Debt Collection: Plans of action

Plans of action

There are judicious companies that are quick to prosecute insolvency and:

– send the first reminder from their office within 7 days of the due date
– assigning their law firm the task of sending formal notice within 60 days of the due date
– they are served by an efficient law firm that provides for the immediate warning, followed shortly after (in case of non-payment) by filing a claim for judicial payment injunction

This… fine-tuned in the most appropriate way, is what is needed in order to be able to attack the debtor’s property. But – often – that is only half the job….!

There are “bad payers” who are
– used to being sued

or

– overcome by many other pending debts and really do not possess sufficient liquidity

…in both cases, serving them with a judicial payment injunction may not obtain the desired result.

In this case, the worst thing to do is proceed blindly with seizure of their property, by trial and error.

In the absence of a targeted action:
– either you achieve nothing
– or you achieve partial, delayed results with costs that seriously jeopardize the economy of the whole operation

Coming to concrete cases, it is, for example, usually useless to start with seizure of furniture (notoriously the most fruitless of executions), if not forced to do so by the absence of other attachable assets.
On the other hand, forcing bankruptcy on the debtor, often seen at an extreme step – in some cases, just because of its persuasive effect – can lead to immediate recovery.

Hereafter we have elaborated a Plan of Action which normally gives excellent results, i.e. … “the best average result at the lowest cost in the shortest time”.

Note for the reader:

• for every plan of action, the initiatives are numbered in decreasing order of preference.
• the letters alongside each number indicate alternatives to evaluate case by case depending on the specific nature of the case
• These plans of action are recommendations that we consider extremely valid, as they derive from our experience in the field. They are not absolute or general rules, however, because different strategies may be preferable in certain cases, depending on the aspects of the case.

NOTE: The plans of action are divided by type of business enterprise operating in Italy which, however, have corresponding forms – although with different names – in all the other European countries.

·      PLAN OF ACTION no. 1
… my debtor is:
A PHYSICAL PERSON OR INDIVIDUAL COMPANY
1 PROPERTY SEARCH + REGISTRATION FOR JUDICIAL MORTGAGE
2a CURRENT ACCOUNT SEARCH + SEIZURE
2b SEARCH AND SEIZURE OF FIFTH PART OF SALARY
3a SEIZURE OF MOVABLE PROPERTY
3b PETITION FOR BANKRUPTCY
3c CLOSURE OF THE FILE

 

·      PLAN OF ACTION no. 2
… my debtor is:
AN UNLIMITED PARTNERSHIP (S.N.C.)
A LIMITED PARTNERSHIP (S.A.S.)
1 PROPERTY SEARCH OF PARTNERS + REGISTRATION FOR JUDICIAL MORTGAGE
2 COMPANY CURRENT ACCOUNT SEARCH + SEIZURE
3 SEIZURE OF MOVABLE PROPERTY AT COMPANY (NECESSARY TO PROCEED TO NO. 4)
4 CURRENT ACCOUNT SEARCH OF PARTNERS + SEIZURE
5a SEIZURE OF PARTNERS’ MOVABLE PROPERTY
5b PETITION FOR BANKRUPTCY
5c CLOSURE OF FILE

 

·      PLAN OF ACTION no. 3
…my debtor is:
A LIMITED LIABILITY COMPANY (S.R.L.)
1 CURRENT ACCOUNT SEARCH + SEIZURE
2a PETITION FOR BANKRUPTCY
2b SEIZURE OF MOVABLE PROPERTY
2c CLOSURE OF FILE

 

·      PLAN OF ACTION no. 4
…my debtor is:
A CORPORATION (S.P.A.)
1a PROPERTY SEARCH + REGISTRATION FOR JUDICIAL MORTGAGE
1b CURRENT ACCOUNT AND RECEIVABLES SEARCH + SEIZURE
2a PETITION FOR BANKRUPTCY
2b SEIZURE OF MOVABLE PROPERTY
2c CLOSURE OF FILE

 

·      PLAN OF ACTION no. 5
…my debtor is:
AN ORGANIZATION
1 CURRENT ACCOUNT SEARCH + SEIZURE
2 PROPERTY SEARCH + REGISTRATION FOR JUDICIAL MORTGAGE
3a SEIZURE OF MOVABLE PROPERTY
3b CLOSURE OF FILE

Contacts

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Fax +39 011 4464115

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info@studiolegalesurace.it

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10024 Moncalieri (TO) ITALIA

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