Restructuring & Turnaround – January 2016
The new rules for the insolvency of banks
Directive 2014/59/EU (the “BRRD” or Bank Recovery and Resolution Directive), establishing a framework for recovery and resolution of banks and investment institutions, was implemented in Italy with the Legislative Decree Nos. 180/2015 and 181/2015.
COMI and Coordination of Group Insolvency Proceedings in EU Regulation No. 2015/848
The recast EU Regulation No. 2015/848 confirms that each company is subject to insolvency proceedings in the Member State where it has its COMI, but introduced new rules aimed at coordinating insolvency proceedings through cooperation among the respective administrators and judges.
Set-off of overdue receivables, when purchased after the declaration of bankruptcy, is an “abuse of a right”?
The Tribunal of Monza (12 October 2015) has adopted a broad application of second para. of Art. 56 of the Italian Bankruptcy Law which excludes – only for receivables non yet overdue – that a debtor of the insolvent may offset its debt against receivables which he has acquired after the declaration of bankruptcy or in the year before.