From 15th June 2023 it is finally possible to register in Italy non-possessory pledges.
Non-possessory pledges may be established on movable assets, including immaterial ones (with the exclusion of registered movable assets) used for the business activity or on credits arising out of or relating to such business activity, belonging to the debtor or to another party (third party pledger) and, unlike the pledge regulated by the Italian Civil Code, it does not oblige the pledger to lose possession of the asset.
This mechanism is aimed at facilitating access to financing for companies, which can frequently only offer as collateral assets that are necessary for business activity. In case the pledged assets are sold, the guarantee will be transferred to the product resulting from the processing, to the consideration for the sale of the assets, or to the substitute items purchased with that consideration.
Non-possessory pledges are established by a written deed and must be registered in a dedicated electronic register, managed by the Agenzia delle Entrate (Revenue Agency, national office based in Rome) and called « Registro dei pegni non possessori ». Applications may be submitted by one of the parties concerned (debtor, creditor, third party pledger if any) or by its appointed representative with a digitally signed power of attorney.
With the press release of 14th June 2023, the Revenue Agency announced that from 15th June 2023 the applications, containing the data of the concerned parties, the description of the assets or credits provided as collateral and the information on the deed, can be filled online in the dedicated area of the Agency’s website.
Please do not hesitate to contact us for further advice.
