Companies in crisis, 2023 shows no signs of improvement and the new Business Crisis Code does not help

Milano Finanza conducted an interesting in-depth analysis of the management of the business crisis in Italy. Based on data released by the Cherry Sea Observatory, according to which new judicial liquidation and bankruptcy proceedings opened in 2023 increased by 26% compared to 2022, experts in the field were interviewed. High interest rates, difficulties in accessing credit, and an increasingly unstable macroeconomic and geopolitical context are contributing to the worsening situation of Italian businesses. According to Mirko Tramontano, CEO of My Credit, 'we are at a historic moment where corporate debt, especially among SMEs, has become a social problem of systemic importance. It is clear how substantial, among other things, the commitment of the financial world is, which, while respecting the economic interests involved, can be of help to the weaker players in the market. With this in mind, the social securitisation project was recently presented, the first in Italy to be supported by an institutional investor, My Credit, with a significant capital contribution. This is a first step in reducing the distance between creditor and debtor."