The Court of Milan (18 April 2016) sticks to its own precedents mandating automatic termination, notwithstanding the recent decision of the Court of Cassation (19 February 2016, No. 3324) requiring that an actual prejudice for the creditors be ascertained
The case
A recent Supreme Court judgment addressed the issue of maritime liens and the remuneration of shipping companies' court-appointed managers by adopting a strict interpretation of the maritime liens rules. According to such interpretation, judicial managers should not be considered a company's preferred creditors for their remuneration.
The Court of Ancona (11 October 2016) ruled that the debtor can continue to draw from existing revolving facilities, to be considered as pending contracts that do not require an authorization by the Court
The case
The Court of Appeals of Turin (5 August 2016) and the Court of Milan (25 June 2016) deal with cases of bankruptcy and concordato preventivo of the assigned debtor and confirm a broad interpretation of the limit to set-off set forth by Article 56 second para. of the Italian Bankruptcy Law
The case
The Court of Pavia (14 October 2016) denies confirmation of a concordato preventivo plan and proposal approved by the creditors, based on the opinion of the Judicial Commissioner that the plan is clearly unsuitable to cure the debtor’s state of financial and economic distress
The case
The Court of Milan (29 September 2016) confirmed that the concordato preventivocan be terminated as a consequence of the mere fact that a “material” breach occurred, as provided by Art. 186 of the Italian Bankruptcy Law.
The case
The Court of Milan (10 November 2016) issued a confirmation order of a debt restructuring agreement pursuant to Art. 182-bis of the Italian Bankruptcy Law on a petition by an investment fund, which was deemed as a legal entity on its own right and not only a separate estate within the SGR which is the legal representative of the fund
The case
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 (13 June 2016, No. 12120) confirmed that a limited liability company can bedeclared bankrupt, if it is found that the company is a partner of an insolvent de facto partnership
The case
The Court of Trento (3 May 2016) ruled that the judicial liquidator of the concordato is entitled to bring aclaim against directors and statutory auditors, although the claim is not considered by the liquidationplan and has not been approved by the shareholders of the company
The Case