Small Object Bankruptcy
What are the conditions?
1. The overdue debts to Banks - Funds, State and Insurance funds must be cumulative:
a) more than 30.000 €,
b) at least 6 months overdue and
c) at least 60% of all debts to Banks - Funds, State and Insurance funds.
2. The private individual must have property worth up to 350,000 € (the value for real estate is calculated on the basis of the E.N.F.I.A.).
3. The company (including the type of individual) must have a turnover of up to 2.000.000 €.
What is the procedure?
1. The bankruptcy petition is filed electronically through the Electronic Solvency Register and is addressed to the competent local Magistrate's Court.
2. After the filing of the petition, there is no need for a hearing (unless a creditor intervenes to have the bankruptcy dismissed).
3.If the bankruptcy property is not sufficient to cover the costs of the proceedings, then the bankruptcy is not declared and the applicant is simply registered in the Electronic Solvency Register.
The Second Chance Act allows for the discharge of debts to all creditors, individuals, professionals and businesses, through the simplified Small Business Bankruptcy procedure.