Rules for liquidating a company

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A debtor may be declared bankrupt through its own motion or a petition filed by any creditor or the public prosecutor.

Bankruptcy is the standard insolvency liquidation procedure and is aimed at selling or realising all of the assets of the debtor and paying any creditors.

Debtors conducting a business activity (either individuals, partnerships or companies) are subject to bankruptcy liquidation if they exceed any of the following thresholds in at least one of the three previous years: Further, the court may reject a petition if there is no evidence that the debts due and payable amount to at least €30,000.

Debtors not reaching these thresholds are eligible on a voluntary basis to the simplified liquidation procedure governed by Law 3/2012 as small businesses.

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When a company has ceased to trade and entered into voluntary liquidation, it is considered insolvent if it cannot pay all creditors in full.In extraordinary administration, the court opens and closes the procedure and decides on appeals in the proof of debt phase. In administrative liquidation procedures, the court: What is the extent of creditors’ involvement in liquidation procedures and what actions are they prohibited from taking against the insolvent company in the course of the proceedings?In bankruptcy liquidation, the creditors’ committee: Individual creditors have a limited role within the procedure.Creditors are paid with the proceeds of the sale of the business and other company assets.Administrative liquidation is a special liquidation procedure in which the entity is liquidated under the control of the relevant administrative authority that oversees the industry in which the entity is active (eg, the Bank of Italy for banks and financial institutions and the Insurance Supervisory Authority for insurers).

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