The Court of Cassation, with judgment no. 18084 of July 3, ruled that the establishment of a trust and the related acts of asset transfer are enforceable against creditors only if they result from formalities with a certain date prior to the bankruptcy.
This principle confirms the prevalence of creditors’ rights over those of the trust, even when the applicable foreign law provides for less stringent requirements.
In today’s edition of Il Sole 24 Ore, an article by Luca Pescatore analyzes the decision of the Supreme Court, highlighting how Italian rules, while recognizing the trust, prevail in order to ensure the highest level of protection for creditors.
The full article, reserved for subscribers, is available at this link.