Composition with creditors and disputed claims: ruling no. 21431 of 2024

The recent ordinance no. 21431 of July 31, 2024, by the Court of Appeal of Bari has raised important issues regarding the management of disputed claims in the context of a composition with creditors. This article aims to analyze the significance of this ruling, highlighting the implications for debtors and creditors involved in the procedure.

The context of composition with creditors

Composition with creditors is a tool provided by bankruptcy law that allows a struggling entrepreneur to restructure their debts through an agreement with creditors. One of the most delicate issues concerns the inclusion of disputed claims, i.e., those that are the subject of legal dispute. The Court of Appeal of Bari has reiterated that, in general, the presence of such claims should not prevent their inclusion in homogeneous classes of the composition proposal.

Reasons behind the ordinance

In general, regarding composition with creditors, the existence of claims subject to judicial dispute does not preclude their mandatory inclusion in one of the homogeneous classes provided for by the proposal, or in a specific class reserved for them. This fulfillment, incumbent on the debtor and subject to critical review of the regularity of the procedure that the court must carry out directly, serves a fundamental need for information for the entire body of creditors: on the one hand, such an omission would prejudice the interests of those who do not yet have a definitive determination of their rights (but who can be admitted to vote, pursuant to art. 176 bankruptcy law, with provision for specific treatment in the event that the claims are confirmed or modified in judicial proceedings); on the other hand, it would alter the forecasts of the satisfaction plan for other certain creditors, preventing them from making correct prognostic assessments and from acting in a fully informed manner regarding their vote.

The maxim highlighted by the Court emphasizes the importance of ensuring correct information for all creditors, so that they can exercise their rights knowingly. The inclusion of disputed claims, in fact, not only protects the interests of those who do not yet have a definitive determination but also allows other creditors to accurately assess the satisfaction plan proposed by the debtor.

Implications for creditors and debtors

• Guarantee of transparency: the inclusion of disputed claims allows for a clear view of the debt situation.
• Creditors' rights: creditors can cast an informed and conscious vote, thus influencing the outcome of the composition.
• Risks of omission: the absence of disputed claims could compromise the interests of creditors awaiting a determination.

This ruling represents an important step towards greater clarity and correctness in composition with creditors procedures, affirming a principle that could serve as a guide for courts in future cases.

Conclusions

In conclusion, ordinance no. 21431 of 2024 offers a clear view on the importance of including disputed claims in composition with creditors. The Court of Appeal of Bari, confirming that this fulfillment is essential to guarantee creditors' right to information, has drawn a fundamental demarcation line for the proper conduct of insolvency proceedings. It is therefore crucial for professionals in the sector to consider this jurisprudential orientation in their daily practices.