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. (2013). Tempestiva Emersione dello Stato di Crisi e Qualità dei Piani di Concordato: Prime Evidenze Empiriche. Il Fallimento, anno XXXV, n. 9/2013, p. 1037-1050.

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.

Paletta A. (2014), “Piano attestato di risanamento”, in M. Ferro (a cura di), Legge Fallimentare Commentario teorico-pratico, Wolters Kluwer – Cedam, Padova, pp. 883-938.

Paletta A. (2014). “La relazione del professionista sull’attuabilità dell’accordo di ristrutturazione dei debiti ex art. 182 bis L.F.”, in M. Ferro (a cura di), Legge Fallimentare Commentario teorico-pratico, a cura di M. Ferro, Wolters Kluwer – Cedam, Padova, pp. 2548-2562.

Paletta A. (2014). “Il piano di ristrutturazione nel concordato preventivo”, in in M. Ferro (a cura di), Legge Fallimentare Commentario teorico-pratico, Wolters Kluwer – Cedam, Padova, pp. 2027-2113.

Paletta A. (2014). “Il corredo informativo da allegare al ricorso e la relazione del professionista ex art. 161 L.F.”, in M. Ferro (a cura di), Legge Fallimentare Commentario teorico-pratico, Wolters Kluwer – Cedam, Padova, pp. 2162-2199.

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

Written exam at the end of the course. The 60-minute test may include multiple choice questions, open-ended questions, short practical applications.
Learning evaluation grid

Sufficient preparation and analytical skills, expressed in a formally correct language → 18-22;

Technically adequate preparation, sufficient analytical skills, even if not particularly articulated, expressed in correct language → 23-26;

In-depth knowledge of the topics covered in the course, good analytical and critical skills, mastery of specific terminology → 27-29;

Very in-depth knowledge of the topics covered in the course, critical analysis and connection skills, mastery of specific terminology → 30-30L.

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