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News

9
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2021
News
Irresponsible lending: the bankruptcy administrator has standing to act against lender banks

The bankruptcy administrator has standing to act against the bank for irresponsible lending, in the case of an unlawful new loan or maintenance of ongoing contracts, which has caused a decrease in the assets of the bankrupt person, for the direct damage to the company resulting from the loan and for the injury to the entire class of creditors owing to the loss of the asset guarantee pursuant to Article 2740 of the Civil Code.


6
7_
2021
News
Corporate governance of banks: update on Banca d’Italia’s supervisory provisions

Banca d’Italia has issued an update on the supervisory provisions concerning banks’ corporate governance (Circular No. 285/2013). The amendments are targeted at strengthening Italian banks’ governance structures and taking into account changes in European guidelines (the so-called CRD V directive and EBA Guidelines).


22
6_
2021
News
BANCA D’ITALIA DISMISSES SANCTION PROCEEDINGS AGAINST TWO OF THE FIRM’S CLIENTS

Negrolex, with a team led by Ettore Maria Negro and Donatella D’Ambrosio, has assisted two members of the Board of Directors of a well-known Italian bank in sanction proceedings brought by Banca d’Italia. Although at the conclusion of the preliminary investigation phase, the Institutional Relations Service proposed the application of a fine, Banca d’Italia’s Directorate (Governing Board), having assessed all the records of the proceedings, decided not to pursue the sanction procedure against the Firm’s two clients.


21
6_
2021
News
The competent Court must provide for the judicial receiver’s remuneration even if the composition with creditors is rejected

With judgment no. 15789 of 7 June 2021, the Supreme Court, while taking into account its previous rulings to the contrary, held that the phrase “at the end of the proceedings” in the third paragraph of Article 165 of the Bankruptcy Law implies that, following the end - for whatever reason - of the composition with creditors, the Court with jurisdiction over regulation of the competition, notwithstanding its formal termination, still has the power to determine the compensation due to the judicial receiver, once all his activities have been completed.


21
6_
2021
News
Consob – Annual meeting with the financial market

On Monday 14 June 2021, the Chairman of Consob has hold the annual Meeting with the Financial Market on the occasion of the presentation of the Consob Report for 2020.


16
6_
2021
News
Borsa Italiana – Notice no. 19366/2021

With Notice no. 19366 of 3 June 2021, Borsa Italiana published the latest amendments to the Instructions for the Market Rules which will come into force on 21 June 2021 (the amendments to the Instructions for the ETFplus Market will enter into force subject to the positive outcome of the tests).


16
6_
2021
News
Arbiter for Financial Disputes

The 2020 Annual Report of the Arbiter for Financial Disputes (ACF), the entity established at Consob in 2016 for alternative dispute resolution between retail investors and intermediaries authorised to provide investment services, in the event of a breach by the latter of their obligations of diligence, transparency, integrity and information, has been published.


16
6_
2021
News
Transformation of an S.n.c. into an S.r.l.: the moment when the different liability regime is applicable
| Business Law

With order no. 13772 of 20 May 2021, the Court of Cassation ruled on the issue of identifying the moment in time when, as a result of the transformation of an S.n.c. into an S.r.l., the unlimited liability of shareholders “ceases” and the limited liability of the company “starts”.


16
6_
2021
News
Directors’ liability for damage caused to the company they manage is always contractual in nature

The liability of directors, for both joint stock companies and partnerships, for damage caused to the company they manage is contractual in nature, so that the company (or the administrator, in the case where the action is brought under Article 146 of the Bankruptcy Law) is required to allege breaches by the directors of their duties, as well as prove the damage and the causal link between the breach and the damage, while it is up to the directors to prove, with reference to the allegations, that they have complied with their duties.


24
5_
2021
News
RESUMPTION OF PROCEEDINGS THAT HAD BEEN INTERRUPTED ON ACCOUNT OF THE BANKRUPTCY OF ONE PARTY

The Court of Cassation in Joint Sitting has intervened to resolve the conflict in case law that has arisen on the subject of the resumption of proceedings that have been interrupted by a supervening adjudication in bankruptcy.