Implementation of Directive no. 2000/35/CE “Combating late payment in commercial transactions” DEFAULT INTEREST RATE pursuant to legislative decree no. 231/2002 From To B.C.E. Rate Surcharge Total 01/07/2002 31/12/2002 3,35% 7,00% 10,35% 01/01/2003 30/06/2003 2,85%...
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Strict conditions for debtors: creditors may have direct access to their current accounts
No more barriers between those creditors who want to verify the assets owned by debtor and creditor’s current accounts. Naples, Mantova and Pavia are those courts that consider possible a direct access to Public Administration’s databases by creditor who may research...
On-line foreclosure: hard times for debtors. Now you can operate from your pc.
Legislative decree no. 132/2014 on civil law reform has modified the proceeding of forced execution, specifically the queries that the judicial officer may perform on creditor demand when seized assets are insufficient. What changes? First, the reform repeals [1]: the...
Tax deductibility of losses on receivables
Date of publication 1st July 2016 Both qualitative and quantitative parameters regarding tax deductibility of losses on receivables (small amounts) are identified by the law converting legislative decree no. 83/2012 finally approved by the Senate on 3rd August 2012....
EU Account Preservation Order freezes funds in the bank account of debtors in case of cross-border debt recovery both civil and commercial: a new opportunity for creditors.
[ Fonte: PMI.it ] Since 18th January 2017 a new precautionary measure which prevents debtor from making assets unavailable to creditor has entered into force. EU Account Preservation Order freezing funds in the bank accounts may be issued if potential risks on the...
New EU Regulations make easier debt recovery
[ Source: ilsole24ore, by Beda Romano on 18th January 2017 ] Today new EU regulations has entered into force with the purpose of facilitating debt recovery of smaller companies. Amongst others, the national judiciary may issue European account preservation orders...
Banks: underselling risk amounting to 200 billion Euro for bad loans which cannot be recovered and badly affecting their financial statements.
[ Source: IlFattoQuotidiano.it, by Mauro Del Corno on 12th May 2017 ] The so-called “non-performing loans” may be sold to both companies and funds operating in debt recovery sector. Those transactions are usually made at very low prices, between 5% and 18% of their...
On-line foreclosure, both a juridical and cultural revolution
How to access debtor data recorded in Vehicle Register (PRA) Social security register (INPS) and Tax Register via internet. Italian debtors will not have secrets any more for neither banks nor tax agency. Thanks to a true cultural evolution beside a juridical one,...
Effective date of late payment interests (Article no. 4, Legislative Decree no. 231)
Late payment interests without formal notice letter are implemented from day after the payment deadline. Without prejudice to paragraphs no. 3,4 and 5, for the purpose of effective date of late payment interests, the following terms shall be applied: a) thirty days...
Deletion from companies register, proceedings and debt reports.
Unified Section, 12th March 2013, no. 6070 (Mr. Preden, the president and Mr. Rordor, the speaker) Termination– Deletion from companies register– Shareholders– Succession – Proceeding repercussions– Limits (article no. 2495 Civil Code; legislative decree no. 203,...