The consequences for cross-border insolvencies will largely depend on how Brexit is implemented, but will not affect schemes of arrangement
Foreword
Understanding and mastering cross-border insolvency requires a thorough knowledge of the different domestic insolvency regimes, all of which have distinctive procedures and rules on jurisdiction and recognition of foreign proceedings. Creditors and debtors look for the most favourable system: in this framework, the UK insolvency system is usually considered “creditor-focused”.
The guiding forces for a review of EC Regulation No. 1346/2000
The downturn in the economy, which in recent years has severely affected businesses at all levels within the European Union, has pushed many countries to review their internal legal systems on insolvency and restructuring proceedings. Indeed, the demand for adequate rules increases in times of crisis, prompting reforms where existing legislation is incomplete or unable to offer legal instruments capable of responding to changing economic conditions.
The European Court of Justice contradicts the Italian Court of Cassation and Constitutional Court andrules that a partial payment of VAT is possible, provided that an independent expert certifies that there isno better alternative for the Tax Authorities
The case
Il Regolamento (UE) n. 2015/848 ha tenuto fermo il principio per cui ciascuna società è soggetta ad unaprocedura nello Stato Membro in cui si trova il proprio COMI, ma ha introdotto forme di cooperazionetra gli amministratori ed i giudici delle singole procedure
Il Regolamento (CE) n. 2000/1346
Regulation No. 2015/848 is an update and an enhancement of European Union rules on cross-border insolvencyprocedures, with respect to Regulation No. 1346/2000 currently applicable. We start here a series of newsletters wherewe will address the new rules which will come into effect starting from 2017.
Summer is over and Autumn is truly upon us bringing back many of the winds that seemed die down in the golden summer of Macron. Eurosceptic parties have made electoral gains in Germany and in Austria and the same has now happened in the Czech Republic. The hope that Macron and Merkel could push forward a strong integrationist agenda have faded somewhat as the German liberal party (and possibly the German Supreme Court) fight against common budgets and fiscal transfers.
Applicable law
The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors
Introduction
La Commissione europea ha approvato, in base alle regole comunitarie in materia di aiuti di Stato, il piano della Germania per concedere ad Air Berlin un prestito temporaneo di 150 milioni di euro. La misura permetterà una ristrutturazione ordinata della compagnia aerea insolvente senza distorcere indebitamente la concorrenza nel mercato unico.
The European Commission has approved, under EU state aid rules, Germany’s plans to grant Air Berlin a temporary €150 million bridging loan. The measure will allow for the orderly winding-down of the insolvent airline without unduly distorting competition in the Single Market.