According to the most recent studies, the current uncertainty regarding Covid-19 pandemic together with the need to recover the reduction in turnover generated during the lockdown, will cause liquidity problems for at least 60% of Italian firms. Even if the main objective is the return of turnover to pre-pandemic levels, liquidity undoubtedly plays a central role in the recovery. The economic scenario raises doubts about the ability of companies to generate cash flows to ensure daily operations.During the crises, especially for those generated by liquidity issues, the enterprise risk involves several stakeholders. In the past, in Italy, there has been a shift of risk from equity to debt involving creditors in a role that did not belong to them and leaving them the decisions on the company’s destiny. The effects of the current crisis will probably be assessed only in a few months. However, it is estimated that by the end of 2020 new impaired loans will emerge for an amount of 100-120 billion euros, almost equal to the total exposures held by banks.Firms losses in FY20 could deriving from the effects of the lockdown, the “historical problems” and also due to the mechanism for assigning the rating / support by the banks. The “shift of risk” to other financial operators, such as funds and servicers, changing the legal entity, could increase the possibility of financial injections, and could allow significant support to Italian firms.A proactive vision can expect the increase of the numbers of operators as well as the specialization of them and of the professionals by sector and by size of debt or investment, also in support or in collaboration with the major funds that relate with credit institutions for mass purchases. This would allow greater competence to support all companies, creating the conditions for the generation of value and adequate returns.