Crisi d’impresa e continuità aziendale: i piani economico – finanziari per il risanamento tra tutela del valore e complessità di esecuzione

This time of particular economic difficulties has required firms in crisis, in order to stay in the market and maintain the economic fabric, to increase their focus toward a going concern attitude. In Italy a specific framework about crisis resolution had found its own legislative expression since the 1942 Bankruptcy Law. The recovery plan, introduced in 2005, represents one of the most useful tools to overcome the crisis and save the industrial complexes by avoiding insolvency proceedings and also ensuring the exclusion from the revocatory actions set up by the debtor. Nevertless, still nothing the law says about about this issue therefore this paper aims to fill this gap which represent a “vulnus” of the current framework. In this context, monitoring the recovery plan allows to measure actual and expected performances therefore permitting to direct the appropriate corrective measures. Itis one of the most relevant operative governance processes to ensure the success of the plan itself but the definition of a standardized operative approach still remains an open question. We focus on the analysis of an operative delta-performance approach, well-constructed and with a high degree of segmentation, which can be used as a tool to allocate resources and properly focus the intentions of the management. After an overview of the relative literature, we develop a scheme which allows, through a deductive analysis, to examine the more relevant dimensions of the recovery and the change derived from this, in order to increase the effectiveness and efficiency of the recovery plan itself. Our contribution consists in a deepening analysis of the monitoring processes for the recovery plan, both under the theoretical and practical aspect and in the proposal of a general valuation approach. Moreover, we link this work to a forthcoming paper which integrates our conclusions by analyzing, through the support of a major Italian credit institution, some cases of success for those firms that has recovered by adopting a recovery plan, in order to find the main key driver to success.