The Supreme Court of Cassation (19 October 2017, No. 24682) discerns the respective scope of application of the criteria for the liquidation of compensation to the lawyer in case there was no specific agreement between the parties
The case
The case
The receiver of a bankrupt joint-stock company sued its directors before the Court of Rome, in order to ascertain their liability, pursuant to Article 146 of Bankruptcy Law.
More precisely, the bankruptcy was considered the result of a transaction particularly burdensome with respect to the company’s share capital and unjustified in relation to the economic value of the block of shares acquired.
Summer is over and Autumn is truly upon us bringing back many of the winds that seemed die down in the golden summer of Macron. Eurosceptic parties have made electoral gains in Germany and in Austria and the same has now happened in the Czech Republic. The hope that Macron and Merkel could push forward a strong integrationist agenda have faded somewhat as the German liberal party (and possibly the German Supreme Court) fight against common budgets and fiscal transfers.
Applicable law
In a recent High Court decision, the court found that interim dividend payments made to a director were salary payments and not unlawful dividends/transactions at undervalue. This decision could make it more difficult for liquidators to recover sums from directors who do not have particular legal or accounting expertise.
Background
The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors
Introduction
The Employment Appeal Tribunal has recently made some significant decisions which have increased the value of payments to be made to employees, including in insolvency situations. Below, we highlight the key facts you need to know.
(1) Additional elements to be included when calculating holiday pay
The European Commission has approved, under EU state aid rules, Germany’s plans to grant Air Berlin a temporary €150 million bridging loan. The measure will allow for the orderly winding-down of the insolvent airline without unduly distorting competition in the Single Market.
La Commissione europea ha approvato, in base alle regole comunitarie in materia di aiuti di Stato, il piano della Germania per concedere ad Air Berlin un prestito temporaneo di 150 milioni di euro. La misura permetterà una ristrutturazione ordinata della compagnia aerea insolvente senza distorcere indebitamente la concorrenza nel mercato unico.
The Court of Padua (15 June 2017) ruled that, in the procedure provided by Legislative Decree No. 270/1999, the three-year statute of limitations period provided by Art. 69-bis of the Italian Bankruptcy Law starts from the declaration of insolvency and not from the authorization of the plan for the sale of the business
The case