International businesses and increasing amount of trans border contracts and deals increase the amount of individuals seeking to recover certain amounts from foreign debtors. Based on that, several jurisdictions implemented adequate tools that serve the purpose of debt recovery.
Debt collection represents an effective instrument to deal with a company or individual who fails to comply with their financial duties and obligations. For this reason, debt collection proceedings have been put in place with the purpose of facilitating the economic claim. Generally speaking, Italian procedure includes two legal proceedings: the first one takes place through the amicable communication between the parties involved that settle the financial position. Contrarily, the judicial phase implies going before the Court that will settle the economic situation.
Amicable debt recovery in Italy
This friendly procedure entails the chance of recurring to the services of agencies specialised in debt collection or a lawyer. The procedure begins with the formal declaration where the creditor demands the debtor to pay the outstanding amount. After this – written and oral declaration – in the event of no answer from the debtors, you can ask assistance of an Italian lawyer who is going to draft an injunction letter which will include: the amount, the legal fees, the interests, payment terms and deadline. In the event the debtor will not reply, your lawyers will bring the case to court and demanding a court-ordered collection of debt.
Judicial debt recovery in Italy
In the event the owned amount could not be recovered through an amicable procedure, the procedure turns into judicial one that consist in starting a legal proceeding against the debtor. After that, the court will issue an order for the debtor to pay and, in the event of non-payment, the Court will issue an enforceable decree that may impact over debtor movable and immovable assets.
VGS professional are able to assist you in every stage of your debt collection procedures. Our lawyers have achieved brilliant results negotiating the best condition for our clients. Should you need any information in relation to this matter, please contact us through the online form you find in our website. You will receive a first answer within the next 24 hours.