Introduction
This alert analyses the amendments made to Italian law no. 130
of 30 April 1999 on receivables securitisation (
Law
130 ) by article 1, paragraphs 214 and 215 of Italian
law no. 178 of 30 December 2020 (
2021 Budget
Law ), pursuant to which the scope of Law 130 was
broadened and the interpretation of paragraph 4 of article 7.1 of
Law 130 was clarified.
Regulatory framework and amendments over the years
Law 130 was subject to different regulatory interventions over
the years:
(a) Law Decree no. 50 of 24 April
2017, converted into Law no. 96 of 24 April 2017, introduced a
specific discipline for the securitisation of non-performing
receivables, providing, among other things, the possible creation
of an
ad hoc special purpose vehicle aimed at purchasing,
Singhania & Co
A cheque is a widely used method of payment and post-dated cheques are frequently used in various transactions in business life.
Corrs Chambers Westgarth
The article looks ahead to the rest of 2021 and shares some key predictions for the banking and finance sector.
Dhir & Dhir Associates
As the legal framework for curtailing and controlling mounting Non-Performing Assets ( NPA ) started becoming inadequate, there was a spike in the number of the slow recovery of defaulting loans by the Financial Institutions.
The Law Point
A Bank Guarantee ( BG ) is a common mode of securing payment of money in commercial dealing as the beneficiary, under the guarantee, is entitled to realize the whole of the amount.
Redwater ).
Redwater is
now a sentinel decision for the energy industry in Alberta,
confirming the importance of environmental, reclamation and
remediation obligations and liabilities. In
Redwater,
the SCC determined that a trustee in bankruptcy is not permitted to
renounce uneconomical oil and gas assets and leave these assets to
be remediated by the Orphan Well Association
(
OWA ) to avoid the environmental
liabilities of the estate it is administering.
Following the
Redwater decision and since
early 2020, Alberta committed to actively reducing the inventories
of orphan and inactive well sites in the province. According to
the OWA, as of January 1, 2021, orphan inventory
Since the Covid-19 pandemic continues to impact the good governance of legal entities, the Luxembourg Government decided to extend the possibility for companies and other legal entities to hold their corporate body meetings .
The headline from the recent decision in
Gravity
Construction Limited v Total Highway Maintenance
Limited
[2021] IEHC 19
(
Gravity ) was that for the
first time the Irish High Court handed down judgment concerning the
enforcement of an adjudicator s decision awarded pursuant to
the Construction Contracts Act 2013. The decision was also
significant for the Court s examination of the normal rule that
costs follow the event and the considerations
that are to be taken into account by a court under s.169 of the
Legal Services Regulation Act 2015 (the
LSRA
2015 ).
In
Grimes v. Punchestown Developments Company
Limited [2002] 4 IR 515, Denham J. (as she then was)
stated that the