Banruptcy and Insolvency Law

The contention regarding insolvency and tangibles has kindled a fire in many a trust lawyer’s hearts due to the legal uncertainty it has promoted within certainty of subject matter. It will be analysed alongside two criteria – in this context formalism, meaning consistent adherence, and principle, which is a vision that must be followed; a legal bedrock. The first argument is based on the fact that the creditor hierarchy is overly formalistic as the Court strictly adheres to prescribed methods to the extent that equity suffers as a result. Secondly,  the tangible-intangible debate will be analysed by how consistent courts have been in recognizing the distinction, and it will be proven that a more benevolent stance has been taken by way of intangibles rather than tangibles as the law no longer follows the Orthodox approach. This can be taken as lacking in principle, but not being overly formalistic as it produces more workable results.

The information provided in this publication is general and may not apply in a specific situation. Legal advice should always be sought before taking any legal action based on the information provided. This information is not intended to create, nor does receipt of it constitute, a lawyer-client relationship. The publishers and authors accept no responsibility for any acts or omissions contained herein. The information provided was verified between July and November 2018. Be advised that this is a developing area.

Il decreto milanese e` un esempio lampante della complessità delle situazioni di crisi aziendale e delle difficoltà per uscirne. La pronuncia affronta una serie di temi e giunge all’apertura della procedura di concordato preventivo di una società oggetto di un Leveraged Buy-Out e poi di due domande di (pre)concordato preventivo. I giudici ammettono la debitrice al concordato, senza prendere una chiara posizione sull’operazione di Leveraged Buy-Out e sull’incidenza di quello nell’avveramento della crisi, rimettendo sostanzialmente ogni valutazione ad un momento successivo e, con ciò , favorendo un approccio orientato all’interesse economico dei creditori. Il commento si sofferma criticamente sulle implicazioni della soluzione accolta per la protezione concreta dei creditori e sui margini di discrezionalita` concessi al debitore nella programmazione dell’uscita dalla situazione di crisi attraverso la continuazione dell’attivita` , riflettendo anche sull’abuso di preconcordato e sugli ...

Bernard RA. Santen, Fabian A. van de Ven and Gert-Jan Boon follow up their previous article with further analysis, regarding what a judge in the EU should consider when opening a secondary insolvency proceeding, based on the text of the European Insolvency Regulation 848/2015 (EIR Recast) which will come into force on 26 June 2017.

Winding up enables affected companies to be administered by the courts for the benefit of their members, creditors and other relevant persons. The available assets are divided amongst members, other relevant persons and creditors in accordance with their rights. The Companies Act 71 of 2008 (Companies Act 2008) regulates the winding up of solvent companies in South Africa while the winding up of insolvent companies is still regulated by sections 343, 344, 346 and 348-353 of the repealed Companies Act 61 of 1973 (Companies Act 1973). A solvent company may be dissolved through a voluntary winding up application initiated by the company members or shareholders and/or creditors in terms of the Companies Act 2008. Consequently, this article discusses the voluntary winding-up of solvent companies by its shareholders or creditors under the Companies Act 2008. Procedures, formalities and requirements that need to be followed to effect such voluntary winding up are also discussed.

This paper has, as its main goal, the intent to determinate which elements fulfill the notion of overindebtedness. The inexistence, both in Portugal, as in Spain, of a special legal procedure to react to consumer overindebtedness, leaves the treatment to extrajudicial resolution or, specially, to bankruptcy law. The economical and social impact of overindebtedness, as also the popular use of the term, may bring the idea that overindebtedness and bankruptcy correspond to different patrimonial states. By analyzing different juridical concepts, we can also determinate that the different forms of legal treatment can be influenced by the concept in use and, particularly, that Consumer Law-based forms use preferably the term overindebtedness, opposing to the term bankruptcy, which is present in legislation mainly orientated to protect creditors interests. In reality, the analysis of overindebtedness concept permits the affirmation that, materially, there is no difference between that and consumer bankruptcy, but the legal solutions, whether based on one or other notion, can be, and are, distinct. In doing so, we propose not only to deconstruct the notion, but also expose the differences between overindebtedness and insolvency treatment.

