Non-recourse agreement and creditors’ common pledge: a comparative perspective

The e validity of non-recourse agreements, that are widely used in the United States of Ameri- ca, is questioned in those systems where the main rule governing debtor – creditor relations is that of the entire patrimony of a debtor as the common pledge to his/her creditors. e issue is ge ing even more important in recent years, in an a empt to nd useful instruments to encourage a fresh start of debtors. is essay will consider the problem with reference to Italy, Spain and ébec and aims to argue the validity of non-recourse agreements in those systems