L'assenza di pregiudizio e il rischio di insuccesso nei piani concordatari

The paper examines the « assenza di pregiudizio » principle (« no creditor worse off ») in insolvency and restructuring procedures, according to which it is necessary to verify that creditors not adhering to a liquidation or restructuring procedure are guaranteed satisfaction at least equal to the amount obtainable from a virtual judicial liquidation. Specifically, the analysis delves into the practical functioning of the principle and the methods of determining the values underlying the verification, namely the values of liquidation and payment. The Author argues that in determining the payment value, it is necessary to apply economic criteria of discounting. In this way, it is possible considering the economic value of the specific methods of satisfaction promised to creditors, highlighting the potential risk that creditors may not receive the promised payments.