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

In the matter of One.Tel Limited (in liquidation) [2014] NSWSC 1892

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

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.

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

The Tribunal of Naples, with a decision of 5 July 2013 in an interim proceeding, ruled that the Commissioner and the Judicial Liquidator can sue former directors for damages only if the claim (i) was included in the concordato proposal, or (ii) has grounds in tort, for facts entailing bankruptcy crimes.

The Case

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 recent decision of Pt Bayan Resources TBK v BCBC Singapore Pte Ltd [2014] WASCA 178, the Western Australian Court of Appeal unanimously found that the Rules of the Supreme Court 1971 (WA) (RSC) were valid insofar as they empower the Court to ‘freeze’ local assets ahead of a possible foreign judgment.