Bankruptcy in Italy.
Legal assistance for foreign companies in Italy.
Pursuant the Italian Bankruptcy Law, the entrepreneur or the company in a state of insolvency is declared bankrupt. The state of insolvency is manifested by failures or other external circumstances, which show that the debtor is no longer able to fully meet its obligations.
The bankruptcy is pronounced upon the request of the debtor, one or more creditors or the Public Prosecutor.
The Public Prosecutor may ask for the bankruptcy:
1) when the insolvency is manifested in the course of criminal proceedings (i.e. by escape, the unavailability or the lam of the entrepreneur, the closure of the premises, the theft, the substitution or the fraudulent decrease of the assets of the entrepreneur);
2) when the insolvency is reported by the judge during a civil proceedings.
Bankruptcy is declared by the court of the city where the entrepreneur (or the company) has its principal place of business. For example, if the company has its headquarters in Milan, the Court of Milan will be the competent judicial authority.
The entrepreneur with its headquarters abroad, may be declared bankrupt in Italy even if a bankruptcy was pronounced abroad.
If you need more information about Bankruptcy Law in Italy, please contact us Lawyers in Italy.
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Published on 15 February 2016
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