ITALY Law and Practice Contributed by: Maria Chiara Malaguti, Filippo Rossi and Roberto Longhi, PedersoliGattai
central banks or foreign monetary authorities hold or manage on their own behalf or on behalf of the state and that are deposited with the Bank of Italy in special accounts. The seizure and attachment of these assets is ineffective, and there is no obligation for the Bank of Italy to allocate funds. The ineffectiveness is noted by the enforcement judge, even ex officio. As for the doctrine of veil piercing, Italian courts pierce the corporate veil by holding parent companies or individuals liable for a subsidiary’s debts primarily when there is an abuse of power, disregard for good governance, or fraudulent acts that harm subsidiary creditors. It would thus be rare to apply such a doc- trine in a typical situation of enforcement of an arbitral award.
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