Pre-packaging allows a distressed company to negotiate a plan with its creditors and a purchaser before entering formal insolvency proceedings. By allowing the terms of a plan to be negotiated before formal proceedings, pre-packs provide a quick and discreet way of completing the insolvency resolution process. The speed and confidentiality offered by pre-packs have made them prevalent in the United Kingdom and the United States, however, these advantages come with trade-offs. Creditors’ voting rights under the regular insolvency resolution process are circumvented by the pre-pack process. The US has two pre-pack processes, one that requires creditor approval and another which does not. In the UK and the US, there has been opposition to regulating pre-packs that do not need creditor approval because reforms that increase creditor participation will reduce the speed associated with such pre-packs. In India, pre-packs have not evolved through the present regime as it does not allow for...

Law No.7101 stipulated important changes in the Turkish insolvency law. The most significant amendment stipulated by the Law is the abolition of the institution of postponement of bankruptcy and the regulation of the provisions regarding the institution of concordat. In this article, we will focus on analysing the institution of concordat.

In the present study we will make an analysis of the main problems of enterprise groups, especially in terms of insolvency law.
We analyze its regulatory developments at three levels: international, European and Spanish national law. In particular this paper tries to focus on the difficulties posed by cross-border insolvencies in enterprise groups:  the Group concept, jurisdiction and the center of main interests and coordination of the various processes.
In view of the imminent entry into force of the reform of the European insolvency Regulation, we will focus on the European institutions solutions.  Particularly we will focus on the new Chapter V dedicated exclusively to enterprise groups. This new chapter of the Regulation wants to solve the main problems faced today and in turn opens a field of unexplored opportunities in the rules governing the groups.

Par condicio omnium creditorum SOMMARIO: 1. Il multinational bankruptcy system e la tutela dei creditori. Introduzione. -2. La posizione « processuale » dei creditori. Il c.d. « cross-filing » -3. La posizione « sostanziale » dei creditori. Sistemi concorrenti di graduazione dei crediti e tutela dei creditori che vantano cause legittime di prelazione: le garanzie specifiche e reali. -4. Segue: la compensazione. -5. Segue: i privilegi. Il c.d. « cross-priority ». -6. Segue: hotchpot rule e regola di proporzionalità. -7. Segue: la sorte dei crediti subordinati. -8. La questione distributiva e la scelta del modello di gestione della crisi tranfrontaliera. L'esigenza di riforma del diritto internazionale privato italiano dell'insolvenza.

Estratto CASSAZIONE CIVILE, Sez. I, 8 aprile 2013, n. 8533 -SALMÈ Presidente -PICCININNI Estensore -F.M. (Avv.ti G.V. e F.M.) c. Fallimento Giovenzana Foto Cine Ottica s.r.l. in persona del curatore. Cassa Tribunale di Milano, decr., n. 72502 del 26 maggio 2011.

Il decreto milanese e` un esempio lampante della complessità delle situazioni di crisi aziendale e delle difficoltà per uscirne. La pronuncia affronta una serie di temi e giunge all’apertura della procedura di concordato preventivo di una società oggetto di un Leveraged Buy-Out e poi di due domande di (pre)concordato preventivo. I giudici ammettono la debitrice al concordato, senza prendere una chiara posizione sull’operazione di Leveraged Buy-Out e sull’incidenza di quello nell’avveramento della crisi, rimettendo sostanzialmente ogni valutazione ad un momento successivo e, con ciò , favorendo un approccio orientato all’interesse economico dei creditori. Il commento si sofferma criticamente sulle implicazioni della soluzione accolta per la protezione concreta dei creditori e sui margini di discrezionalita` concessi al debitore nella programmazione dell’uscita dalla situazione di
crisi attraverso la continuazione dell’attivita` , riflettendo anche sull’abuso di preconcordato e sugli elementi di valutazione del possibile ricavo della futura liquidazione dei beni e dei diritti sui quali insistano privilegi destinati alla falcidia nell’ambito di un concordato ‘‘in continuità" ai sensi dell’art. 186 bis L. Fall.

