The applicable interest rate for preferred claims in bankruptcy: Order no. 29601 of 2025

Determining the amount of interest to be admitted to the statement of liabilities has always been a matter of great practical and theoretical significance in insolvency law. When a debtor is declared bankrupt, the protection of creditors and the correct distribution of assets require strict rules to avoid disparate treatment. With Order no. 29601 of November 10, 2025, the Court of Cassation has returned to address a crucial issue: which interest rate must be applied to calculate the preferred status of interest, resolving the conflict between general norms and special laws.

The case and the decision of the Court of Cassation

The dispute originated from the opposition proceedings against the statement of liabilities initiated by the State Administration (represented by the State Attorney General's Office, referred to as S.) against the decision of the Court of Verona, which had rejected the request for the admission of a claim applying interest rates provided for by special laws. The Supreme Court, confirming the orientation expressed by the lower courts, dismissed the appeal, reaffirming a fundamental principle regarding the concurrence of creditors.

The decision focuses on the interpretation of the referral made by Article 2749, paragraph 2, of the Civil Code, expressly invoked by Article 54 of the Bankruptcy Law. Here is the official headnote of the ruling:

In the context of admission to the statement of liabilities in bankruptcy, the legal rate - to which Art. 2749, paragraph 2, of the Civil Code refers, as invoked by Art. 54 of the Bankruptcy Law for the purpose of identifying the limits of the preferred status of a claim for interest - refers, similar to that provided for by Arts. 2788 and 2855 of the Civil Code for pledge and mortgage claims, not to the interest rate established by the law governing the individual claim, but to that provided for in a general manner by Art. 1284 of the Civil Code; the latter is, in fact, intended to apply in the situation of concurrence with other creditors resulting from the opening of insolvency proceedings, having regard to the special nature of the Bankruptcy Law (which regulates in a general manner the effects deriving from the judicial ascertainment of the state of insolvency) and the consequent prevalence of the reference contained therein to the regulations set forth by the Civil Code over the reference to other rates possibly provided for by special laws.

Commentary on the decision: the Civil Code prevails

The ruling of the Court of Cassation clarifies that, in the bankruptcy context, the need to ensure equal treatment among creditors (the so-called par condicio creditorum) requires the application of uniform rules. When the Bankruptcy Law refers to the 'legal rate' to determine the extent of the privilege for interest, this reference must be understood in a strict sense, referring solely to the general legal interest rate established by Article 1284 of the Civil Code.

The key points highlighted by the judges of legitimacy include:

• Inapplicability of special laws: Even if the original claim is governed by a special law that provides for a different or higher interest rate, such a rate cannot be used for the extension of the privilege in insolvency proceedings.
• Nature of the Bankruptcy Law: The bankruptcy regulation is a special law that governs the effects of insolvency globally, prevailing over individual sector regulations.
• Uniformity of treatment: The application of Art. 1284 of the Civil Code avoids unjustified preferences in favor of certain public or private creditors to the detriment of the bankruptcy estate.

Conclusions on the scope of the Order

In conclusion, Order no. 29601 of 2025 is in line with previous jurisprudence of legitimacy (in particular with judgment no. 16480 of 2012), consolidating a fundamental orientation for professionals dealing with insolvency proceedings. For creditors filing for admission to the statement of liabilities, this means having to carefully recalculate interest by applying the ordinary legal rate if they intend to have their privilege recognized, avoiding claims based on special rates that would inevitably be downgraded or rejected.