Recourse Factoring

Central Commercial Factoring Department

business@bancasistema.it

800 691 629
Freephone number
Available Monday to Friday
from 8.30AM to 6.00PM

Product Details

Offices

Milan
Largo Augusto 1/A, ang. via Verziere 13
20122 Milan - IT
Naples
Via Verdi, 35
80133 Naples - IT
Palermo
Palazzo Branciforte - Via Bara All'Olivella, 2
90133 Palermo - IT
Pisa
Galleria Chiti, 1
56125 Pisa - IT
Rome
Via Romagna, 25
00187 Rome - IT

This is a loan for existing receivables, past due or not, due to a company (Assignor) mainly from a Public Administration (Assigned Debtor).

This product is regulated by Italian Law no. 52 of 1991 on Factoring.

The assignable receivables, either past due or maturing, arise from commercial supplies and there must be no prohibition against assignment.

For assignments relating to Public Administrations, the Assignor must be in order with payments to the tax authorities and social security institutions.

Objective

Financing companies that have receivables due from Public Administrations (Ministries, Regions, Provinces, Municipalities, Local Health Authorities, Public Hospitals, etc.).

How

The company assigns its portfolio of receivables to the Bank, in return for the payment of a price, and the Bank acquires ownership of those receivables.

Type of Receivables

Past due or maturing, arising from commercial supply relationships. The assignor must be in order with payments to the tax authorities and social security institutions.

Price

Takes into account market rates (with a spread on the Euribor for the period), the servicing fee and the debtor's rating.

Documents for preliminary analysis

  • Certificate of Good Standing, Deed of Incorporation and Articles of Association
  • Portfolio with list of names proposed for non-recourse factoring and the related amounts

Documents for the approval

  • Last two financial statements and interim report
  • List of bank credit lines
  • Documentation certifying tax compliance
  • Supply contracts, invitation to tender, order