| This applies only to the transfer of commercial debt, without recourse, that cannot be collected,
according to Italian Law par. 2, art. 1 L. 52/91. |
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| WHEN IT IS ADVISABLE TO TRANSFER A DEBT |
The transfer of debt is useful to eliminate bad debt from the company balance that is unable to be recovered and that contribute to taxable income resulting in an increase of imposed taxes.
In the presence of business earnings it is more convenient to transfer a debt of this nature; this operation generates an economic benefit corresponding to the weight of the imposed tax calculated based on the debt itself. |
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| HOW TO TRANSFER A DEBT |
Once the cessionary company retains the credit dossier proposed by the client to be acquirable, the client sends a transfer of debt proposal letter, open, by registered mail with a signed return receipt accompanied by 2 complete copies of the text of the transfer of debt contract, duly undersigned.
Upon receiving the proposal on behalf of the client as noted above, the cessionary company will provide adequate confirmation sending the analogous acceptance letter, open, by registered mail with a signed return receipt, accompanied by the copy undersigned for the client of the complete text of the transfer of debt contract .
When this simple procedure is completed the contract will be valid and effective between the parties which will fulfill their obligations based on the contractual specifications. |
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