A single addition is made to the foundational guidelines of the Court on bankruptcy issues. It relates to “preferred transactions” (that is, an unfair preference or a “preferential transfer” – where debtor transfers assets or pays a debt shortly before going into bankruptcy) under a contract of revolving credit facility: the Court points out that when determining the amount of preference with respect of the principal amount of credit it is necessary to take into account the maximum amount achieved by the debtor within the credit limit, and also to take into account that the issuance of each new tranche removes correspondingly the accrued preference with respect to the principal debt repaid by the debtor under another tranche. The interest for the use of credit resources from various tranches may, on the opposite, be summed up by court.

Practical consequences: the Judgment says that prior court decisions if inconsistent with this interpretation may be reversed in the procedure and within the limits envisaged by Art 311 of the Commercial Procedure Code.