The Italian Civil Procedure Code provides for certain rights and safeguards for debtors in the event of a third-party pignoration. Art. 72 bis is one of these provisions, and it outlines the procedure for opposing a third-party pignoration. This article will provide an overview of Art. 72 bis, and explain the opposition process to third-party pignoration.
Overview of Art. 72 Bis
Art. 72 bis of the Italian Civil Procedure Code provides a mechanism for debtors to challenge a pignoration of their assets held by a third party. This article sets out the procedure by which a debtor can oppose a pignoration, and the rights they are afforded in doing so.
The article requires that the debtor must be notified of the pignoration at least seven days before it is to take place. This allows the debtor to prepare their opposition to the pignoration. The debtor must then submit their opposition to the court within the following three days. The court must then decide on the opposition within a week of receiving it.
Opposition to Third-Party Pignoration
Once the debtor has been notified of the pignoration, they can submit an opposition to the court. The opposition must be accompanied by the necessary documentation, such as the debtor’s financial statements and proof of payment of the debt. The court will then review the opposition and decide whether it is valid.
If the court finds that the opposition is valid, the pignoration will be cancelled. If the court finds that the opposition is not valid, the pignoration will proceed as planned. In either case, the debtor will be informed of the court’s decision.
Art. 72 bis of the Italian Civil Procedure Code provides debtors with an important safeguard against third-party pignoration. The article outlines the procedure for debtors to oppose a pignoration, and the rights they are afforded in doing so. Understanding the opposition process is essential for debtors who wish to protect their assets from pignoration.