Bankruptcy determines the beginning of insolvency proceedings and it typically aims to liquidate the assets of an insolvent company.
Under Italian Bankruptcy Law (Royal Decree no. 267 of 16 March 1942), a company is insolvent when it is no longer able to regularly fulfill its obligations. This is ascertained on a case by case basis, taking into account mainly the debts and the assets of the company.
The State of Insolvency is declared by extremely formal proceedings, requiring the commitment of public authorities and courts.
Bankruptcy starts a real liquidation procedure by an order of the Court of the place where the business activity of the company is located. Therefore, in Italy bankruptcy is a court-supervised procedure.
During this procedure, the debtor:
The powers of the debtor are, in fact, delegated to an administrator of bankruptcy (curatore fallimentare), who acts under the direction and supervision of the delegated judge.
Both the before and the on-going bankruptcy activities require several legal activities, of which our VGS Lawyers have the experience and the knowledge necessary to handle them.
Our goal is to allow bankruptcy moves smoothly through the Court system and to resolve any emerged disputes.
We will conduct a professional assessment of the challenges to tailor personalized and efficient service.
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