It is subject to possible amendments by the Parliament during the process. All of the above mentioned changes to Italian Bankruptcy Law will enter into force 30 days following the conversion of the Law Decree into ordinary law. The new set of rules on corporate reorganization makes the Italian legal framework on restructuring more effective, for example affording more protection to all stakeholders involved and creating a market for dip financing. It is expected that this will result in an increase of restructuring work in the next years aligning Italy to all countries where these procedures originated.
According to the provisions of The Insolvency Act , a debtor trader is insolvent when he is no longer able to regularly meet his obligations. A State of Insolvency is a per se situation which justifies a Declaration of Insolvency by the court even where the insolvency is not due to the debtor's misconduct. The procedure is started by an order of the Court having jursdiction over the debtor's principal place of business on the basis of a petition which may be presented by: The court must serve the debtor with a subpoena requiring him to attend a hearing of the bankruptcy petition.
It is subject to possible amendments by the Parliament during the process. The changes concern the procedures finalized to the execution of restructuring agreements i. The rights to preferential payment provided for at law are numerous. For the purposes of Article 3 b , the requirement as to the good repute of an undertaking shall mean that its managers have not been convicted of any [ T h e bankruptcy law c o ul d also play a key role: All of the above mentioned changes to Italian Bankruptcy Law will enter into force 30 days following the conversion of the Law Decree into ordinary law. Sale of goods Pursuant to the relevant provisions of the Insolvency Act whenever a buyer becomes bankrupt and a contract of sale is still in progress the seller has the right to deliver the goods and file a claim for the price of the goods with the receiver, and thus concur with all the other creditors for the final distribution of the debtor's assets.
The proceeding is carried out and supervised by the following parties: Procedural steps and debt reorganisation The order issued by the Bankruptcy Judge will direct the following: An appeal against the bankruptcy order may be filed within 15 days of the date of the order. The court order deprives the debtor of the right to manage his business and, as a result, the debtor will no longer be able to dispose of his assets. Any legal action taken by creditors against the debtor will be stayed. The Bankruptcy proceeding is entered in the Official Register of Bankruptcies.
Pubblico Registro dei Falliti.
A bankruptcy proceeding entails the loss of certain civil rights of the debtor, such as: The debtor's name may be removed from this register only when all creditors have been repaid in full, or after he has reached a satisfactory settlement with his creditors. In any event, once a period of five years has elapsed subsequent to the bankruptcy, the debtor may apply to the court for final discharge. Criminal provisions When due to the debtor's fraudulent activities or misdemeanor, a bankruptcy may constitute a criminal offence. In the case of fraud, the offence is punishable by a prison sentence of between three and ten years, while misdemeanor carries a prison sentence of between six months and two years.
Directors of a company may be equally liable.
Receiver's Appointment and Duties The court appoints a receiver chosen from practising accountants or lawyers deemed to be experienced in insolvency matters. The receiver then becomes a public official and is required to perform his duties in person.
However, eventually he may be allowed by the deputy judge to obtain expert or professional assistance. The receiver is paid out of the debtor's assets, and his remuneration takes precedence over creditors' claims. He acts in conjunction with a creditors' committee, consisting of either three or five creditors appointed by the deputy judge, which has an advisory as well as a supervisory role in the proceedings.
The receiver's duties are: In the case of a general partner all the assets of the debtor's estate are to be made available to his creditors, with the exception of personal belongings such as clothing and essential furniture and earnings from personal activities to the extent that they are necessary for the maintenance of the debtor and his family.
When the bankrupt is a corporation or a limited company, the bankruptcy estate is limited to the assets of such legal entities.
Save for the case of a general partner, the corporate veil may be discarded, that is , it may be possible to claim against the assets of directors of the company or corporation, but only when such directors are found to have acted improperly. The Bankruptcy Estate includes: For example, the expression extraordinary financial statements includes the accounting document required ex art. Costituiscono, ad esempio, bilanci straordinari il prospetto contabile richiesto ex art.
It is also important to note that actions to void are filed to void payments made to the defendants by each of the companies that are parties to the. He has gained specific, in-depth experience in the following professional sectors: Ha maturato esperienze specifiche ed approfondite nei seguenti settori professionali: Additionally, in order to speed up the restructuring process, which is also in the interest of the syndicate, the Company submitted a petition to the Court of Rieti to appoint an expert,.
With regard to positions involved in debt restructuring in its various forms, including. Relativamente alle posizioni soggette a ristrutturazione del debito nelle varie forme, compresi gli. The opening of reorganisation measures or winding-up proceedings by another member State against an insurance undertaking with head office in that State shall not affect the right of the creditor to demand the set-off in.
L'adozione di un provvedimento di risanamento o di una procedura di liquidazione, da parte di un altro Stato membro nei confronti di un'impresa di assicurazione che ha sede legale in tale Stato, non pregiudica il diritto del creditore di invocare la. Under the terms of the Directive, where a credit institution with branches in other Member States fails, the winding up process will be subject to a single bankruptcy proceeding initiated in the Member State where the credit institution has its registered.
Considering the ten-year successful process for revitalising the factories by their workers, and the. A dieci anni da queste prime esperienze, tenendo conto dei successi ottenuti nel processo di recupero delle fabbriche da parte dei lavoratori e della domanda. Regardless of whether you have questions about credit management, the interpretation of our. Sia che si tratti di domande sulla gestione del credito,.
La C ommissione speciale ha dunque. Dopo il deposito dello stato passivo e fino a quando non siano esauriti tutti i riparti, i creditori e i titolari di diritti reali sui beni in possesso dell'impresa, che non abbiano ricevuto la comunicazione ai sensi dell'articolo , comma 1, e non risultino inclusi nello stato passivo,. Numerous provisions of civil.
T h e bankruptcy law c o ul d also play a key role: From through he acted as an examiner for the students of the University L. Corporate law such as.