{"id":5474,"date":"2024-03-06T16:07:56","date_gmt":"2024-03-06T16:07:56","guid":{"rendered":"https:\/\/avvocati-sl.it\/en\/?p=5474"},"modified":"2024-03-06T16:19:59","modified_gmt":"2024-03-06T16:19:59","slug":"new-code-of-corporate-crisis-and-insolvency-ccii","status":"publish","type":"post","link":"https:\/\/avvocati-sl.it\/en\/bankruptcy-law\/new-code-of-corporate-crisis-and-insolvency-ccii\/","title":{"rendered":"New Code of Corporate Crisis and Insolvency CCII"},"content":{"rendered":"

The new Business Crisis and Insolvency Code (Legislative Decree No. 14 of January 12, 2019, the “Insolvency Code” or “CCII”) was recently introduced.<\/p>\n

In the new Code, judicial liquidation replaces the “old” bankruptcy<\/strong>: this terminological change represents one of the most important novelties of the Code, as the Italian legislator decided to no longer adopt the term “bankruptcy” historically endowed with a negative connotation, in favor of more neutral qualifications for this procedure.<\/p>\n

In particular, the Code, like the bankruptcy law already did, stipulates that every claim for a sum of money, even if it has a preemption or predeductible cause, as well as every real or personal right, movable or immovable, on assets acquired in the procedure, must be ascertained according to the rules of law (Art. 151, paragraph 2).<\/p>\n

An entire section of the Code is devoted to the Ascertainment of Liabilities and Third Parties’ Rights to Assets Included in the Judicial Liquidation, in the concurrent cross-examination of all interested parties.<\/p>\n

The creditor of a sum of money has the burden of bringing the claim and obtaining recognition of his claim (and of any cause for pre-emption) in the proceedings for ascertaining the liabilities; if he fails to do so, he is not entitled to take part in the distribution of the proceeds.<\/p>\n

The application shall be submitted with an appeal formed as a computer document or image copy on computer support of an analog document; it must comply – under penalty of inadmissibility – with the form-content requirements provided by law and must be transmitted to the receiver at the certified e-mail indicated in the notice in Article 200, together with the documents produced in support of the application.<\/p>\n

The curator, having examined the applications received, shall prepare the draft statement of liabilities taking an express position on each of the applications.<\/p>\n

Procedural rules (articles 200-210) in their fundamental and qualifying characteristics are comparable to the those contained in the Bankruptcy Law modified only in part according to “criteria of greater speed, streamlining and concentration.<\/strong><\/em>“<\/p>\n

The role and powers of the delegated judge, who tends to have the function of directing the proceedings, remain firm.<\/p>\n

In the verification judgment, by a succinctly reasoned decree, the delegated judge decides on each application (for admission to the liabilities, claim or restitution of property), either accepting it (in whole or in part), or rejecting it, in rite or on the merits. Opposition, appeal of admitted claims and revocation may be brought against the decree.<\/p>\n

The new Code confirms the discipline of late and super-late claims.<\/p>\n

Finally, it should be noted that the proceedings to establish the liabilities may be omitted if it appears that there are no, and no acquirable, assets to be distributed to any of the creditors who have applied for admission to the liabilities, without prejudice to the satisfaction of predeductible claims and the costs of the proceedings.<\/p>\n

In view of all the above, we suggest that in the event of non-payment by your suppliers, you contact a lawyer you trust to extract the chamber of commerce view of the debtor company and verify its state of activity (active, inactive, suspended, in liquidation, under arrangement, in bankruptcy, ceased, …).<\/p>\n

Therefore, we remain at your disposal, in the case of bankruptcy now judicial liquidation, also for the drafting and transmission of applications for admission to the liabilities according to the terms and conditions of the law, and\/or for any further clarification or in-depth study on the subject.<\/p>\n

Maria Cristina Bruni<\/a>,\u00a0Senior Partner<\/p>\n

Marisabel Muscatiello<\/a><\/p>\n<\/div><\/div>