On 27 July 2017 Law-Decree No. 99 of 25 June 2017 has been converted into law, which established special rules applicable to the «liquidazione coatta amministrativa»procedure, as well as the sale of the banking business units including assets and liabilities of the two banks, with the financial support by the Italian State. Nctm assisted Bank of Italy, the Ministry of Economy and the Liquidation Commissioners in the sale to Banca Intesa.
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
On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
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.
On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017.
Personal bankruptcy in Austria
The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws.
Background
An extensive amendment to Act No. 182/2006 Coll., on Insolvency (the "Insolvency Act") will come into effect on 1 July 2017 (the "Amendment").
The Amendment takes into account the practical recommendations of insolvency judges and administrators as well as other legal professionals. It fundamentally changes many aspects of insolvency proceedings, from preliminary assessment of the insolvency petition, to supervision of the insolvency administrator by the Ministry of Justice and debt relief procedures.
The Amendment primarily aims to
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