Abstract

The validity of non-recourse agreements, that are widely used in the United States of America, 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. The issue is getting even more important in recent years, in an attempt to find useful instruments to encourage a fresh start of debtors. This essay will consider the problem with reference to Italy, Spain and Québec and aims to argue the validity of non-recourse agreements in those systems.