The decisions of the courts regarding the classification of claims arising from participative loans in the insolvency proceedings

Abstract

There is no jurisprudential doctrine regarding the bankruptcy classification of the claims that arise from participative loans. The authors admit its subordinate status within the insolvency proceedings and mainly include them in the category of claims subordinated by contractual agreement. However, the courts maintain opposing positions. While for some the legal subordination of these claims (which derives from their specific regulation) is ineffective in the bankruptcy proceedings; for others, they represent the paradigm of the contractually subordinated claims