The Court of Prato (30 April 2017) confirms that the concordato filing stays (and does not instead terminate) pending enforcement actions by individual creditors and clarifies that the term for the creditor to restart the proceeding runs from the decision of the Court concluding the concordato
1. Introduction
The new Regulation follows on the path of Regulation No. 1346/2000, representing the last step of a process which has been started years ago. European Union authorities resorted also to other means in this direction: aside to the Regulation, a Recommendation has been issued in 2014, inviting Member States to adopt internal procedures more favourable to restructuring (rather than liquidating) distressed businesses.
The limitations of set-off in a liquidation scenario and the nature and effect of a security interest under the Personal Property Securities Act 2009 (Cth) (PPSA) have been clarified, with significant ramifications for principals and financiers, who should now review their rights, following the WA Supreme Court's decision in Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers Appointed) [2017] WASC 152 (Clayton Utz acted for the successful receivers).
La Cassazione 20 aprile 2017, n. 9983 conferma un proprio precedente secondo cui la banca può essere ritenuta responsabile per concorso nell’illecito, distinguendo la fattispecie da quella della concessione abusiva di credito
The Court of Cassation with the decision of 3 April 2017, No. 8632 ruled that the confirmation order of the Bankruptcy Court can be appealed, even when there were no oppositions to confirmation, if the Court unilaterally amended the proposal approved by the creditors
By a decree of the Italian Ministry of Economic Development (MISE) on 2 May 2017 the extraordinary administration procedure set forth by legislative decree No. 347/2003 (“Legge Marzano”) was started for Alitalia Società Aerea Italiana S.p.A., which has also been declared insolvent by the Court of Civitavecchia on 11 May 2017
Con decreto del Ministero dello Sviluppo Economico (MISE) del 2 maggio 2017 è stata disposta la procedura di amministrazione straordinaria di Alitalia Società Aerea Italiana S.p.A. ai sensi del d.l. n. 347/2003 (c.d. legge Marzano) e con sentenza del Tribunale di Civitavecchia dell’11 maggio 2017 è stato dichiarato lo stato di insolvenza
La Cassazione 3 aprile 2017, n. 8632 ha stabilito che il decreto di omologazione può essere reclamato, anche in assenza di opposizioni, in relazione ad addizioni estranee alla proposta introdotte d’imperio dal Tribunale, che non rappresentino semplici formule organizzative della fase di esecuzione del concordato
The decision of the Supreme Court of 20 April 2017, No. 9983 confirms that the bank can be held jointly liable with the directors towards the company, on different grounds from those making the bank accountable to individual creditors
Safe harbour and ipso facto clauses reforms are closer, with the consultation on the Insolvency Laws Amendment Bill 2017 having closed last week, but further work is needed.
The Federal Government's consultation on the safe harbour and ipso facto reforms in the draft Insolvency Laws Amendment Bill 2017 closed on 17 May 2017, so we now have a better idea of what they will look like.