The Covid-19 pandemic and the restrictive measures adopted in order to limit its spreading led to a social and economic shock, both at the domestic and international level.
The Government adopted various measures to contain the impact of the crisis and to reduce, at least in 2020 and 2021, the risk of insolvency. These measures concerned the containment of costs of businesses through an extension of layoff bonuses and a support to their liquidity through non-repayable transfers, postponement of tax social security contributions due, as well as a moratorium on bank loans.
In the future months, Italian businesses will be confronted by a major challenge which requires a timely implementation and a well-defined action plan, also through the support of external consultants, otherwise they risk jeopardising their going concern and a subsequent exit from the market.
By Enrico Cimpanelli - Partner of Grant Thornton Financial Advisory Services
The Covid-19 pandemic and the restrictive measures adopted starting from March 2020 in order to limit its spreading led to a social and economic shock, both at the domestic and international level, having important consequences on the whole economic context and implying for businesses a reduction in turnover, with significant economic and financial effects, even though at different levels [...]
By Giovanni Marino - Director of Grant Thornton Financial Advisory Services
The lockdown imposed by the Covid-19 triggered a new crisis for Italian businesses similar to that of 2009, when the financial crisis turned into an economic downturn: 2020 actually closed with a 11.4% drop of industrial production compared to the previous year (ISTAT data). This downturn extended to all the main industries and it is the worst ever recorded for consumer goods. [...]
By Gabriele Felici - Partner of Bernoni Grant Thornton
The reform of the business crisis focused on the sustainability of debt as a condition for guaranteeing the going concern; the new forward-looking approach to the management of business crisis focuses on its prevention (risk monitoring and evaluation) and on timeliness (alert system) as the key elements of the legal model of business management. [...]
