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An Overview about Italian companies facing the financial and economic crisis. A cultural revolution

Patrizia Riva, Roberta Provasi
International Journal Of Economics And Business Research ISSN: 1756-9850
JR-SIE (Versione 2.0 - 18/09/2013) : E Journal Rating AIDEA 2015 (Bozza) : C - 2014-01

Since 2007 a financial crisis has hit economies. Each nation
identified tools to help companies face numerous daily difficulties. This paper
identifies some intermediate solutions from purely contractual (informal)
arrangements for debt rescheduling between debtor and creditors to formal
reorganisation or liquidation procedures. This techniques form a continuum
based on the degree of judicial intervention and the degree of formality in
general. Italian bankruptcy law has been recently modified to introduce:
recovery and resolution planning. Formerly, the main aim of Italian bankruptcy
and business recovery used to be the protection of creditors; now the goal is
claiming priority to safeguard companies and reduce their difficulties. The
government recognise that difficult situations can be solved in much the same
way as private issues. The phenomena is relevant as in the first six months of
application, the number of pre-insolvency agreements submitted to the Italian
courts have been more than doubled.