In a recent judgment, the Dutch Supreme Court ruled that a party who purchases and accepts the transfer of moveable assets subject to a retention of title acquires a right of conditional ownership with respect to those moveable assets and has the power to create an unconditional right of pledge over such right of conditional ownership.
The Italian Supreme Court (5 July 2016, No. 13719) issues a maiden decision on the conditions for theprotection afforded by restructuring plan to stand if the plan fails and bankruptcy is declared
The case
The Court of Cassation (13 June 2016, No. 12120) confirmed that a limited liability company can bedeclared bankrupt, if it is found that the company is a partner of an insolvent de facto partnership
The case
The Court of Trento (3 May 2016) ruled that the judicial liquidator of the concordato is entitled to bring aclaim against directors and statutory auditors, although the claim is not considered by the liquidationplan and has not been approved by the shareholders of the company
The Case
- Inleiding
Dit is onze halfjaarlijkse nieuwsbrief over ontwikkelingen op het gebied van het Nederlandse vennootschaps- en ondernemingsrecht. In deze Corporate Update geven wij eerst een overzicht van enkele wetswijzigingen. Verder gaan we in op de stand van zaken van een aantal lopende wetsvoorstellen en tot slot signaleren wij nog enkele overige actualiteiten.
The Court of Cassation (29 March 2016, No. 6045) ruled that the look-back period for claw-back actionsstarts from the concordato filing, when bankruptcy was declared after a period of time, provided thatboth procedures refer to the same insolvency situation
The case
The Court of Bolzano (5 April 2016) confirms that revolving credit facility agreements providing forancillary set-off and collection terms in favour of the bank can be suspended, but the bank is protectedbecause the amounts collected are controlled by the Judicial Commissioner
The case
The Court of Modena (8 February 2016) challenged precedents of the Court of Cassation ruling thatdelayed payment of secured creditors is allowed only if the timing would not be shorter in bankruptcyliquidation
The case
In the event of bankruptcy, creditors are entitled to disclosure of the bookkeeping of the estate under certain conditions. In its decision dated 8 April 2016 (ECLI:NL:HR:2016:612), the Dutch Supreme Court ruled that this right is limited and depends on the purpose of the disclosure. Creditors are not entitled to disclosure if the purpose is to retrieve information to support their claim against a third party.
Background
On 26 April 2016, the Italian Government has introduced a new reform to shorten the length of the recovery of credit, by approving the decree law no. 59 (the Decree), entered into force on 3 May 2016. The Decree aims at fostering and facilitating the recovery of credit throughout enforcement and insolvency proceedings.
The main innovations concern: