Company crisis settlement, still few rescue applications

Economy - published on 29 July 2022
Source: Unioncamere del Veneto press office
President Pozza, Unioncamere del Veneto: Black autumn for bankruptcy risk, new procedure essential to safeguard business continuity. Chamber system allied with business owners to create
business culture.
In the first six months since the entry into force of the negotiated settlement for resolving business crises, 20 applications were submitted throughout the Veneto region and 359 experts were
registered on the special list to assist companies in the recovery process. Numbers far below expectations. The measure, which became effective with the latest corrective measures on 15 July, is
struggling to take off, perhaps also due to the mistrust of small entrepreneurs, traders, artisans and farmers. But the chamber of commerce system, which manages the self-assessment platform to
diagnose the health of the business, strongly supports the value of the tool in helping businesses to strengthen, grow and avoid the risk of default.
The negotiated settlement platform – recalls Unioncamere del Veneto President Mario Pozza – is an agile, voluntary and absolutely confidential tool. One area is reserved for
the submission of formal crisis applications, but the system also provides a public, informative section with a ‘crisis test’ that allows entrepreneurs, especially ‘micro’ firms, to have a
diagnosis of the financial and equity health of their business. So as not to put our heads in the sand, but to face market turbulence with a view to safeguarding business continuity.
To date, there are 20 above-threshold procedures handled by the Regional Commission, which is based at the Venice-Rovigo Chamber of Commerce as the regional capital: 6 in Treviso-Belluno, 4 in
Venice-Rovigo, 5 in Padua, 3 in Verona and 2 in Vicenza. But the small numbers are not an effective thermometer of the good health of our economy. According to Unioncamere Veneto’s Barometer of
the Regional Economy, in the first quarter of 2022 there were already 138 bankruptcies and arrangements and 1632 closures and liquidations.
Now a difficult autumn awaits us – Pozza comments – with a regional economy that was already slowing down in the first months of this year, on which the aftermath of the pandemic,
the impact of the conflict in Ukraine, and the increase in energy and raw material costs and inflation are weighing dramatically. Added to this are the problems of the Superbonus, the fall of the
government and the possibility of a credit crunch.
We have been living in the ‘bubble’ of state intervention that has slowed the death of companies, but now it is in danger of bursting. In this problematic context, the negotiated settlement
appears to be a necessary paradigm shift to get away from the idea of bankruptcy and give priority to business continuity.
In the Veneto list of Experts, to date 305 accountants, 46 lawyers and 8 managers are registered: crucial figures of consultants and negotiators, who can support the entrepreneur in
being aware of his means, recognise the signs of crisis and play in advance to intervene promptly with corrective measures, with a view to the recovery and survival of the company with its heritage
of know-how, jobs and induced activities.
The Veneto Chamber of Commerce system is strongly committed to projects aimed at spreading and growing the culture of business crisis prevention and constant monitoring of the adequacy of
organisational, administrative and accounting structures.

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