Edicom Servizi è iscritta nel Registro dei Gestori delle Vendite Telematiche con PDG 2 del 4/08/2017

How to participate


Real Estate Executive Procedures

REGISTRATION : the user interested in participating in the sales proposed on the website www.garavirtuale.it must register following the procedure on the home page, entering all the mandatory data and the required documentation. Once the registration procedure has been completed, the system will send an email to the user at the email address provided, containing a link for activating the profile. By registering, the user accepts the general conditions of the service and the processing of personal data by Edicom Finance Srl.

ENVELOPE / TELEMATIC OFFER : for sales relating to real estate executions and insolvency procedures (in the event that they are carried out by the delegated judge according to the provisions of the code of civil procedure envisaged for forced execution), the user to participate in the sale must deposit an offer in a sealed envelope electronically. The offer for telematic sale is drawn up and encrypted using a software developed by the Ministry, in the form of an electronic document with no active elements. For more information, it is possible to consult the “Regulations containing the technical and operational rules for carrying out the sale of movable and immovable property electronically” reported on the following link .

Type of sale:

  • Synchronous sale : procedure for carrying out the auction or tender in the real estate sale without enchantment in which the bids are formulated exclusively electronically in the same unit of time and with the simultaneous connection of the judge or the referent of the procedure (delegated professional) and of all bidders;

  • Mixed synchronous sale : procedure for carrying out the auction or tender in the real estate sale without enchantment in which the bids can be formulated, in the same unit of time, both electronically and by appearing before the judge or the referent of the procedure (delegated professional) ;

  • Asynchronous sale : procedure for carrying out the tender in the real estate sale without enchantment in which the bids are formulated, exclusively electronically, in a predetermined period of time and without the simultaneous connection of the judge or the referent of the procedure (delegated professional).

Securities Executive Procedures

REGISTRATION : the user interested in participating in the sales proposed on the website www.garavirtuale.it must register following the procedure on the home page, entering all the mandatory data and the required documentation. Once the registration procedure has been completed, the system will send an email to the user at the email address provided, containing a link for activating the profile. By registering, the user accepts the general conditions of the service and the processing of personal data by Edicom Finance Srl.

REGISTRATION : (participation without filing an electronic envelope): to participate in an asynchronous tender, the user, after having logged in to the portal after registering, must register with the same through the relative detailed lot sheet, simultaneously paying the deposit request (if applicable), by credit card (immediate registration) or bank transfer (registration following verification). Once the deposit has been verified, the user can participate in the tender by entering his offer * and making any bids.

* The offer inserted is to be considered irrevocable.

Types of asynchronous sales made available by the portal

ASYNCHRONOUS SALE (without filing an electronic envelope) : methods of conducting sales without securities enchantment (also by means of a commission agent) whose bids are formulated exclusively electronically, in a predetermined period of time and without the simultaneous connection of the judge or the contact person the procedure (delegated professional);
  • Timed Auction : timed online sale with variable duration with a predetermined auction base. The user who, at the end of the term, entered the system with the highest bid compared to the auction base wins the tender;

  • Flash auction : timed online sale with a duration of 24 hours. The user who, at the end of the term, has entered the highest bid in the system wins the tender;

  • Immediate award: immediate online sale with a predetermined price, the item or stock is immediately awarded to the user who offers the price indicated by the system;

  • Free bidding : timed online sale with zero auction base. The user who, at the end of the term, has entered the highest bid in the system wins the tender;

  • "Auction with extension" mode : in the case of offers received within 3 minutes prior to the deadline set for the conclusion of the types of tender listed above, the auction will be extended for a period of 3 minutes starting from the time of receipt of the offered by the system.

    Example:
    Race End : 12:00
    Extension : 3 minutes
    Last Offer : 11:59
    New Race End Date : 12:02 (11:59 + 3 min)

Reference legislation


the commission agent is a specialized private subject, appointed by the Judge in order to proceed with the sale of the attached movable property.

Pursuant to art. 532 of the code of civil procedure The execution judge orders the sale without enchantment or through commission agent of the seized assets.

The foreclosed items must be entrusted to the judicial sales institute, or, with a motivated provision, to another person specialized in the sector of competence registered in the list referred to in Article 169-sexies of the provisions for the implementation of this code, in order to proceed to the sale as a commission agent.

[II]. In the same provision referred to in the first paragraph, the judge, after having heard, if necessary, an appraiser with specific technical and commercial preparation in relation to the peculiarity of the asset itself, fixes the minimum price of the sale and the overall amount until the which the sale must be carried out, and may impose a deposit on the commission agent.

The judge also sets the total number, not less than three, of the sales experiments, the criteria for determining the relative discounts, the methods of depositing the sum obtained from the sale and the final term of not less than six months and not more than one year. upon expiry of which the person in charge of the sale must return the documents to the registry. When the documents are returned pursuant to the previous period, the judge, if there are no instances pursuant to Article 540-bis, orders the early closure of the executive process, even when the conditions referred to in Article 164-bis do not exist. of the implementing provisions of this code.

"The judge also sets the total number, not exceeding three, of the sales experiments, the criteria for determining the relative discounts, the methods of depositing the sum obtained from the sale and the final term not exceeding six months, upon expiry of which the person in charge of the sale must return the documents to the registry. When the documents are returned pursuant to the previous period, the judge, if there are no instances pursuant to Article 540-bis, orders the early closure of the executive process, even when the conditions referred to in Article 164-bis do not exist. of the provisions implementing this code. "

[III]. If the value of the things results from a stock exchange or market price list, the sale cannot be made at a price lower than the minimum indicated therein.