In this article we considered proper to bring in discussion an older problem - terminological inconsistency of the Romanian legislator and, especially, in view of the completion, elaboration and the implementation of a new insolvency code. Even though the primary approach is in terms of terminology, we will try to prove that the incoherence and inconsistency of terminology can generate harmful practical effects. In particular, we have focused on the notion of  “insolvability” and on the legal definitions of the term “insolvability”. Coexistence of this notion in the view or Romanian legislator, and a “complicated” relationship with another key notion used within the insolvency proceedings – “insolvency” - will complete the initial terminological analysis.
Key words: insolvability, insolvency, property, assets, liability, dedicated assets

On August 25, 2021, Law decree 118/2021 came into force, introducing a new proceeding in the Italian legal system, the “Negotiated settlement for the solution of business crisis”, concerning the prevention/management of the business crisis. Many analyses have already been carried out. A crucial aspect has been neglected, the training in negotiation and mediation techniques. How should the training be set up? How to negotiate/mediate the relationship between creditors and debtors, especially banks?

The consistent application of s 9(4A) of the Insolvency Act 24 of 1936
(Insolvency Act) has, to date, been sometimes impeded by various
interpretational challenges in the South African courts. For instance, the
courts have grappled to determine whether the furnishing of the petition
in terms of s 9(4A) of the Insolvency Act is peremptory or directory in
nature. The courts have also struggled to consistently determine whether
the provisions of this section are applicable to both business and
domestic employees of the debtor. Section 9(4A) stipulates that a
petitioner must furnish a copy of the petition for the sequestration of the
debtor’s estate to the employees of that debtor. The confusion regarding
the interpretation and application of s 9(4A) was addressed by the recent
Constitutional Court judgement in Stratford&others v Investec Bank Ltd
& others 2015 (3) SA 1 (CC) (Stratford). This case also dealt with the
requirement concerning advantage to creditors in terms of s 12(1)(c) of
the Insolvency Act.

La Corte di cassazione sul pericolo nella bancarotta fraudolenta pre-fallimentare: un'altra rondine in attesa di primavera? Ersi BozhEku Sommario: 1. Una piccola premessa.-2. Pericolo presunto vs. pericolo concreto: brevi cenni in ordine ad un lungo dibattito.-3. Cenni sugli opposti approcci della Corte di cassazione in merito al pericolo nel delitto di bancarotta fraudolenta pre-fallimentare.-4. Gli ultimi dicta (in sintesi) del Suprema Collegio in materia di pericolo nella bancarotta fraudolenta.-5. Alcune ulteriori considerazioni sul pericolo nella struttura del delitto di bancarotta fraudolenta prefalimentare.-6. Qualche considerazione (flash) in merito alle possibili ricadute sull'elemento psicologico.-7. Chiose finali.

Paolo ex d.l. 25 giugno 2017 n. 99 -Efficacia dell'accordo ricognitivo 19 gennaio 2018 -Rapporti estinti alla data della cessione -Successione di Intesa San Paolo s.p.a. nel rapporto controverso e legittimazione passiva -Sussistenza. (Decreto legge 25 giugno 2017, n. 99, art. 3; codice civile, artt. 1362, 2560; testo unico bancario, art. 90). Sia il d.l. 25 giugno 2017 n. 99 sia il contratto di cessione indicano come criterio discretivo tra le passività in contestazione cedute e quelle non cedute la pendenza di una controversia al momento dell'apertura della l.c.a., a prescindere che si riferisca a rapporti ancora pendenti o a rapporti già estinti (1). Una deroga all'art. 2560 c.c. non può essere frutto di un'interpretazione della volontà contrattuale, richiedendo, invece, un'espressa e inequivoca previsione normativa (2). II TRIBUNALE DI TREVISO 12 giugno 2019 G.U. MUNARO Contratti bancari -Ripetizione di indebito -Cessione Veneto Banca-Intesa San Paolo ex d.l. 25 giugno 2017 n. 99 -Efficacia dell'accordo ricognitivo 19 gennaio 2018 -Rapporti estinti alla data della cessione -Successione di Intesa San Paolo s.p.a. nel rapporto controverso -Esclusione. (Decreto legge 25 giugno 2017, n. 99, art. 3; codice civile, artt. 1362, 2560; testo unico bancario, art. 90). Il d.l. 99/2017 introduce uno statuto normativo speciale della cessione di azienda di Veneto Banca s.p.a. in liquidazione coatta amministrativa e Intesa San Paolo s.p.a. (3).

