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:

• He cannot dispose of his properties;
• The dispositions acts, payments or other contracts performed by the debtor declared bankrupted, are not effective towards the creditors;
• A specific remedy, called "azione revocatoria ordinaria" (art 66 BL) can be adopted by the trustee to neutralize the effects of dispositions, made by the debtor, that are supposed to be dangerous or lesive for the other creditors.

The are some specific rules for the creditors to satisfy their claim, to ensure the “par-condicio creditorum” and the efficiency of the bankruptcy procedure. In particular the art. 51 “BL” states that individual claims and enforcement actions promoted by creditors to satisfy credits arose after the bankruptcy declaration are forbidden.

• DECLARATION OF INSOLVENCY AND REQUIREMENTS:

According to the article 5 “BL”, if a company is not able to satisfy its creditors due to a pemanent state of crisis, one of the creditors or the legal representant of the company itself, or the public accusator, if the insolvency is declared in a criminal court, can require the beginning of the bankruptcy procedure. This procedure applies to commercial Companies.
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 €

• ORGANS OF THE PROCEDURE:

1. The Judge
2. The trustee of the Bankruptcy
3. The Creditors commitee.

The Court of Bologna is competent only when the company is seated in Bologna according to art 9 of the BL); The first duty of the Court is to verify the presence of the subjective and objective criteria. Once their presence is verified, the Court declares the company bankrupted through a sentence that is effective from the day of its publication. Against this sentence, the debtor or a third party who has interests in the procedure (usually a subject that can be damaged by the declaration of bankruptcy) can lodge a claim called “reclamo” in front of the Court within 30 days from the pubblication of the sentence (art 18 BL). This term is imperative. In the same judgement iin which the bankrupcy is declared, the Court of Bologna  nominates the trustee and the deputed judge of the procedure.
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