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Debt recovery in Italy

Debt  recovery in Italy: How to recover a credit from your Italian debtor? 

Debt collection in Italy is certainly possible, despite the difficulties.

The debt collection process is divided into different phases, ranging from the attempt at amicable resolution to the seizure of the debtor's assets.

The first step to take is the formal request for compliance within a certain period by sending a letter of formal notice, sent either by registered letter with acknowledgment of receipt or by certified email (pec), with an attached request for default interest dated from the payment due date.

After 5 to 15 days, if the debtor has not repaired the default, the next step is to go to the Court, with the appeal for an injunction, issued only if the credit in question is liquid, certain and payable.

The competence can be that of the Justice of the Peace, for sums lower than € 5,000, or of the Court, for higher sums.

Once the injunction has been obtained, the lawyer of the interested party will have to notify it within 60 days to the debtor, who will have 40 days to object it. In the latter case, a real civil lawsuit will begin. During the case, the burden of proof will be borne by the creditor who will have to demonstrate the existence of the credit, possibly with the request to hear witnesses.

If the debtor does not object and does not pay, the next step will be the writ of precept and, after 10 days, the request for an injunction for foreclosure. The latter, depending on the case, can be of three forms: securities, real estate and with third parties.

Debt  recovery in Italy: Insolvency Assessment 

In the debt collection procedure in Italy, the verification of the solvency and economic reliability of the counterparty is fundamental.

The Italian legal system provides various tools to ascertain solvency, even before filing superfluous actions with an uncertain outcome, such as:

  • Chamber of Commerce certificate;
  • Computer register of protests;
  • Mortgage inspection at the Real Estate Registry;
  • Survey at the PRA.

Debt  recovery in Italy: debt restructuring agreement 

An alternative tool to judicial resolution, the debt restructuring agreement has the purpose of preventing or settling a dispute between the parties.

This is a contract between the parties, through which, by making mutual concessions, they put an end to a dispute that has already begun or prevent one that could arise. The object of this agreement can only be the rights that fall within the availability of the contracting parties.

Its form is written according to the general rules of invalidity of the contract, therefore, it can be considered null or voidable.

The Arnone & Sicomo International Law Firm boasts years of experience in the debt collection sector in Italy. We assist foreign companies in debt collection procedures in Italy, always trying to reach settlement agreements with Italian debtors.

Are you looking for an English speaking lawyer in Italy for debt recovery? Contact us.