Fraudulent bankruptcy is one of the most serious offenses in the Italian economic legal landscape, often associated with illicit practices that harm creditors and trust in the economic system.
Fraudulent bankruptcy occurs when an entrepreneur, in a state of insolvency, commits fraudulent acts to deprive creditors of assets, alter accounting documentation, or misappropriate company resources.
According to the Italian Penal Code, fraudulent bankruptcy is punishable by imprisonment from three to ten years. However, the penalty may be aggravated in the presence of particular circumstances, such as organized crime involvement or the use of sophisticated deceptive means.
"The law severely punishes those who, in a state of distress, manipulate the company's assets to the detriment of creditors."
Participation in fraudulent bankruptcy occurs when multiple people take part in committing the crime. All participants can be held accountable, and the penalties may vary depending on each person's role and contribution.
Fraudulent bankruptcy may be considered aggravated if it causes significant harm to creditors or if it was committed using particularly insidious means. In such cases, the penalties can reach the maximum limits set by law.
If you need legal support on this complex issue, do not hesitate to contact the Bianucci Law Firm. Our team of experts is available to provide you with tailored advice and assistance.