Alcune osservazioni empiriche sui concordati preventivi del tribunale di Milano.

Il presente contributo si inserisce in una pi\uf9 ampia ricerca (5), tutt\u2019ora in corso, che raccoglie informazioni circa le caratteristiche delle imprese che accedono alla procedura, la gestione del processo di ammissione con evidenziazione del lavoro dell\u2019attestatore, il ruolo degli organi giudiziari, i costi e i risultati relativi all\u2019esecuzione del concordato. In queste pagine \ue8 presentata l\u2019analisi di un significativo numero di imprese in crisi (835 casi) che hanno richiesto l\u2019accesso al concordato preventivo davanti al Tribunale di Milano. Sono poi valutati gli esiti e alcuni elementi fattuali, con l\u2019obiettivo di verificare come si coniughi la tutela dei creditori con la conservazione del valore dell\u2019impresa. Si tratta ovviamente di una analisi concentrata nello spazio e che utilizza tecniche di statistica descrittiva pi\uf9 che inferenziale. Nondimeno pu\uf2 esser considerato un primo passo per una maggior comprensione dei pregi e limiti del concordato, utile anche in vista delle future evoluzioni normative

PAC (PREVENTIVE ARRANGEMENT WITH CREDITORS): A TOOL TO SAFEGUARD THE ENTERPRISE VALUE.

Italian Insolvency Law has been widely reformed since 2005 in order to introduce new legal procedures aimed at preserving troubled companies, discerning viable from irredeemable businesses, and increasing productivity through a more efficient management of insolvency proceedings. The excessive duration of bankruptcy cases was repeatedly brought to the attention of the European Court of Human Rights, relating to the right to a fair trial in terms of reasonable duration. After the reform, the Preventive Arrangement with Creditors (Concordato Preventivo) became Italy\u2019s equivalent of US\u2019s Chapter 11 and can be considered the main instrument used by small and medium-sized companies (and sometimes large ones) to manage insolvency by avoiding bankruptcy. This paper provides an empirical analysis on filing of Preventive Arrangements with Creditors in the Court of Milan, one of the largest courts in Italy, in the 2005-2014 period. Through the exam of 835 cases, 70% of the total number, the research shows the different features of the procedure, analyzes the characteristics of companies that resort to it and its diverse purposes of liquidation or restructuring. Due largely to the newness of the legislation, along with the complexity of the Italian system, it is rather difficult to generalize conclusions. Nevertheless, the paper shows how Preventive Arrangements with Creditors can be considered a more efficient instrument than the alternative bankruptcy, both in terms of timeframe as well as with creditors\u2018 satisfaction. As part of the overall European reform process of insolvency proceedings, following the 2014 Recommendation issued by the European Commission, Italy seems to provide useful insights for other countries in Europe. The article was appreciated: 1) both at a national level because: 1.a) on the one hand Cespec, that is the Center for Studies for Executive and Bankruptcy Procedures of the Italian insolvency specialized Judges expressed interest in the research resultes and supported a second level survey with the different methodology of questionnaires (obtaining replies relating to 3,000 PAC cases presented in most of the districts of Italian courts); the results of this further research were published in the Bank of Italy Publication "Negotiating tools for the solution of crises of company: the arrangement with creditors "; 2.b) on the other hand, the authors Riva and Danovi were heard at the Second Justice Commission of the Senate in 2017 and at the Second Justice Commission of the Chamber in 2018 in order to propose observations on the text of the crisis and insolvency code; 2) both at an international level since, in the light of the results obtained, the authors Riva and Danovi have been actively involved in the research funded by the EU (European Commission JUST / 2014 / JCOO / AG / CIVI / 7627) "Best practice in European restructuring . Contractualized resolution of the inconvenience in the shadow of the law "(www.codire.eu) which saw the partnership between the University of Florence (Project Coordinator), Humboldt-Universit\ue4t zu Berlin (Partner) and Universidad Aut\uf3noma de Madrid ( Partner), supported by the Consejo General del Poder Judicial (Associate Partner), Bank of Italy (Associate Partner) and OCRI-Entrepreneurship Lab Research Center of the University of Bergamo (Associate Partner). This international research led to: 2.i) the publication of a book and several collective papers and publications edited by the research representatives in the various countries (Lorenzo Stanghellini, Riz Mokal, Christoph G. Paulus, Ignacio Tirado) in which the researches here under consideration were considered as the italian data set reference; those works suggested, on the basis of the results obtained, possible changes to the Insolvency Directive; 2.ii) the presentation of the results obtained in Brussels at the Center for European policy studies on 5 July 2018

