Overindebtedness Law 3

• 1. NEGOTIATED COMPOSITION OF CRISIS
  
  • Eligible subjects
    • Consumers (natural persons not entrepreneurs)
    • Professionals and small entrepreneurs
    • Minor enterprises
  • Features
    • Allows debt restructuring through direct negotiations with creditors.
    • Offers a flexible and personalized restructuring plan.
    • Promotes rapid intervention to contain crisis worsening.
    • How does it work?
• Initial consultation meeting
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• 2. DEBT DISCHARGE
  
  • Eligible subjects
    • Consumers in crisis with specific requirements
    • In some cases, also professionals and minor entrepreneurs
  • Features
    • Allows cancellation of residual debt (fresh start) after meeting specific requirements.
    • Requires compliance with specific regulatory thresholds and requirements.
    • Promotes financial reinsertion with significant reduction of burdens.
    • How does it work?
• Initial consultation meeting
• Calculate your debt reduction now
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• 3. SIMPLIFIED AGREEMENT
  
  • Eligible subjects
    • Subjects in crisis with reduced repayment capacity, particularly those of advanced age
    • Consumers or businesses in conditions of moderate crisis
  • Features
    • Fast and agile procedure to obtain strong debt reduction.
    • Simplified procedures compared to traditional agreement.
    • Lower procedural costs and reduced implementation times.
    • How does it work?
• Initial consultation meeting
• Calculate your debt reduction now
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• 4. PREVENTIVE AGREEMENT IN CONTINUITY
  
  • Eligible subjects
    • Non-minor enterprises, especially those that must preserve business continuity
    • Companies in crisis with significant assets and need to maintain operations
  • Features
    • Restructuring planning that allows continuation of business operations.
    • Balance between creditor protection and recovery of productive capacity.
    • Structured approach with homologation of the restructuring plan.
    • How does it work?
• Initial consultation meeting
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• 5. JUDICIAL LIQUIDATION AND LIQUIDATORY AGREEMENT
  
  • Eligible subjects
    • Debtors in situation of irreversible crisis
    • Subjects who cannot access restructuring pathways
  • Features
    • Liquidation procedure aimed at controlled distribution of assets.
    • Simplified procedures to reduce time and costs of the procedure.
    • Aims to satisfy creditors through asset liquidation, eliminating the social stigma of bankruptcy.
    • How do they work?
• Initial consultation meeting
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• DIFFERENCES FROM PREVIOUS LEGISLATION
  • Greater flexibility
    The new rules of the Crisis Code have introduced greater flexibility in the management of overindebtedness crises.
  • Simplification of access to debt discharge
    The process for accessing debt discharge has been simplified, facilitating non-bankruptcy subjects.
  • Objective
    These procedures are designed to offer a way out to individuals and small businesses that cannot access traditional bankruptcy procedures such as insolvency, allowing them to resolve situations of serious economic difficulty.
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• Initial consultation meeting
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HOW DO THE DEBT RESTRUCTURING
PROCEDURES WORK?

• NEGOTIATED COMPOSITION OF CRISIS
  
  
  • Initial assessment
    • Financial documents are collected and repayment capacity is verified.
  • Definition of a plan
    • A preliminary meeting is held to analyze the situation and define a negotiated plan.
  • Negotiations with creditors
    • Initiation of direct negotiations to agree on debt restructuring.
  • Formalization of the plan
    • The plan is drafted and, if necessary, presented to the court for homologation.

• Initial consultation meeting
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• DEBT DISCHARGE
  
  
  • Verification of requirements
    • Verification that regulatory requirements are met and necessary documentation is collected (balance sheets, statements, etc.).
  • Submission of the application
    • Sending of the request to the competent authority for debt discharge.
  • Required compliance
    • Execution of compliance requirements (e.g., informational meetings or training courses) provided for by law.
  • Obtaining fresh start
    • Residual debt is partially or fully cancelled, allowing a fresh financial start.

• Initial consultation meeting
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• SIMPLIFIED AGREEMENT
  
  
  • Document preparation
    • Collection of information and financial documents, with the support of a lawyer.
  • Drafting of the proposal
    • A simplified proposal for debt reduction is developed, with clear objectives.
  • Negotiation with creditors
    • Presentation and discussion of the proposal with creditors to reach an agreement.
  • Homologation and implementation
    • The court homologates the plan, which is then implemented to obtain debt reduction.

• Initial consultation meeting
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• PREVENTIVE AGREEMENT IN CONTINUITY
  
  
  • In-depth business analysis
    • Collection of up-to-date balance sheets and documentation to assess the state of the business.
  • Drafting of the restructuring plan
    • Development of a plan that provides for continuation of business operations, balancing creditor needs with continuity safeguards.
  • Meetings and negotiations
    • Initiation of discussions with creditors and, possibly, with a professional to define plan terms.
  • Submission to the court
    • The plan is submitted for homologation, thereby activating the restructuring procedure.

