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

In the Schmid case the European Court of Justice ruled on the issue of jurisdiction of the Courts of a Member State ofthe EU where an insolvency procedure was commenced, whose receiver started a claw-back action against a defendantdomiciled in a non-Member State

The Case

The Tribunal of Milan with a decision of 12 June 2014 took a stand which is in sharp contrast with mainstreamcase-law, with respect to clauses – widely used as common practice in distressed assets deals as part of“concordato preventivo” restructurings based on an interim lease of business period while the insolvencyproceeding is pending – allowing the lessee to apply rental fee payments to the final purchase price of the business,once the “concordato” is confirmed and the sale can take place

With judgment No. 10105 of 9 May 2014, the Italian Supreme Court of Cassation ruled that trusts can be recognized inItaly, when the settlor is insolvent, only if they are consistent with the purposes of the procedure.

The Case

With judgment No. 5945 of 11 March 2013, the Italian Supreme Court of Cassation addressed a key issue under EC Regulation No. 1346/2000: the location of the “center of main interests” (COMI) of the company according to factors recognizable by third parties.

The Case

The Court of Milan with a decision on 28 May 2014 addressed some heavily debated legal issues: the Bankruptcy Courtmay authorize the debtor to terminate credit facility agreements when the debtor submitted a pre-filing for concordato preventivo (known as “concordato con riserva”)?

The Case

In Credit and Mercantile Plc v (1) Kaymuu Ltd (2) Kevin Michael Wishart and (3) Ian Mark Defty (as Trustee in Bankruptcy for Mr Sami Muduroglu) [2014] EWHC 1746, the court held that whilst a beneficial interest was created in favour of Mr Wishart, it did not take priority to the claimant’s charge.

Background

HR Consultancy

DURC: new system officially started

The new system of internal DURC (“Documento Unico di Regolarità Contributiva”), through which the INPS (“Istituto Nazionale della Previdenza Sociale”) ensures the regular payment of social security contributions by the employer, officially started. 

These days, in fact, the companies have started to receive by certified e-mail (PEC) an invitation to stabilize any irregularity within 15 days.

Fixed term employment contract: fines replace reinstatement

HR Colsultancy

JOBS ACT - Fixed term employment contract: potential fines for those companies with 20% or more of their employees on fixed term contracts

Current proposed amendments by the Jobs Act include (i) replacing the fine for conversion of fixed term contracts exceeding the 20% limit into open-ended contracts with a fine to be paid to the employee and (ii) the clarification of the reintroduction of basic training for apprentices. 

Global FDSI Briefing

Welcome to our latest quarterly briefing on legal developments across our global network. I hope you find the articles insightful and thought provoking. Highlights this quarter include recent developments in Italian derivatives case law, an overview of the amendments made to Spain’s insolvency regulation and the UK’s FCA issuing first warning notices against individuals.

If you have any questions or would like further information please do not hesitate to contact me, or one of our global key contacts.

[Matthew Allen]

Matthew Allen