In cosa consistono le misure di moratoria previste per le PMI dal decreto “cura Italia”?
Il Decreto “cura Italia” prevede che le micro e le PMI che hanno sofferto crisi di liquidità a causa dell’epidemia da Covid-19 possano:
Businesses in all sectors are facing very challenging times arising from the outset of, and reaction to, the Coronavirus (COVID-19). With the challenges in some instances being unprecedented, directors of affected companies need to be cognisant of their duties especially around decisions they are looking at making to get through current difficulties
Italy is already implementing the Directive (EU) 2019/1023 of the European Parliament and the Council of 20 June 2019 (the “Directive”), related to the preventive restructuring frameworks, discharge and measures aiming at increasing the effectiveness of restructuring, insolvency and discharge procedures, that Member States shall implement within 17 July 2021.
L’Italia sembra essere in netto anticipo nel recepimento della direttiva (UE) 2019/1023 del Parlamento Europeo e del Consiglio del 20 giugno 2019 (la “Direttiva”), riguardante i quadri di ristrutturazione preventiva, l'esdebitazione e le interdizioni, e le misure volte ad aumentare l'efficacia delle procedure di ristrutturazione, insolvenza ed esdebitazione, che gli Stati membri dovranno fare propria entro il 17 luglio 2021.
Overview
The recent approval by the Irish High Court of a scheme of arrangement that restructured US$1.65bn of liabilities of Ballantyne Re plc (Ballantyne) confirms Dublin as one of the most effective restructuring venues in the EU. The detailed decision of Justice Barniville (available here) offers significant precedential value and is a clear endorsement that Irish schemes can be used to implement complex cross border restructurings. The Irish statute governing schemes is very similar to that of England and Wales.
Essence of the Ballantyne scheme:
Il 14 febbraio 2019 è stato pubblicato sulla Gazzetta Ufficiale il Decreto Legislativo 12 gennaio 2019, n. 14 che, in attuazione della Legge delega 19 ottobre 2017, n. 155, introduce il nuovo “Codice della crisi d’impresa e dell’insolvenza”.
On 14 February 2019, the Legislative Decree 12 January 2019, n. 14, implementing the Delegated Law 19 October 2017, no. 155 and introducing the new “Code of the business crisis and insolvency” was published in Official Gazette.
In application of the transitional provisions, the regulatory measure (hereinafter only “Code”) will enter into force 18 months after its publication, with the exception of certain provisions (including the express repeals in the criminal sector), which are deemed to be in force, 30 days after the publication of the Code.
Cash flow is the life blood of the construction industry, goes the mantra. Construction projects often have long supply chains. When cash stops flowing down the chain, businesses can fail. There is all too much recent evidence of this.
Someone in the chain (say, a main contractor) could seek to provide in a contract that it does not have to pay the party below (subcontractor) until it has been paid by the party above (employer). This is a 'pay-when-paid' clause.
If a transaction by a company amounts to an "unlawful distribution", and the company subsequently goes into liquidation, will an action for recovery of the benefits of that distribution, brought against the directors who authorised the transaction, be statute-barred if it is commenced by the liquidator of the company more than 6 years after the distribution was made?
DOMESTIC
Research on the impact of repossession risk on mortgage default
Terry O’Malley published an economic letter considering whether reducing the risk of repossession resulted in more Irish borrowers defaulting on their mortgages. The letter considers the impact of the ''Dunne judgment'' in 2011 which temporarily removed a bank's ability to lawfully repossess a home. One of the key findings was that borrowers defaulted on mortgages at a higher rate than if the repossession regime at the time was legally upheld.