in the restructuring market have recently emerged and consolidated, such as servicers and turnaround funds. This context determines an increase in competition with an effect on the purchase price of impaired loans in turn influenced by the significant presence of guaranteed debts granted by the Italian State. It seems reasonable to expect a growing focus and specialization of operators on the assessment and management of the underlying credit relating to the company. The assessment includes 2 key elements: payback period and governance. Sometimes, the urgent repayment leads to M&A processes, assimilating the restructuring process to that of private equity. The development of the secondary market for non-performing loans or M&A is therefore expected in favor of more resilient companies.The situation of SMEs appears to be more difficult, both due to a lesser attention paid by creditors to corporate debt management and to a lesser willingness to grant loans. SMEs often identify with the entrepreneur, making changes in ownership and governance more difficult. Finally, the restructuring market attracts professionals who have not gained particular experience in these contexts in which, given the uncertain balance, an error of approach can lead to irreparable consequences. The selection, as always, will be made by the market in the hope that, in the meantime, the damage will be contained