“It is possible for the by-‐law to provide that the equity capital, which is mentioned by article 2437-‐ter, second paragraph, of the Civil Code for the purpose of liquidation of shares in case of withdrawal (but also, in case of mortis causa pre-‐emption right, because of the statement of the article 2355-‐bis, third paragraph of the Civil Code) is assessed pursuant to the criterion which consider the use of assets on the going concern perspective”
Introduction
On January 28 2015 the minister of justice set up the Rordorf Commission, a ministerial commission to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy. On December 29 2015 the Rordorf Commission completed its proceedings and submitted a draft statutory instrument delegating powers to the government "for a comprehensive reform of the existing rules on business crises and insolvency".
The Court of Cassation (19 February 2016, No. 3324) ruled that unauthorized payment of pre-‐petitionclaims mandate a stop of the concordato procedure according to Art. 173 of the Italian Bankruptcy Lawonly if a prejudice follows for the creditors
The case
The Court of Forlì (3 February 2016) allowed a competitive bid process to select the purchaser of abusiness unit during the phase following a concordato “pre-‐filing”
The case
Il decreto legge n. 59 del 3 maggio 2016, pubblicato in pari data in Gazzetta Ufficiale Serie Generale n. 102, entra in vigore in data odierna, 4 maggio 2016, pur richiedendo formale conversione in legge entro 60 giorni, pena la perdita di efficacia.
Recent key reforms have been brought to Italian Law by Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.
Among the provisions of the Law Decree, of particular relevance are the introduction of a new type of floating charge, namely “non-possessory pledge”, and the possibility for the lender to appropriate the secured property in case of continuing default by the borrower.
- Novità nel processo esecutivo introdotte con il DL 59/2016
E’ entrato in vigore il 4 maggio 2016 il DL 59/2016 “Disposizioni urgenti in materia di procedure esecutive e concorsuali, nonché a favore degli investitori in banche in liquidazione”. Tale decreto ha introdotto una serie di modifiche volte a facilitare e velocizzare il recupero dei crediti.
The Court of Alessandria (18 January 2016) addressed a series of issues regarding various rules meant to allow preserving the business in the concordato preventivo procedure, sell the business through competitive bids, lease the business prior to the application to commence the procedure, "mixed" concordato schemes and objections which key continuing suppliers can raise for past debts
The case
Pre-bankruptcy agreement procedure
Decree-Law 83/2015 on urgent measures concerning private law provisions, rules of civil procedure and the organisation and functioning of judicial administration in insolvency matters entered into force on August 21 2015. It marks yet another change to the insolvency regime, with new statutory provisions being adopted almost every year since 2005.
Decree-Law 83/2015 has introduced changes to the rules, among other things, on:
The Supreme Court (decision No. 20559 of 13 October 2015), decided that a single application for admission to theprocedure is not admissible if it involves a group, with a single proposal for all the creditors of the different companies,although the relevant assets and liabilities are kept formally separated.
The case