The Italian Supreme Court (judgement No. 14552 of 26 June 2014), ruled that the disclosure of acts in fraud carried out by the debtor causes the admission to concordato preventivo to be revoked according to Article 173 IBL, even in case of approval by the creditors.
The case
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 published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC. Having instigated the winding up of a profitable business, which led to the dismissal of 23 employees, and accused innocent directors of fraud, HMRC then withdrew all assessments made against the company and attempted to avoid undertakings it had given to the court when seeking the original winding up order.
Introduction
In the recent case of Re LDK Solar Co Ltd,(1)Justice Lam considered the approach that the court should take in deciding whether to invoke its jurisdiction to approve an arrangement or compromise between a foreign company and its creditors or members.
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.
While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators’ task becomes more problematic in winding up such companies.
Introduction
While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators' task becomes more problematic in winding up such companies.
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