73430 - Corporate Crisis and Turnaround

Learning outcomes

At the end of the course, the student acquires the logical and methodological tools for understanding the pathological phenomena of companies, both for the purposes of diagnosis and for the solutions aimed at overcoming critical issues and therefore remedying. These tools take the form of: - Ability to conceptualize crisis phenomena and the lack of equilibrium conditions; - Ability to construct a map of symptoms for the recognition of the state of crisis, with attention to both qualitative and quantitative clues, in a systematic framework; - Ability to ascertain the causes of business failures and the analysis of the various types of crisis, also with reference to empirical evidence. - Ability to identify adequately selected recovery strategies in a way that responds to diagnoses on the ascertained causes of crises. - Ability to analyze predictive tools for the management of turnaround processes, with the examination of suitable planning and monitoring methodologies for restructuring and rehabilitation processes.

Course contents

Crisis, insolvency and bankruptcy
Causes and circumstances of the business crisis
The assessment of business continuity
Diagnosis of the business crisis with financial analysis: balance sheet analysis, credit ratios and scoring

Turnaround management

Financial restructuring operations

Divestment strategies
Operational restructuring operations
The recovery plan: structure and articulation
The certified recovery plan pursuant to art. 67, paragraph 3, lett. d) of the l.f.
The debt restructuring agreements pursuant to art. 182 bis of the Italian Law
The arrangement with creditors
The tax transaction
Procedures and techniques for "certification" of a recovery plan by the professional
Bankruptcy: conditions, declaration of bankruptcy, organs and procedure of the procedure, effects of bankruptcy
The other procedures: compulsory administrative liquidation and extraordinary administration
Economic and financial analyzes in support of social responsibility actions
Testimonials

Readings/Bibliography

Paletta A., Alimehmeti G. (2021) The efficiency of the Italian preventive agreement: a legal, economic and organizational perspective, International Journal of Law and Management Emerald Publishing Limited 1754-243X DOI 10.1108/IJLMA-01-2021-0028

Paletta A. (2022). Adeguati assetti e loro scalabilità alla luce del Codice della Crisi d'Impresa, in Balestra L., Martino M., Crisi d'impresa e responsabilità, in corso di pubblicazione.

D'orazio L., Filocamo F. S., Paletta A. (2015). Attestazioni e controllo giudiziario nelle procedure concorsuali, Collana Insolvency (Osservatorio di diritto e prassi aziendale nelle crisi d'impresa), Wolters Kluwers.

Teaching methods

The course is developed through lectures during which the main themes of the program are addressed with an interactive approach based on discussions, testimonies and case studies. It is important that the student undertakes progressive study during the course of the selected texts for preparation. In addition to the presentation of the contents, there will be continuous moments of application. The goal is to develop authentic knowledge through the acquisition of the student's ability to apply corporate crisis management methodologies.

Assessment methods

The assessment of the learning achieved by the students involves carrying out group work and individual tests.

The group work involves carrying out project work on corporate crisis management issues, with the elaboration of a case study.
The individual test will be conducted at the end of the course through multiple choice questions on the topics covered during the period.

The final mark that the student will achieve is determined by the arithmetic mean of the results achieved in the group work and the individual test.

Teaching tools

Students will be able to access the teaching material on the course's IT platform

Office hours

See the website of Angelo Paletta