Italian Bankruptcy Law § 5 – State of insolvency
written by Alberto Angeloni
The businessperson/company who is in a state of insolvency is declared bankrupt.
The state of insolvency is revealed by failures or other external circumstances, which show that the debtor is no longer able to regularly (in time and with normal means) meet its obligations.
In the light of § 5 of IBL, accordingly, a businessperson/company who is no able to pay its debts and meet its obligations – on time and by means of ordinary resources – is deemed to be insolvent.
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Pubblicato da Alberto Angeloni
Licensed Attorney in Italy. Alberto is a partner of DLA Piper and focuses his practice on Italian, European and International litigation, arbitration, corporate, bankruptcy and contentious insolvency law and has over 14 years experience in the field.
He has experience in representing investors, lenders, debtors, creditors and other parties of interest in multifaceted restructuring and insolvency matters, informal and formal workouts such as voluntary administrations, liquidations and receiverships.
He has also considerable experience in areas such as shareholder disputes, board of directors duties and liabilities and corporate and commercial disputes.
Specialties: Bankruptcy (Fallimento);
Composition with creditors (Concordato Preventivo);
Extraordinary Administration (Amministrazione Straordinaria Prodi-bis Law and Marzano Law);
Debt Restructuring Agreements (Accordi di ristrutturazione dei debiti);
Certified Reorganization Plans (Piani attestati di risanamento);
Proof of claim and proof of repossession petitons;
Claw Back actions;
Board of directors liability actions.
Contact the author at firstname.lastname@example.org
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