The main objective of this study is to analyze the "pieces" that support the construction of a bankruptcy policy, aiming to identify those that allow building a bankruptcy policy which will help in the recovery from the economic COVID crisis, as well as to build a winning policy in the economic competition between countries. To promote this purpose is observed the impact of bankruptcy policy on the entire economic cycle, allowing to understand that, more than intervening companies at the "end of life", bankruptcy policy impacts on the everyday life of a company, even before its establishment. Subsequently, identifying the characteristics of the ex ante, interim, and ex post efficiencies of a bankruptcy policy, it is analyzed how it can be built one aiming at its maximum efficiency. Finally, the main variables of bankruptcy policy are analyzed, aiming to understand its real implications, sometimes even dual, in the efficiency of this policy.

Le nuove procedure di composizione della crisi destinate all’imprenditore non fallibile ed al consumatore introdotte dalla l. 3/2012, succ. mod. integr., ossia l’accordo di ristrutturazione dei debiti ed il piano del consumatore, prevedono che il debitore, insieme alla proposta di accordo rivolta ai creditori per la ristrutturazione del proprio debito, depositi, tra l’altro, un’attestazione di fattibilità del piano redatta dall’organismo ad hoc. Nel contempo, nell’ipotesi in cui il consumatore, al fine di porre rimedio alla sua situazione di sovraindebitamento, ricorra al "piano" , deve allegare alla proposta di piano una relazione articolareggiata dell’organismo predetto che contenga, tra l’altro, un "giudizio sulla probabile convenienza del piano rispetto all’alternativa liquidatoria...

A well-functioning economy requires a well-functioning bankruptcy system. However, our knowledge of insolvency and bankruptcy is remarkably limited. This anthology brings together new international research from a wide range of academic disciplines – law, business administration, economics, history and economic history – and there is a correspondingly broad range of themes in the volume. One theme running through the book involves institutional change in the systems that have been created to deal with insolvency. How have they affected creditors and debtors? How have they affected the economy? And how have older regulations been adapted to the demands of new economic systems and organizational innovations? Another theme involves how lawmakers and people in general have explained the causes of insolvency and how they have viewed insolvents. In classical antiquity, insolvency was regarded as equal to theft from the creditor. That remained the dominant view for many centuries, and insolvents were subjected to harsh treatment. Beginning in the 19th century, there has been a process of redefinition, and bankruptcies are no longer regarded as a consequence of moral shortcomings but simply as economic failures.

The nature of Insolvency is to analogously cause the legal death of a person. This in effect curtails the rights hitherto enjoyed by the insolvent until discharge and annulment of the insolvency order. That notwithstanding, it does not necessarily follow that all is lost. There are some rights which are protected and or retrieved because the circumstances under which they were created are suspect. Hence the purpose of this paper is to, in the face of a new insolvency regime in Uganda, enable the public familiarize with modern insolvency and the current impact on rights generally. The paper ends with a look at void and voidable transactions.

Il lavoro affronta in modo analitico le problematiche della bancarotta fraudolenta in relazione alle c.d. operazioni infragruppo offrendo spunti non solo teorici ma anche pratico-interpretativi per la corretta soluzione delle moltissime questioni giuridiche legate al tema.

Το ενδιαφέρον της σχολιαζόμενης απόφασης έγκειται στο ότι θίγει για πρώτη φορά το ζήτημα της σχέσης της διάταξης του αρ. 57 ΠτωχΚ (για την ανάκληση της απόφασης που κηρύσσει την πτώχευση) προς τη διάταξη του αρ. 166 ΠτωχΚ (για την παύση των εργασιών της πτώχευσης). Με αφορμή τις σκέψεις που διατυπώνονται στην απόφαση, η ανάλυση που ακολουθεί επιχειρεί να εξετάσει σε ποιο βαθμό οι ρυθμίσεις του αρ. 57 ΠτωχΚ αλληλοεπικαλύπτονται από τις σχετικές με την περάτωση της πτώχευσης διατάξεις του ΠτωχΚ (αρ. 164) και τι ακριβώς σημαίνει αυτό σε επίπεδο εφαρμογής.

National insolvency laws provide treatment
and remedy to the issues arising out of the
corporate restructuring drives within the
jurisdictions of the national laws. This excludes
the remedy to the cross-border corporate
restructuring exercises especially when there is
one or more companies are subjects of foreign
laws giving no exclusive authority to any
particular country-laws. As a remedy, The
United Nations Commission on International
Trade Law (UNCITRAL) has come with the
Model Law for the cross border mergers &
acquisitions exercise. This paper caries out an
analytical study of the UNICITRAL Model Law.

