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| WHAT IS AN UNCOLLECTABLE DEBT? |
| A debt is considered uncollectable in the case in which conditions that are precise and certain are verified that render the collection of the debt to be impossible. |
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| WHAT ARE THESE CONDITIONS? |
According to Italian law 134/2012 that converted the dispositions contained in the Italian Decree of Development D.L. 83/2012, starting from the accounting year 2012, a credit is considered automatically uncollectable, when this debt has expired by at least 6 months and is of a modest sum according to the limit parameters listed below:
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€ 2.500,00 for companies that invoice up to 150 million euros. |
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€ 5.000,00 for companies that invoice over 150 million euros. |
The other debts are subject to the ordinary normative and fiscal procedure that sanctions the uncollectibility of the debt, given the creditor is able to provide proof of documentation of "elements that are certain and precise" in order to prove it uncollectable, for example:
- Debt recovery claim that has a negative result
- Proven state of insolvency on behalf of the debtor
- Untraceability of the debtor
- Bankruptcy procedures (bankruptcy, debt restructuring agreement, etc.) |
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| WHAT TO DO IN THE CASE OF AN UNCOLLECTABLE DEBT? |
An uncollectable debt in a company budget comports negative fiscal repercussions, in that there is the obligation to pay taxes on sums that cannot be identified, for example "taxable income".
In order for the company budget to "rid" itself of these sums, specific interventions are necessary for example:
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| HOW DO YOU PROVE THE UNCOLLECTABILITY OF THE DEBT? |
The proof of uncollectibility of a debt, substantially consists in the providing documentation that is both suitable and analytic, attesting definitively to the loss.
According to the Circular of the Ministery of the Interior n°557/Pas/6909/12015, the report issued by the debt recovery firm attesting the unfruitful result of the intervention is considered valid documentation to prove the uncollectibility of the unpaid debt. » Read article.
In addition to the attestation of uncollectibility, the specialized debt recovery firm is able to offer other informative instruments useful in supplying the necessary documentation to support the declaration of uncollectibility of the unpaid debt, for example the specific economic-patrimonial verification carried out in relation to the debtor. This consents not only to assess the possibility of insolvency on behalf of the debtor, but also to evaluate the most suitable type of procedure in order to proceed, if necessary, to the tax exemption of the sum.
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