The decision of the Supreme Court of 20 April 2017, No. 9983 confirms that the bank can be held jointly liable with the directors towards the company, on different grounds from those making the bank accountable to individual creditors
Il Tribunale di Milano (29 settembre 2016) conferma l’interpretazione secondo cui il concordato deve essere risolto in conseguenza del solo fatto oggettivo dell’inadempimento che non sia di “scarsa importanza” ai sensi del secondo comma dell’art. 186 l.f.
Il caso
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 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
With a decree of 11 March 2015 the Tribunal of Reggio Emilia, recalling the case-law principle of the socalled “consecution” of insolvency procedures, rejected the pleading in the proof of debt procedure of a creditor who requested its own post-concordato debt towards the then bankrupt company to be set off against its own pre-concordato receivable.
The case
In Short
The Situation: The COVID-19 pandemic is having an impact on businesses across various sectors in Italy.
The Action: Further to the Law Decree No. 18 of March 17, 2020 (the "Cura Italia Decree"), the Italian Government recently enacted the Law Decree No. 23 of April 8, 2020 (the "Liquidity Decree"), implementing a number of additional measures aimed at mitigating the adverse economic impact of COVID-19.
Italy recently enacted a new insolvency code (the "New Insolvency Code"), which takes effect August 14, 2020.
On January 10, 2019, the Italian government approved the Code for Distress and Insolvency (Codice della Crisi d’Impresa e dell’Insolvenza—the "CDI" ) as part of Legislative Decree No. 14 of 2019, to replace the Italian Bankruptcy Law of 1942. With certain exceptions, the CDI will enter into force on August 14, 2020, unless amended by the Italian Parliament prior to the effective date.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
In Short
The Situation: The Italian Parliament recently approved the Conversion Law of Decree no. 50, dealing with, among others, securitization regulations.
The Result: The Conversion Law expands the scope of the "Law 130 Vehicle" for the sale of certain securitized assets due to an insolvency or restructuring.
Looking Ahead: The new provisions should attract new investment and make it easier for banks and other financial intermediaries to dispose of nonperforming leases and other claims.