Dealing with the crisis is often complex for entrepreneurs. Many of them show an attitude of rejection towards this eventuality and struggle to admit their difficulties until they become such that they can no longer be hidden. The fear of failure and bankruptcy can paralise decisions and makes it difficult for Directors to walk towards turnaround paths. This is the main reason why, trying to manage the negative psychological connotation linked to crisis wording, the Italian Insolvency Code has essentially prohibited the use of the word failure itself and has replaced it by the expression judicial liquidation. Failure recalls the idea of a personal in-success. The introduction of early warning introduces the idea that the crisis should not be stigmatized, as it represents a  possible phase in the life of the company.

More in particular, crises are generally preceded by phases of decline which, if promptly diagnosed and addressed, allow the degenerative process to be stopped and trigger a turnaround. Crises often occur not because they are inevitable, but because companies are unable to understand the warning signs, are unable to identify risks and are consequently unable to monitor threats to prevent them and limit their harmful effects.
In Europe different ways to reach the goal to deal with crisis at an early stage have been implemented. Starting with the Italian one, we will try to consider the different European approaches to the issue.

Concluding remarks will be made by INSOL Europe President, Giorgio Corno.
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If you are interested in attending, please send an email to Patricia Riva at: patrizia.riva@uniupo.it for further information.