And that leaves Italy - the world's third-largest debtor - vulnerable.

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This can be as much as a third of the total money the debtor pays back.

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In future, debt collectors will be unable to arbitrarily ignore third parties, such as Citizens Advice Bureau, appointed by the debtor.

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The ABC process begins when a debtor company signs a contract assigning its assets to a third-party assignee (like Sherwood), which acts as a fiduciary for the company's creditors.

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