Innovations in the bankruptcy code

13/12/2018

In recent times many people often talk about the reform of Italian bankruptcy code and, in particular, the lack of a sufficient number of professionals in comparison with the needs. However, rather than the number of professionals, we need to look at their skills and acquired experiences. In fact, over the last ten years, specific professional skills in the various roles and stages of the crisis of companies have been developed. The expertise acquired in bankruptcy proceedings is different from that one relating to “going concern” activities (restructuring agreements and plans). It’s useful to develop a system for identifying, within professional categories, who is the most suitable to support companies, in accordance with their role and stage. Therefore, since the professional profiles already exist, broadening the knowledge to other professionals, in particular younger colleagues, should not be a problem if addressed through the “learning by doing” approach. The same consideration holds true as regards the increase in the number of statutory auditors. Since in smaller companies the auditors have a different and more extensive approach, it’s necessary to create a transition mechanism, based on the “learning by doing” among different levels of experience.

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