Financial illiteracy ed esperienza italiana

Il tema dell'educazione finanziaria, come processo di divulgazione delle informazioni per ridurre il livello di analfabetismo finanziario della popolazione, è stato fortemente promosso dall'OCSE e dalla Commissione Europea nell'ultimo decennio. Queste istituzioni, in particolare, hanno sottolineato l'importanza della scuola per promuovere programmi formativi per i giovani. In Italia, numerose iniziative sono state organizzate da enti pubblici e privati, cercando di coprire tutto il territorio nazionale e coinvolgendo per lo più scuole medie e superiori. Tra di essi, l'Osservatorio sul credito propone agli istituti superiori il programma Financial Education"

PAC (Preventive Arrangement with Creditors): a tool to safeguard the enterprise value

Italian Insolvency Law has been widely reformed since 2005 in order to introduce new legal procedures aimed at preserving troubled companies, discerning viable from irredeemable businesses, and increasing productivity through a more efficient management of insolvency proceedings. The excessive duration of bankruptcy cases was repeatedly brought to the attention of the European Court of Human Rights, relating to the right to a fair trial in terms of reasonable duration. After the reform, the Preventive Arrangement with Creditors (Concordato Preventivo) became Italy’s equivalent of US’s Chapter 11 and can be considered the main instrument used by small and medium-sized companies (and sometimes large ones) to manage insolvency by avoiding bankruptcy. This paper provides an empirical analysis on filing of Preventive Arrangements with Creditors in the Court of Milan, one of the largest courts in Italy, in the 2005-2014 period. Through the exam of 720 cases, 60% of the total number, the research shows the different features of the procedure, analyzes the characteristics of companies that resort to it and its diverse purposes of liquidation or restructuring. Due largely to the newness of the legislation, along with the complexity of the Italian system, it is rather difficult to generalize conclusions. Nevertheless, the paper shows how Preventive Arrangements with Creditors can be considered a more efficient instrument than the alternative bankruptcy, both in terms of timeframe as well as with creditors‘ satisfaction. As part of the overall European reform process of insolvency proceedings, following the 2014 Recommendation issued by the European Commission, Italy seems to provide useful insights for other countries in Europe

The one repetition maximum test and the sit-to-stand test in the assessment of a specific pulmonary rehabilitation program on peripheral muscle strength in COPD patients

Background: Individuals with COPD may present reduced peripheral muscle strength, leading to impaired mobility. Comprehensive pulmonary rehabilitation (PR) should include strength training, in particular to lower limbs. Furthermore, simple tools for the assessment of peripheral muscle performance are required. Objectives: To assess the peripheral muscle performance of COPD patients by the sit-to-stand test (STST), as compared to the one-repetition maximum (1-RM), considered as the gold standard for assessing muscle strength in non-laboratory situations, and to evaluate the responsiveness of STST to a PR program. Methods: Sixty moderate-to-severe COPD inpatients were randomly included into either the specific strength training group or into the usual PR program group. Patients were assessed on a 30-second STST and 1-minute STST, 1-RM, and 6-minute walking test (6MWT), before and after PR. Bland\u2013Altman plots were used to evaluate the agreement between 1-RM and STST. Results: The two groups were not different at baseline. In all patients, 1-RM was significantly related to the 30-second STST (r=0.48, P<0.001) and to 1-minute STST (r=0.36, P=0.005). The 30-second STST was better tolerated in terms of the perceived fatigue (P=0.002) and less time consuming (P<0.001) test. In the specific strength training group significant improvements were observed in the 30-second STST (P<0.001), 1-minute STST (P=0.005), 1-RM (P<0.001), and in the 6MWT (P=0.001). In the usual PR program group, significant improvement was observed in the 30-second STST (P=0.042) and in the 6MWT (P=0.001). Conclusion: Our study shows that in stable moderate-to-severe inpatients with COPD, STST is a valid and reliable tool to assess peripheral muscle performance of lower limbs, and is sensitive to a specific PR program