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…but the road to completion will be long...
Lawmakers have introduced further measures in order to stimulate new loans after the pre-filing for concordato preventivo or for a debt restructuring agreement.
Creditors now being allowed to make competing concordato proposals means that the exclusive powers of the debtor are restricted.
Lawmakers made a few changes to the concordato rules with the foreseeable result of restricting significantly the access by debtors to the procedure.
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.
Also: a unified European rail market – good luck with that; restrictions on freedom in Italy; and more.
…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.
Italy, as many other countries in the western world, is facing a deep economic and financial crisis, which has affected the loan market and the ability of businesses to obtain bank financing.
Expert calls regulation based on one-stop-shop an “illusion”.
Access to evidence in stand-alone antitrust damages actions: a landmark decision of the Italian Supreme Court
On 4 June 2015, the Italian Supreme Court handed down a landmark decision in relation to taking of evidence in stand alone antitrust damages actions (case Comi & Ors v Cargest).
Also: will Better Regulation for Better Results work?; private enforcement in antitrust; and more.
Also: second-hand containers; private areas in public ports; pilfering; and more.
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.
The Court of Turin laid down an interesting ruling on the protection of the variety of forms of expression and creative contributions that may be related to the creation of commercial ads.