• Initial consultation meeting
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• JUDICIAL LIQUIDATION AND LIQUIDATORY AGREEMENT
  
  
  • Evaluation of the irreversible situation
    • In-depth analysis to determine whether debt restructuring is no longer possible.
  • Preparation of the application
    • Collection of necessary documentation and submission of the request to the court.
  • Realization of liquidation
    • Sale of assets to satisfy creditors, following a controlled procedure.
  • Closure of the procedure
    • Formal conclusion of the proceeding, with any residual measures for debtor discharge.

• Initial consultation meeting
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LEGAL SERVICES FOR OVER-INDEBTEDNESS IN SAN GIORGIO IONICO
DEBT DISCHARGE AND DEBT RESTRUCTURING



• ANALYSIS OF FINANCIAL SITUATION
  Tailored assistance and detailed evaluation of your finances to understand your over-indebtedness situation.
• CUSTOMIZED STRATEGIES
  Personalized solution proposals to address over-indebtedness based on your specific needs.
• ASSISTANCE IN DEBT DISCHARGE PROCEDURE
  Help in gathering and preparing all necessary documents to initiate the debt discharge procedure.
• LEGAL REPRESENTATION
  Representation in court to ensure your rights are protected throughout the process.
• DEBT RESTRUCTURING AGREEMENT
  Mediation and negotiation with creditors to obtain more favorable payment conditions.
• RESTRUCTURING PLAN
  Development of a debt restructuring plan that is sustainable and acceptable to all parties involved.
• CONTINUOUS SUPPORT
  Plan monitoring and continuous supervision to ensure the restructuring plan is followed and to make any necessary adjustments.
• EXPERTISE AND COMPETENCE
  Years of experience in legal matters and over-indebtedness and debt restructuring issues.
• EMPATHETIC APPROACH
  We understand the difficulties clients are facing and are committed to offering concrete support and solutions.
• PROVEN RESULTS
  A track record of success in negotiating favorable agreements and helping clients regain control of their finances.

INSIGHTS FAQ

• How does the debt restructuring plan work for consumers?
  • The plan allows consumers to propose debt payment according to their economic capabilities. It may provide reductions or installments and is approved by the judge, even without creditor consent.
• What are the requirements to access the crisis composition agreement?
  • The debtor must be a consumer, a small entrepreneur or belong to non-bankrupt categories. The agreement must be approved by 60% of creditors and homologated by the judge.
• Who can request the controlled liquidation of the over-indebted?
  • Consumers, small entrepreneurs, professionals and other non-bankrupt categories can request it. It can be activated both voluntarily by the debtor or by creditors.
• What is debt discharge and how to obtain it?
  • Debt discharge is the cancellation of residual debts at the end of controlled liquidation. It is granted to deserving debtors who have not acted with fraud or gross negligence.
• What are the advantages of the minor concordat for small entrepreneurs?
  • The Minor Concordat allows small entrepreneurs to propose a debt payment plan that, if approved by creditors and homologated by the judge, allows avoiding bankruptcy.
• What is the difference between consumer plan and crisis composition agreement?
  • The Consumer Plan does not require creditor consent, while the Crisis Composition Agreement requires 60% creditor approval. Both must be homologated by the judge.
• How to access controlled liquidation if I have no assets to liquidate?
  • Even without assets to liquidate, you can access the procedure to close debts, and upon completion you can obtain debt discharge. The OCC manages the entire process.
• How long does it take to obtain debt discharge?
  • Times vary based on the procedure, but once controlled liquidation is completed and judge's favorable opinion is obtained, debt discharge can be granted in a few months.
• Can I propose a restructuring plan even if creditors don't agree?
  • Yes, in the case of Consumer Plan the judge can approve the plan even without creditor consent, if deemed sustainable and deserving.
• Which debts can be cancelled with debt discharge?
  • With debt discharge all unpaid debts are cancelled at the end of liquidation, except those that by law are not dischargeable, such as alimony and fines.
• Is it possible to avoid garnishment with a crisis composition agreement?
  • Yes, once the Crisis Composition Agreement is homologated by the judge, all enforcement proceedings like garnishment are suspended, allowing for agreed debt settlement.

• Would you like to book a meeting? Discover how to request an appointment.
  • The law firm operates in the field of managing overindebtedness crisis throughout the national territory using virtual meeting tools. The firm is able to offer its legal services also at the national level, aiming to assist you throughout Italy.
  • The firm is able to offer its legal services also at the national level, aiming to assist you throughout Italy.
  • L'Aurora Law Firm is based in Terracina in the province of Latina: throughout the Italian territory, legal consultation is offered using telematic tools also in the cities of San Giorgio Ionico, Carosino, Faggiano, Monteiasi, Pulsano, Fragagnano, Leporano, Lizzano, Grottaglie, San Marzano di San Giuseppe, Montemesola e Torricella.
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