The art. 530, paragraphs VI and VII of the Italian Code of Civil Procedure, (introduced by Law no. 24 of February 22, 2010), establishes "The judge of the movable execution may establish that the payment of the deposit, the presentation of offers, the conduct of the tender between the bidders and the auction, pursuant to articles 532, 534 and 534bis, as well as the payment of the price, are carried out electronically. In any case, the execution judge may order that the advertising provided for by article 490, second paragraph, be carried out at least ten days before the deadline for the submission of offers or the date of the auction "

The provision contained in art. 532 I ° paragraph, cpc, to another subject specialized in the sector of competence, in order to proceed with the sale as commission agent, leads to the following conclusion: commission agent can be a stock market operator, a mediator registered in registers or roles, the bailiff , the IVG, and in any case a private subject authorized by the judicial authority to carry out an activity which, while also responding to purposes of public interest, has an entrepreneurial nature in the legal sense.

Art. 169 sexies d.att cpc at each court a list of specialized subjects is established as per article 532 of the code for the custody and sale of seized movable property.

Competitive Procedures (Real Estate and Securities)

REGISTRATION : the user interested in participating in the sales proposed on the website www.garavirtuale.it must register following the procedure on the home page, entering all the mandatory data and the required documentation. Once the registration procedure has been completed, the system will send an email to the user at the email address provided, containing a link for activating the profile. By registering, the user accepts the general conditions of the service and the processing of personal data by Edicom Finance Srl.

REGISTRATION : to participate in an online competitive procedure, the user, after logging in to the portal after registering, must register with the same through the relevant detailed lot sheet, paying the required deposit (if applicable) in advance, by card. credit (immediate registration) or bank transfer (registration following verification). Once the deposit has been verified, the user can participate in the tender by entering his offer * and making any bids.

* The offer inserted is to be considered irrevocable.

ENVELOPE / TELEMATIC OFFER: as an alternative to the procedure for registering for the tender, if provided for by the order / specification of sale, the user to participate in the sale must submit an offer in a sealed envelope electronically . The offer for telematic sale is drawn up using the guided procedure on the detailed sheet of the goods on sale.

Types of synchronous sales for bankruptcy procedures made available by the portal

SYNCHRONOUS SALE (only in case of electronic envelope request) : procedure for carrying out the auction or tender in the real estate sale without enchantment in which the bids are formulated exclusively electronically in the same unit of time and with the simultaneous connection of the judge or the referent of the procedure (delegated professional) and of all bidders;
  • Direct sale : direct sale in synchronous mode, which is carried out on a pre-established date and time between all bidders at the same time.


Types of mixed synchronous sales MIXED SYNCHRONOUS SALE (only in the case of an electronic envelope request) : procedure for carrying out the auction or tender in the real estate sale without enchantment in which the bids can be formulated, in the same unit of time, both electronically and by appearing before the judge o to the referent of the procedure (delegated professional); for bankruptcy procedures made available by the portal

  • Live Auction : sale in synchronous mode where online bidders bid in real time with the participants in the room.


Types of asynchronous sales for bankruptcy procedures made available by the portal

ASYNCHRONOUS SALE (without filing an electronic envelope) : methods of conducting sales without real estate and movable enchantments (including through commission agent) whose bids are formulated exclusively electronically, in a predetermined time frame and without the simultaneous connection of the judge the referent of the procedure (delegated professional);
  • Timed Auction : timed online sale with variable duration with a predetermined auction base. The user who, at the end of the term, entered the system with the highest bid compared to the auction base wins the tender;

  • Expression of interest : sale in the form of an "invitation to offer". The goods or stocks put up for sale through this method have an indicative estimated value. Users can enter, within the deadline allowed by the system, a binding purchase proposal, even with a value lower than the indicative estimate price, which will be subsequently evaluated by the competent bodies (Judicial Authority, Curator, Commissioner, etc.);

  • Collection of competitive offers : the goods or stocks offered for sale through this method have an indicative estimate value. Users can enter, within the deadline allowed by the system, a binding purchase proposal and make bids. Subsequently, the offers received will be evaluated by the competent bodies (Judicial Authority, Curator, Commissioner, etc.). Following the evaluation, the property may be awarded or a timed tender can be set starting from a Base Auction Price equal to the best offer received;

  • "Auction with extension" mode : in the case of offers received within 3 minutes prior to the deadline set for the conclusion of the types of tender listed above, the auction or collection of offers will be extended for a period of 3 minutes starting from 'time of receipt of the offer by the system.

    Example:
    Race End : 12:00
    Extension : 3 minutes
    Last Offer : 11:59
    New Race End Date : 12:02 (11:59 + 3 min)

Reference legislation


pursuant to art. 107 bankruptcy law "The sales and other liquidation deeds put in place in execution of the liquidation program, are carried out by the trustee through competitive procedures, also using specialized subjects, on the basis of estimates made, except in the case of assets of modest value , by expert operators, ensuring, with adequate forms of advertising, the maximum information and participation of the interested parties ".

In the liquidation program, the trustee must indicate the methods and times of sale for each asset or type of asset. In order to arrive at a precise identification of the characteristics of the "competitive procedures" to be implemented, the primary requirement is to provide suitable qualification tools, being able to evaluate as competitive only those procedural mechanisms that are aimed at obtaining the best possible result, in the shortest possible time, with the greatest possible transparency.

In line with the above considerations, together with the reading of some basic rules contained in articles 105 et seq. LF and in the absence of a specific regulatory provision, "competitive sales" can reasonably qualify as such when they provide for:

  • An incremental bidding system;

  • Adequate publicity and absolute intra-procedural transparency obtained by communicating to the parties;

  • Pre-established and non-discretionary rules for selecting the bidder;

  • Complete and total accessibility to all interested operators