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Giambrone Reviews Italian Enforcement Proceeding Update
The Italian Government approved, as of April 29th, the so called “Bank decree”, containing significant updates on enforcement proceedings aiming at facilitating non-performing loans collection from banks and companies.
The decree was published on 3rd May on the Official Gazette and will enter into force today (4th of May).
However, the decree will be analysed in Parliament.
Several changes will be implemented through the “Bank-decree”, as follows:
- Repossession must include warning that opposition will not be accepted if submitted after the sale has been disposed, unless the individual applying for opposition is able to prove that they could not timely submit the request for causes that cannot be charged on them;
- Judges are required to proceed with the provisional enforcement of the decree limitedly to non disputed sums, even in the presence of opposition;
- Selling cannot be attempted more than three times. Judges are responsible for setting possible depreciation, deciding how the sum deriving from the sale is to be filed and establishing the deadline (which cannot exceed six months) for submitting deeds to the record office. Should the three attempts be unsuccessful, the judge will foreclose the enforcement proceeding.
- Individual interested in submitting the purchasing request are entitled to examine the assets on sale within 7 days from the submission of said request.
- The auction will be held by electronic means, unless this is proven to be detrimental for the interest of the creditors and for the proceeding itself.
- The creditor who is granted an asset on behalf of a third party must submit, within five days from the assignment proceeding, the name of the individual to whom the asset is transferred.
Through an international network of experienced Italian and International debt collection lawyers, Giambrone assists individuals and commercial entities across the globe with the recovery of all types of debts.
Our success rate is very high in settling most of the cases out of court and without the need for judicial intervention.
If you require further information or assistance, contact us on +44 (0)207 183 9482 or email us at: clientservices@giambrone.com.