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No amendment to plan can now be made by debtor after voting.
The available remedies.
Other party to contract must always be heard on petition filed by the debtor, and other changes.
…in the interests of a company.
A debtor can cram down an agreement to dissenting minority lenders.
New rules for the competitive bid process aimed at the sale of the debtor’s assets.
Deductibility of losses on receivables and recovery of VAT when the debtor has entered into a debt restructuring agreements with creditors
According to Legislative Decree No. 175/2014, in case of defaulting transferee/ buyer, the transfer or/supplier is entitled to recover the VAT originally paid to the Treasury.
Enduring effects of an inadmissible concordato preventivo demand in the ensuing bankruptcy liquidation procedure?
The Tribunal of Reggio Emilia 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 Tribunal of Milan allowed a concordato preventivo proposal to be amended, providing that additional resources for the creditors could be made available through a lien on real estate property belonging to a shareholder of the company.
Can a debtor subject to a concordato preventivo pre-filing regime be authorised to sell some of its assets?
The ECJ has held a secondary insolvency proceeding in the member state where the debtor has its registered office may be opened at the request of creditors entitled under the law of that state.
Better payouts to all creditors.
Proposal is intended to address enforcement issues.
Public entities are exempt from bankruptcy, but not companies that are carrying out business, even though they are held by public agencies, according to recent decisions.
A clawback action based on Italian insolvency laws in a procedure opened in Italy can have wider limits when the transaction is governed by a foreign law.
Can the proceeds of future business activity be allocated to unsecured creditors in concordato preventivo, when secured creditors are not paid in full ?
The decision of the Court of Rovereto of 13 October 2014 and the Court of Bergamo of 26 September 2013 took opposite stands on the issue of the allocation.
In Italy, measures have been taken to preserve the continuity of operation of industrial plants of national strategic interest.
Can the admission to concordato preventivo be revoked if creditors, informed by the judicial commissioner of fraudulent acts, approved the proposal of the debtor?
The Italian Supreme Court 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 Tribunal of Milan with a decision of 12 June 2014 took a stand which is in sharp contrast with mainstream case law, with respect to clauses.
Group restructurings: one single group ‘concordato preventivo’ proposal, procedure and voting majority?
Two recent decisions of the tribunals of Ferrara and Palermo address some of the major issues involved in group restructurings under Italian insolvency laws.