In transposition of the EU directive 2302/2015, the legislative decree n. 62/2018 sets out the insolvency protection schemes in relation to packages and linked travel arrangements. Given the organisers’ obligation to provide sufficient evidence of security for the refund of payments and the repatriation of travelers in the event of insolvency, the Author focuses on the provision that the protection shall be ‘effective’ (art. 47 cod. tur.). Thus, the Author assesses the insolvency protection schemes in the light of the principle of effectiveness. Moreover, the Author explores the potential of insolvency insurance as a policy tool to overcome the hurdles to full harmonisation of insolvency law within European Union and its role in the protection of unsecured vulnerable creditors.

ABSTRACT
Corporate Restructuring
Corporate Restructuring is hooting up in India. In recent years, several companies around the world have restructured their assets, operations, liabilities, and other obligations in response to new competitive challenges in their markets or major shifts in their business environment.
Meaning:
Restructuring is the corporate management term for the act of reorganizing / redesigning the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring.
Scope:
The scope of corporate restructuring has become increasingly global, as heightened competition in international product, capital, and labour markets put tremendous pressure on companies worldwide to increase their competitiveness and maximize their market value. Corporate restructuring requires managers to enact fundamental, sometimes radical changes in the firms operations, assets, and corporate strategy.
Type of Corporate Restructuring:
Corporate restructuring can be broadly divided into two parts:
• Financial Restructuring: It relates to changes in the capital structure of the firm.
• Operational Restructuring: It relates to changes in the business model of a firm.
Rationale behind Corporate Restructuring:
The rapidity with corporate finance due to external factors like increased price volatility, a general globalisation of the markets, tax asymmetric, development in technology, regulatory change, liberalisation, increased competition and reduction in information and transaction costs and also intra-firm factors like liquidity needs of business, capital costs and growth perspective have led to practice of corporate restructuring as a strategic move to maximise the shareholder's value.

Key Corporate and Securities Laws Considerations:
The company eyeing on the route of corporate restructuring need to comply following provisions of various laws listed below:
a. Companies Act, 1956.
b. Securities & Exchange Board of India:
  i. SEBI (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997.
  ii. SEBI (Issue of Capital & Disclosure Requirement) Regulations, 2009.
iii. SEBI (Prohibition of Insider Trading) Regulations, 1992.
iv. Listing Agreement.
c. Competition Act, 2002.
d. Income Tax Act, 1961.
e. Service Tax.
f. Value Added Tax/Sales Tax.
i. Foreign Exchange Management Act, 2000 issued by RBI and;
j. Industrial Policies & Procedures issued by Secretariat for Industrial Assistance (SIA) in the Ministry of Commerce & Industry, Government of India.
There is little to stop Indian companies that desire to be global names for playing the restructuring game globally. With a plethora of financing options, this aspiration has become a reality for many corporate houses, who can now boast of having the best in the industry under their wings. Indian companies have often surpassed their foreign counterparts in corporate restructuring both within and beyond the national frontiers

Bankuptcy-remote transactions are sophisticated, but no longer a rarity, and should stop being considered as an oddity, or ‘marginal’ case. Rather, they challenge some of bankruptcy law’s most basic assumptions, on a practical, rather than theoretical, level.
This article explores how bankruptcy-remote transactions are used as a waiver to bankruptcy proceedings. While academic debate has been discussing whether bankruptcy rules should be a matter of choice transaction parties have made that proposal a reality, by combining different mechanisms that effectively exclude the possibility that a vehicle enters bankruptcy proceedings . . . or so they try.
The article analyses such mechanisms in light of existing bankruptcy law, corporate law and private law, using a comparative perspective that considers the law of common law jurisdictions, such as the United States and United Kingdom, but also examples from civil law countries, like France, Spain, Italy or Germany. This analysis shows a mixed picture, with cases where ‘contract’ or ‘mandatory policy’ perspectives alternate, but also where it is sometimes difficult to apply the law s underlying assumptions to the peculiarities of bankruptcy-remote entities.
The conclusions are relevant if the techniques used in this specific type of transactions become more widespread in an effort to carve-out ever-larger pieces to statutory bankruptcy proceedings

