Bankruptcy Lawyers in Bologna | Dimarco & Partners International Law Firm
Our Team of Lawyers in Bologna is specialized in assisting foreign companies in Bankruptcy procedures. Our legal services can be provided lodging a claim of insolvency against a company that do not respect its obligations (in order to ask judicially that a company is declared bankrupt) or entering in bankrutpcy procedures already started, helping our Client in satisfying their credits (insinuazione al passivo).
According to italian law, after the sentence of Bankruptcy, the debtor cannot manage and administrate the company and all these specific powers are held by a Bankruptcy trustee. There are some further juridical consequences for the debtor:
The state of insolvency is also know as the objective criterion of the procedure. It’s quite hard to demonstrate the situation of insolvency utilizing the objective criterion, so the jurisprudence eleborated some symptomatic elements to presume it (so called “exterior elements” ) such as the absence of profit during the last years of activity, escape of the director, withdrawal of bank’s credit line, fraud, closing of the company.
For the Bankrupcy declaration it is also necessary the contemporary presence of a further element called “subjective criterion” ex art. 1 “BL”.
The debtor can avoid to be declared bankrupt if he demonstrates the presence of all the three conditions provided by the BL:
- First condition: The amount of expired and unpaid debt is lower than 500.000 €. It’s important to notice that according to the italian Costitutional Court, it is not possible to require the bankruptcy for a debt which amount is lower than 30.000 €
- Second Condition: The total revenues of the Company, in the last three years, is lower than 200.000 €
- Third Condition: The net capital plus total activity (as shown in the balance) is lower than 300.000 €
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