Contratti di garanzia finanziaria e regole del concorso

The paper explores the relationship between the rules governing financial collateral arrangements, which are now to be found in the Italian legal system as a result of the implementation of European directives, and the general regulation of insolvency procedures. The paper’s specific aim is to verify whether, and to what extent, in light of a comprehensive interpretation of the current regulations and a correct identification of the interests protected by it, the enhanced protection of the right of the financial collateral taker to realise the collateral securities is to be considered compatible with the principle of the exclusivity of the insolvency assessment of the claims to be satisfied from the assets of the insolvent firm, as regulated by Insolvency Law in order to protect the position of competing creditors.