The cooperation of European countries in matters of insolvency has a long history. It has been a 40 year project within the European Union,  evolving in complexity and increasing in cooperation as the EU has expanded and changed.  The culmination of this cooperation was the EU Insolvency Regulation  which deals with the coordination of cross-border insolvency between member states. In 2012, INSOL Europe  proposed amendments  to the EIR, aimed at furthering its proper functioning by amending substantive aspects and improving technical rules. Among the fundamental issues to be resolved was the ease with which companies can “forum shop”  among member states to identify a jurisdiction providing the most advantageous environment to commence insolvency proceedings. However, goal of reducing forum shopping overall is not helped by the existence of divergent rules of employment protection among the member states.
Underpinned by traditionally opposing socio-political values, the juxtaposition of insolvency law and employment protection is difficult to reconcile. However, in these times following the financial crisis and its slow recovery, business failures and unemployment are both at the forefront of economic concerns. The EU has applied itself to the intersection of employment protection and insolvency procedures within the Acquired Rights Directive,  which contains provisions requiring the transfer of employment contracts to the buyer of a business or a part thereof upon its transfer,  including those transfers which occur as a result of corporate rescue procedures. As the ARD provisions took the form of an EU directive, the form and method of implementation of the ARD was left to the member states as long as the intended results of the directive were achieved within national legislation. A number of derogations were also available within the ARD, including the potential to disapply the transfer provisions if the transferor were:

“…subject to bankruptcy proceedings or any analogous insolvency proceedings which have been instituted with a view to [the] liquidation....” of a company.
The application of employee transfer provisions in corporate rescue procedures has not failed to cause controversy over the 37 years since its initial implementation, significantly as the derogation for insolvency procedures was not present in the original ARD.  Many EU and national cases have caused further complications, particularly in relation to how national social policies affect the aims of corporate rescue with regard to the relative favouritism of the safeguarding of employment.

Social policy legislation also has an effect on how insolvency systems function in practice as the procedural outcomes can affect a variety of more vulnerable entities such as employees, their families, and the community at large. The relative protection of these more vulnerable entities differs from member state to member state according to diverse national views on the importance of social policy matters. A conception of the effectiveness of insolvency and business rescue procedures that includes a reflection upon the interaction of state and EU requirements of employee protection legislation would likely encourage a more holistic approach to improving cross-border insolvency within the EU. While such a matter is not strictly the prevue of EU insolvency law in its current scope, there are practical matters affecting how a pan-European rescue culture can function with the greatest efficiency when the conflicting goals of insolvency and the protection of employment are not recognised and, to some extent, managed.

Among the EU member states that continue to exhibit fundamentally different approaches to corporate rescue and employment protection, the United Kingdom  and France present two extreme examples. Through the comparison of two divergent but also highly influential EU jurisdictions, both historically and in the current political climate, an example of the obstacles facing overall convergence in this area can be demonstrated. The differences in these two jurisdictions will also help to highlight the problems associated with differing levels of social protection in terms of jurisdictional competitiveness and cross-border cooperation. This article will discuss the parallel evolution of corporate rescue and the implementation of the ARD in the UK and France with a view to illuminating these obstacles to convergence. While harmonisation in the area of social policy continues to be resisted by many member states, it could be that such harmonisation or at least convergence might assist in capturing a greater cohesiveness in cross-border business and insolvency and level the field of competition between the member states of the EU.

The purpose of the paper is to analyze the latest doctrinal and jurisprudential trends about the issue of the judicial review on the feasibility of the plan in the so-called “composition with creditors’ procedure”. The Author reports the solutions provided by the Joined Chambers of the Italian Supreme Court in the relevant case law and analyzes some recent decisions of the Italian Supreme Court concerning the above mentioned issue.

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Il contributo intende esaminare le più recenti tendenze dottrinali e giurisprudenziali in tema di limiti del sindacato giudiziale sulla fattibilità del piano di concordato preventivo, alla luce dell’intervento delle Sezioni Unite della Suprema Corte e della recente giurisprudenza di legittimità e di merito in tema.

In tema di bancarotta fraudolenta per distrazione, l’accertamento
dell’elemento oggettivo della concreta pericolosità del fatto distrattivo
e del dolo generico deve valorizzare la ricerca di “indici di fraudo-
lenza”, rinvenibili, ad esempio, nella disamina della condotta alla luce della condizione patrimoniale e finanziaria dell’azienda, nel contesto in cui l’impresa ha operato, avuto riguardo a cointeressenze dell’amministratore rispetto ad altre imprese coinvolte, nella irriducibile estraneità del fatto generatore dello squilibrio tra attività e passività rispetto a canoni di ragionevolezza imprenditoriale, necessari a dar corpo, da un lato, alla prognosi postuma di concreta messa in pericolo dell’integrità del patrimonio dell’impresa, funzionale ad assicurare la garanzia dei creditori, e, dall’altro, all’accertamento in capo all’agente della consapevolezza e volontà della condotta in concreto pericolosa.

