ITALIAN BANKRUPTCY LAW : A practical guide on how to file insolvency claims in Italy

May 21, 2020

A practical guide on how to file insolvency claims in Italy

As explained in the previous article (Bankruptcy in Italy… what are the options?) there are many types of insolvency proceedings in Italy. So, what happens if your contractual partner in Italy decides to go under insolvency proceeding? What happens to your credit (claims) against the insolvent party?

If the credit has be contracted before your Italian partner has decided to go under an insolvency proceeding, you can request to being refunded claim it by filing an application (Istanza di ammissione al passivo – hereinafter as“Application”) with the Receiver and submitting documentary evidence that proves your status as a creditor.

Filing an Application is not a particularly difficult procedure but some technicalities must be fulfilled, such as:

  1. All documents must be submitted in the order indicated by the Receiver
  2. Accrued interests must be calculated in accordance with mandatory criteria
  3. Currency exchange rate must be done using applicable standardsa, and additionally,
  4. In case the claim concerns the payment for sending merchandise, the step of gathering all necessary documents may be lengthy and a bit more complex.

Accuracy of the Application is important as the Receiver and the Delegated Judge will ground their decision on this document. In case you need support on this regard, do not hesitate contacting us, as this proceeding has a limited time and in order to have better chances to be paid back, it is highly important to prepare carefully this document, examine all supporting documents and submit it before the deadline.

This article will consist in providing practical advises when filing insolvency claims in Italy.


DO’S AND DONT’S

1. Rule Number ONE: Don’t be late!!

As above explained, even though filing an Application is not particularly difficult, it may take some time to prepare it. While it is simple if you are claiming a credit , it can be more challenging when the claim consists on many credits and involves different currencies and each of the credit were established in different dates. In such case, the preparation of the proof of claim will become more complex and therefore, it requires some time to properly prepare it.

2. Gather and organize all necessary documentation

You will need to submit all evidence that proves your status as a creditor for an X amount of money. Once you gather all evidence, it is also suggested to organize them, especially when the evidence is abondant.

3. Don’t forget that you need a PEC address to submit it.

If you or your company is from outside Italy, you may not have a PEC address. It is possible to get it, however if you need it only for this proceeding, we can do it for you! So you won’t need to get it.


EXPRESS Q&A for filing an Application (proof of claim)

1. Q. Do I need to go personally to Italy in order to file an insolvency claim?

A. No, you do not have to be present in Italy for it.

2. Q. Can I prepare the Application (proof of claim) by myself?

A. Yes, from a legal point of view, you can prepare it by yourself, however it can be advisable to contact a specialist for it (you won’t want your claim to be rejected or to be accepted partially due to a formal/technical mistake). And please remember, the Application must be written in Italian.

3. Q. What happens if the filling deadline is missed?

A. As already explained, it is very important to respect the deadlines. In case you missed it, there is still a possibility to file a late Application. However, your chances to be paid back will be much lower. Yet, if this is your case, don’t be completely discouraged as there might be a possibility, but you need to keep in mind that the chances (and the amount to be paid) will be lower.

For further Q&As on Italian Bankruptcy Law, you can see also: Frequently asked questions for Creditors


CORPORATE AND COMMERCIAL LAWYERS IN ITALY

At Mazzeschi SRL, we have lawyers with vast experience working with international companies, and we can provide this service in English, Japanese, Spanish, Chinese and of course Italian! Our lawyers and para-legal staff will guide you in the best way possible to overcome this difficult situation.

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.

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