Debt cancellation: what changes with the bankruptcy reform
The Law n. 155/2017 also intervened in the matter of debts, which is perhaps the institution most affected by changes. In fact, not only the objective area of application of the law is reviewed, but also the subjects involved in the case, thus marking a deep break with respect to the past. This reform, in fact, outlines a specific procedure for each type of subject that is affected by the crisis. In particular, the debit is no longer applicable only to the natural person, but is extended to the institutions, both those organized in corporate form than not.
The intervention from the objective point of view, on the other hand, leads to an internal diversification of the institution in question, so much so that it could be necessary to speak of debts in the plural. Indeed, depending on the type of person accessing it, different eligibility requirements and different procedural procedures are provided.
Shorter procedural times
It is Article 8 of the reform law that deals with debts. The rule provides for an abbreviation of procedural terms, for which the request can be presented immediately after the closure of the procedure, or even after three years from the opening of the same, even if it has not ended. The rationale for this provision is to re – inject the subject into the economy, once the debts are released, being able to go back to creating and circulating wealth.
On the final deadline for the presentation of the application, on the other hand, the reform does not intervene, thus remaining the term already envisaged by art. 143 LF
The so-called simplified debts
The reform provides for the so-called simplified debts, by Inspection pestrade, accessible in cases of minor insolvency. The faculty of creditors remains open to present opposition in order to activate the ordinary procedure. In fact, in the simplified procedure, the contradictory between debtor and creditors is postponed and merely possible. The reference to minor insolvencies is not expressly referred to only hypotheses of over-indebtedness; however, the legislator is left with the faculty of outlining different forms, as can be seen from the literal data of the reform text. Therefore, debt cancellation procedures may also be regulated in relation to insolvency proceedings other than over-indebtedness.