Article 34 Bankruptcy law – The amendments made by Budget Law 2018
The Budget Law 2018 amended the article 34 of Bankruptcy Law regarding the bailment on compulsory liquidation’s bank accounts, enforceable’s bank accounts and bank accounts of seizure procedure.
The legislative action provides that all ammounts on those checking accounts have to merge into the “Fondo Unico di Giustizia” or “FUG”, managed by Equitalia Giustizia SpA. The receiver or advisor will must received authorization by Equitalia Giustizia SpA to make each payments. The new system will may create difficulties and will increase time of collection.
In particoular, all ammounts will must remain in the FUG until the final allocation of assets.
Budget Law 2018 also repealed the last provision of the current first paragraph of aricle 34 of Bankruptcy Law, according to wich amount of money collected could be differently invested to ensure capital integrity.
Andersen & Legal is at your disposal for any additional clarification and explanation.