The Italian Supreme Court (judgement No. 14552 of 26 June 2014), ruled that the disclosure of acts in fraud carried out by the debtor causes the admission to concordato preventivo to be revoked according to Article 173 IBL, even in case of approval by the creditors.
The case
In order to assess whether or not an insurance company is in a state of insolvency, the yardstick to be used is not the same as for any other enterprise.
Il Trust è un istituto del sistema giuridico anglosassone di common law che regola, nell’interesse di uno o più beneficiari o per uno specifico scopo, molteplici posizioni giuridiche basate su legami fiduciari.
La Corte di Cassazione a Sezioni Unite è stata chiamata a pronunciarsi, ex art. 374 c.p.c. co. 3, in merito alla possibilità di dichiarare il fallimento di un imprenditore in pendenza di procedura di concordato preventivo aperta nei suoi confronti. Infatti, la Corte di Cassazione, sez. I civile, con ordinanza interlocutoria 7 febbraio – 30 aprile 2014 n. 9476, non condividendo il precedente orientamento delle Sezioni Unite n. 1521/2013, ha rimesso la decisione alle Sezioni Unite, affinché venga emessa la decisione del ricorso.
With judgment No. 10105 of 9 May 2014, the Italian Supreme Court of Cassation ruled that trusts can be recognized inItaly, when the settlor is insolvent, only if they are consistent with the purposes of the procedure.
The Case
With judgment No. 5945 of 11 March 2013, the Italian Supreme Court of Cassation addressed a key issue under EC Regulation No. 1346/2000: the location of the “center of main interests” (COMI) of the company according to factors recognizable by third parties.
The Case
The Court of Milan with a decision on 28 May 2014 addressed some heavily debated legal issues: the Bankruptcy Courtmay authorize the debtor to terminate credit facility agreements when the debtor submitted a pre-filing for concordato preventivo (known as “concordato con riserva”)?
The Case
The Tribunal of Milan with a decision of 12 June 2014 took a stand which is in sharp contrast with mainstreamcase-law, with respect to clauses – widely used as common practice in distressed assets deals as part of“concordato preventivo” restructurings based on an interim lease of business period while the insolvencyproceeding is pending – allowing the lessee to apply rental fee payments to the final purchase price of the business,once the “concordato” is confirmed and the sale can take place
On 21 June 2013 Italy issued a new emergency decree (Law Decree No. 69 of 21 June 2013, which entered into force on 22 June – the "2013 Decree") introducing a number of provisions aimed at fostering the economy and attracting foreign investments.1
Certain provisions of the 2013 Decree amend the Bankruptcy Act2 by introducing rules aimed at avoiding abuses and increasing transparency.