Notice of a property affected by an insolvency proceeding

1. Does your national system admit such restriction?

This land register system envisages this kind of notice or includes the possibility of registering a notice as such.

2. In your system, once registered this restriction, does it block or freeze subsequent registrations (mostly the ones promoted by the owner of the property) until being removed?

Once registered this restriction, it does not block or freeze subsequent registrations.

3. In your system, in principle, will the registration of this restriction be temporary (under a deadline) or indefinitely (it will be in force until being removed)?

In this system the duration of the registration of this restriction will be indefinite (until removed or deleted).

4. Indicate the national legal sources about this judicial restriction

The Royal Decree n. 267/1942

5. Please, give us an idea about the characteristics of the registration of this restriction in your system

• According to the provisions of art. 16 of the Royal Decree n. 267/1942, new formulation, the bankruptcy decree (term which by virtue of the law delegated to the Government will be converted into «judicial liquidation»), pronounced in the council chamber, fulfills a series of functions, including the identification, by the court of the judge delegated for the procedure and of the liquidator.
• The sentence establishes the place, day and time of the meeting in which the examination of the passive status will be carried out, within the peremptory term of 120 days from the filing (180 in case of particular complexity of the procedure) and to assign to creditors and third parties, who have real or personal rights over the possessions of the bankrupt, the peremptory deadline of 30 days for the submission to the chancery of applications for lodgement.
• The last paragraph of art. 16 L.F. it also establishes that the sentence has its effects from the date of publication.