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Insolvency Procedures

Insolvency Procedures

Bankruptcy proceedings are judicial proceedings to which the commercial entrepreneur is subject. They govern the relationship between the insolvent – debtor and his creditors.

The purpose is to assess whether the conditions exist to allow the satisfaction of creditors together with the continuation of the business activity (and therefore to avoid bankruptcy in the event of objective impossibility of regularly meeting the commitments undertaken towards one’s creditors).

In particular, the bankruptcy procedure consists of a procedure through which the entire assets of a commercial entrepreneur are executed.

Otherwise, in the procedures for the settlement of the over-indebtedness crisis, the intent of the law is to allow certain non-fallible subjects in serious economic difficulties (such as professionals, pensioners, small entrepreneurs or small craft companies) to initiate a procedure at the competent Court (that of the debtor’s residence) aimed at achieving full release from its debts (also with Equitalia), through an agreed payment and a possible large write-off of the overall debt exposure.

The aim is to avoid the use of usurious loans and also allow the over-indebted to “start from scratch”, regaining an active role in the economy.

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