The Tribunal of Milan allowed a concordato preventivo proposal to be amended, providing that additional resources for the creditors could be made available through a lien on real estate property belonging to a shareholder of the company.
The case
NCTM Studio Legale Associato assisted a company in filing and subsequently amending a concordato preventivo proposal before the Tribunal of Milan.
The Supreme Court has confirmed in Jetivia v Bilta that where a company brings a claim against its directors for losses caused by their wrongdoing, the directors cannot escape the claim by arguing that their actions are attributed to the company itself.
The Supreme Court also held that s.213 of the Insolvency Act, (which permits the Court to take action against those who have conducted the business of a company in order to defraud creditors) was not jurisdictionally confined and applied to people and companies resident outside the UK.
The European Court of Justice (Judgment of 4 September 2014, C-327/13), held that in accordance to the ECRegulation No. 1346/2000, a secondary insolvency proceeding in the Member State where the debtor has its registeredoffice – which does not coincide with the centre of its main interest (COMI) – may be opened at the request of creditorsentitled under the law of that State.
The case
A focus on the different interpretations concerning the treatment of claims for costs allocation in legal proceedings where a creditor is successful against a debtor admitted to a concordato preventivo procedure
The issue
The Court of Padua (6 March 2015) ruled that the authorization can be granted – provided that it is a case of urgency as required by law – only to the extent that the interests of creditors are best protected, through a competitive sale procedure setting a reasonable timing and an appropriate data room.
The case
What’s going on in Brussels? A lot. And trying to follow it all can be difficult.
So this section of AcrossEU seeks to provide you with an overview of what each of the three main EU institutions are doing.
The Commission
Employees who transfer to a new employer from a business that is under insolvency proceedings may be able to recover unpaid wages and other debts from the Secretary of State.
However, BIS v Dobrucki has confirmed that the Secretary of State will only pick up the liabilities of the old employer (the transferor). It will not be responsible for liabilities that are incurred after the transfer has taken place; that is, any liability of the new employer (the transferee).
The background
The 18 March saw George Osborne’s budget speech, heralded by Mr Osborne announcing that “Britain is walking tall again” and promising to “use whatever additional resources we have to get the deficit and the debt falling”. We examine what the drivers behind the hyperbole might mean for the insolvency community.
Further austerity as the key theme
The legislative process regarding the proposal of the Parliament and of the Council to amend the Regulation (whichwould introduce various changes as proposed by the Commission in order to address issues arisen in the enforcementof the Regulation) is approaching its conclusion
Introduction
This quarter has seen a wave of legislative and regulatory reform on the way. We review some of the more significant developments.
Insolvency exemption to the Jackson reforms extended indefinitely