Conversion law of “Decreto Sofferenze” (D.L. 59/2016) 

On 3 July, 2016, Law Decree no. 59 of 3 May 2016 was converted into Law no. 119 of 30 June 2016, through various amendments.

Legge di conversione del “decreto sofferenze” (D.L. 59/2016)

In data 3 luglio 2016 è entrata in vigore la legge 30 giugno 2016 n. 119, di conversione del decreto legge n. 59 del 3 maggio 2016, al quale sono state apportate alcune rilevanti modifiche. 

In AIB Mortgage Bank -v- O'Toole & anor [2016] IEHC 368 the High Court determined that a bank was not prevented from relying on a mortgage as security for all sums due by the defendants, despite issuing a redemption statement which omitted this fact.

In order to understand this case, it is necessary to set out the chronology of events:

In early 2016, the Government commissioned an examination into laws protecting employees following the overnight closure of the historic Clerys department store in Dublin in June 2015, with the immediate loss of 460 jobs. We review the recently published report which sets out six key proposals for legislative reform.

Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance is the introduction of a new type of floating charge, namely “non-possessory pledge”, provided for by art. 1 of the Law Decree.

The European Court of Justice has held that a director of an English company can be liable for breach of German company law where insolvency proceedings are opened in Germany.

1. Novità nel processo esecutivo introdotte con il DL 59/2016

E’ entrato in vigore il 4 maggio 2016 il DL 59/2016 “Disposizioni urgenti in materia di procedure esecutive e concorsuali, nonché a favore degli investitori in banche in liquidazione”. Tale decreto ha introdotto una serie di modifiche volte a facilitare e velocizzare il recupero dei crediti.

On May 4^th, 2016, Law Decree no. 59/2016 entered into force with the name “Urgent provisions regarding enforcement and bankruptcy proceedings, as well as measures in favor of the investors of banks in liquidation”. Such decree introduced a variety of modifications aimed at facilitating and speeding up the debt recovery.

The two aspects with the higher impact concern the provisions regarding the seizure and the ones about the immediate enforceability of the orders of payment.

Il decreto legge n. 59 del 3 maggio 2016, pubblicato in pari data in Gazzetta Ufficiale Serie Generale n. 102, entra in vigore in data odierna, 4 maggio 2016, pur richiedendo formale conversione in legge entro 60 giorni, pena la perdita di efficacia.

Recent key reforms have been brought to Italian Law by Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance are the introduction of a new type of floating charge, namely “non-possessory pledge”, and the possibility for the lender to appropriate the secured property in case of continuing default by the borrower.