Fraudulent Bankruptcy in the Penal Code: Everything You Need to Know

Fraudulent bankruptcy is a crime of great legal significance, provided for by the Italian penal code, which occurs when an entrepreneur or a company administrator engages in behaviors aimed at harming creditors by concealing or dissipating the company's assets. In this article, we will explore in detail what the penal code stipulates regarding this crime, the possible penalties, and the legal consequences.

What is Fraudulent Bankruptcy?

Fraudulent bankruptcy is governed by articles 216 and following of the Penal Code. It is a type of crime that involves fraudulent acts committed by those managing an economic activity in a state of insolvency. Fraudulent acts may include the removal of assets, falsification of accounting documents, and destruction of accounting records.

Penalties Provided by the Penal Code

The penalty for fraudulent bankruptcy is particularly severe, as it is a crime that undermines trust in the economic system. Penalties may include:

• Imprisonment from 3 to 10 years for the entrepreneur who commits the crime.
• The possibility of disqualification from public office.
• Confiscation of assets obtained through fraudulent activity.

It is important to note that penalties may be aggravated in the presence of particular circumstances, such as recidivism or the use of particularly elaborate means for the fraud.

The Consequences of Fraudulent Bankruptcy

In addition to custodial sentences, fraudulent bankruptcy entails a series of consequences for both the entrepreneur involved and third parties affected, including:

• Loss of credibility: The entrepreneur may suffer significant damage to their professional and personal reputation.
• Exclusion from the market: The ability to start new business ventures may be compromised.
• Repercussions on creditors: Creditors may incur significant financial losses.

How to Defend Against Charges of Fraudulent Bankruptcy

If you are facing charges of fraudulent bankruptcy, it is essential to have adequate legal defense. Here are some steps to consider:

• Gather and present evidence that demonstrates your innocence or mitigates your liability.
• Consult an attorney experienced in criminal law to assess the most effective defense strategy.
• Maintain transparency and cooperation with judicial authorities.

Conclusion

Fraudulent bankruptcy is a complex crime that requires a thorough understanding of the laws and criminal procedures. If you need legal assistance regarding this issue, the Bianucci Law Firm is at your disposal. Thanks to the expertise of Attorney Marco Bianucci and his team of experts, you will receive qualified support to best address your situation. Do not hesitate to contact us for personalized advice.