Le disposizioni contenute nel Reg. n. 848 sulle procedure di insolvenza transfrontaliere e, se infine promulgata, nella Direttiva sugli strumenti di allerta, di ristrutturazione preventiva e sulla seconda opportunita` si pongono su una linea di continuita` con l’impostazione del diritto UE nel settore, ma offrono anche novita` di grande rilievo. Prima tra tutte, e` l’estensione dell’ambito di applicazione del Regolamento cit. a procedure escluse dalla previgente disciplina – ed, in particolare, a quelle fondate sulla ‘‘probabilita` di insolvenza – accompagnata da una serie di norme di nuovo conio volte ad esplicitare regole di coordinamento e di cooperazione tra le procedure aperte in piu` Stati membri. Il quadro che ne emerge e` molto complesso e richiede ampie indagini comparate allo scopo di comprenderne appieno la portata. La successiva Proposta di Direttiva interviene su alcune procedure soltanto, ma impone agli Stati membri di affrontare in ottica di mercato interno UE anche il regime delle procedure nazionali. Dalla combinazione dei due strumenti si sviluppera` un approccio senza dubbio piu` sistematico al problema delle insolvenze nel territorio UE, che imporra` ai legislatori nazionali nuove riforme dopo le tante gia` approvate nell’ultimo decennio in molti paesi (Italia, Francia, Spagna, Belgio, ecc.). In Italia, in particolare, le nuove norme UE dovranno costituire elemento di riferimento nell’attuazione della delega contenuta nella L. 19 ottobre 2017, n. 155, che dovrebbe condurre ad un ampio rinnovamento della disciplina concorsuale.

Conventional wisdom about bankruptcy-remote transactions tends to be grounded on two assumptions. First, bankruptcy-remote transactions are a highly specific, and borderline case, of
anecdotal relevance for bankruptcy policy. Second, bankruptcy-remote transactions are either a welcome or dangerous innovation, with little scope for nuances.
This article tries to examine the relationship of bankruptcy-remote transactions and bankruptcy policy in a new light, using precedent and scholarly analysis from different jurisdictions. First, the article establishes the different ideas encompassed by the concept of ‘bankruptcyremoteness’, and puts bankruptcy-remote structures in the broader context of bankruptcy policy.
Second, the article uses the ‘vehicle-shielding’ concept of bankruptcy-remoteness and tests traditional legal threats such as avoidance, re-characterization or substantive consolidation, seeing whether their academic importance from an academic perspective is matched by their relevance as a threat in practice.
Third, the article analyses the instances where vehicle shielding has actually been, or can be, put in
jeopardy, and the reasons for it.
The article concludes that bankruptcy-remote transactions should cease to be considered a marginal case for bankruptcy law. Rather, the tensions between different goals, at the core of bankruptcy policy, are very present in the context of these transactions, only such tensions materialize in ways different
from that those originally envisaged. Academic analysis should adjust to this complex reality, rather than the opposite.

In poche occasioni la giurisprudenza è stata chiamata ad occuparsi della fallibilità delle società di capitali dopo l’iscrizione nel registro delle imprese degli atti con i quali sono state realizzate operazioni straordinarie che ne abbiano determinato la cancellazione. La Corte d’Appello di Torino s’è pronunciata in senso affermativo sul presupposto che la vicenda modificativa conseguente alla scissione totale non escluderebbe l’estinzione della società scissa e che, pertanto, ne consentirebbe la riconducibilità alla fattispecie di cui all’art. 10 l.fall. Sintetizzato ed analizzato il percorso argomentativo esposto nella sentenza, l’Autore espone il quadro sistematico in cui si deve contestualizzare la fattispecie, mettendo in evidenza i profili condivisibili e quelli critici della soluzione adottata dalla Corte d’Appello di Torino. Nel paragrafo conclusivo, poi, sono sinteticamente affrontati alcuni delle principali problematiche sollevate dalla dichiarazione di fallimento della scissa.