, William J. McKenna, Jr.

(Bankr. W.D. Ky. Aug. 10, 2017)

The bankruptcy court denies the U.S. Trustee’s motion to enter an order for sanctions and requiring disgorgement of fees. The attorney had provided advice to the debtor about the petition and schedules that the debtor had drafted. The attorney was not aware that a bankruptcy was filed until he received the U.S. Trustee’s motion. The court declines to grant the relief requested under these circumstances. Opinion below.

Judge: Lloyd

(Bankr. E.D. Ky. Aug. 4, 2017)

The Court of Siracusa (5 June 2017) ruled that a pending lease of business contract continues on a regular basis, according to the restructuring plan, in case no bids are made according to Art. 163-bis of the Italian Bankruptcy Law

The case The debtor entered into a business lease contract with a third party before he filed for concordato preventivo.

On 27 July 2017 Law-Decree No. 99 of 25 June 2017 has been converted into law, which established special rules applicable to the «liquidazione coatta amministrativa»procedure, as well as the sale of the banking business units including assets and liabilities of the two banks, with the financial support by the Italian State. Nctm assisted Bank of Italy, the Ministry of Economy and the Liquidation Commissioners in the sale to Banca Intesa.

The Court of Prato (30 April 2017) confirms that the concordato filing stays (and does not instead terminate) pending enforcement actions by individual creditors and clarifies that the term for the creditor to restart the proceeding runs from the decision of the Court concluding the concordato

(Bankr. W.D. Ky. July 28, 2017)