The attributive effect of cognizance to arbitrators, proper to the compromissory agreement or the arbitration clause, is paralysed by the prevailing effect, produced by bankruptcy or the opening of extraordinary administration proceedings, of the avocation of proceedings having as their object the ascertainment of a credit towards the undertaking subjected to insolvency proceedings to the special and mandatory procedure for verification of liabilities. In arbitral proceedings, therefore, claims of credit asserted against a party subject to bankruptcy or extraordinary administration cannot be advanced, irrespective of whether regular arbitration or contractual arbitration (arbitrato irrituale) is concerned.