Italy: Insolvency Proceedings
The principles of Italian bankruptcy law are to be found in the general rules on patrimonial responsibility, by which (Article 2740 of the Italian Civil Code, at present in force) the debtor must try to meet his debts with all present and future assets, while his creditors have the same right to be paid out of the debtor’s said assets, except where there are legitimate rights of pre-emption (for example, privileges, special guarantees, mortgages).
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