The firm successfully represents the UK branch of a Swiss reinsurance group in the subrogation action against an Italian entity in bankruptcy proceedings. With regard to this case, it is important to highlight that the subrogation action of the insurer against a third party liable for the loss indemnified, in the event of bankruptcy proceedings of such third party, the subrogation relates to an unsecured credit (rectius the credit towards the entity in bankruptcy proceedings has no privilege) and as a result the recovery is unlikely. Conversely, in the event the third party is covered by a liability insurance, the claim for compensation against such third party – and accordingly the subrogation action – has a privilegeover the indemnity due under the liability insurance cover of the third party, in accordance with artt. 2767 and 2778 n. 11 of the Italian Civil Code.