This article by Luca Sala and Marco Grappa (Partners of PGS Consulenti) highlights the fact that, in the case of plans under Article 67 of the Bankruptcy Act, recovery has been clearly achieved when all debtors have discharged their obligations or on expiry of the term of the business plan. Recovery may also be deemed to be complete even prior to expiry of the plan where it is judged that the financial situation has stabilised following positive events.