FREQUENTLY ASKED QUESTIONS FOR CREDITORS: ITALIAN BANKRUPTCY LAW

Apr 20, 2020
Questions Answers

1. How can I demonstrate I’m a creditor under Italian Law?
In order to prove your status as creditor, you need to submit documentary evidence that proves you are a creditor, such as contracts, agreements, invoices, fax, etc., indicating the exact amount of the credit by filing a proof of claim. Without this step, you will not be eligible for the payment.

2. What is a proof of claim? What is it for?
A proof of claim is a document that a creditor must file in order to be eligible to the payment of a bankruptcy case. Basically, the proof of claim will help the Official Receiver (curatore fallimentare) to understand the amount of debt and the type of it. Having examined the submitted documents, the Official Receiver will determine the amount that will be paid to the creditor.

3. Who is the Official Receiver? What is his role?
Under Italian Bankruptcy law, an Official Receiver is an independent third party appointed by the Court. Usually, an Official Receiver can be a lawyer, a certified accountant, etc. experienced in insolvency matters, or this role can be trusted to a firm of lawyers or CPA firm. An Official Receiver has many tasks. The most relevant ones are: the preparation of the liquidation plan, formation of the draft of the passive state, communication to creditors and to other right holders to the proceeding.

4. How long does a bankruptcy procedure take?
It is not possible to estimate how long a proceeding may last. However, according to studies carried out on bankruptcy proceedings, in Italy this proceeding may last for an average time of 7 years. This may also vary depending on each region. For example, in Lombardy (Milan), the average is 5.3 years, while in Lazio (Rome) the average is 6.9 years. Generally speaking, the proceeding in the south may take longer time (e.g. The average in Basilicata is 12,5 years)

5. What is a PEC? Do I need it?
Yes. A PEC address is required in order to communicate with the Official Receiver and submit the required documents (including the proof of claim). The Official Receiver will use the assigned PEC address for communicating with the creditors. If you file the proof of claim and submit the necessary documents by yourself, you will need a PEC address, otherwise, your lawyer will do it with his own PEC address.

Do you have other questions such as:

Will creditors get paid for amounts owing by the debtor prior to the bankruptcy?

I have signed a contract with the debtor, what happens with this contract?

– I also have some debts with the debtor. Can I compensate my credit with any debts I have with the debtor?

Is there any claw back action applicable?

Contact us if you have other questions or if you would like to receive our complete practical FAQ sheet on Italian Bankruptcy Law.

Yuu Shibata

Ph.D in Law at University of Bologna. She specializes in European Union Law and she is the Head of Japanese Desk. She is mother tongue Japanese and Spanish and speaks fluently Italian and English.

  • Contact us

    To request an initial assessment or to arrange a consultation call with one of our consultants, please provide us with your contact details and we will get back to you within the next 24 (working) hours.

    Get in touch →
  • MAZZESCHI S.r.l. - C.F e P.IVA 01200160529 - Cap.Soc. 10.000 € I.V. - Reg. Imp. Siena 01200160529 - REA SI-128403 - Privacy Notice - Cookies Policy
    Copyright © 2019 by Mazzeschi - Web Designer Alessio Piazzini Creazione siti web Firenze
  • Mazzeschi S.r.l. | Operazione/Progetto finanziato nel quadro del POR FESR Toscana 2014-2020
    Il progetto ITACA (ITaly Attract ChinA) è un investimento nei paesi/mercati a lingua cinese, in particolare Taiwan con l’obiettivo di accrescere le quote di mercato dell'azienda. Tramite ITACA la Mazzeschi Srl ha aperto un ufficio a Taiwan con assunzione di personale di lingua cinese, creato un sito internet in lingua cinese e partecipato a fiere e varie attività di promozione a Taiwan.

    Mazzeschi S.r.l. | Project co-financed under Tuscany POR FESR 2014-2020
    The ITACA project (ITaly Attract ChinA) is a fund to invest in Chinese-speaking countries/markets, in particular Taiwan with the aim of increasing the company's market shares. With the help of ITACA project, Mazzeschi Srl has opened an office in Taiwan and has hired a Chinese-speaking staff, created a Chinese website and participated in fairs and various promotional activities in Taiwan.