Italian bankruptcy law (art. 160 comma 2, l.f.) allows a company proposing a voluntary agreement to offer a partial repayment to its privileged creditors just as long as the offered payment is higher than the amount they would obtain in the event of liquidation. This amount has to be determined on the basis of the market value and it has to be stated in the appraisal of an accounting expert. Whereas previous literature has dedicated large attention to the contents and the objective of this appraisal, little, if any, discussion can be found on the methodology to be followed to determine the proceeds in the event of liquidation “on the basis” of the market value. This is probably the case since previous works are in most cases of legal nature and structure, whereas answers to such an issue has to be sought in the current value accounting literature. This work, exploiting that literature, investigates the links between the concept of “market value” and that of “proceeds in case of liquidation” and it ends up developing a model that frames the possible reasons that can justify any difference between them so to assist the expert in determining the latter once he has obtained the former.
I rapporti tra valore di mercato e ricavato in caso di liquidazione nella relazione giurata ex articolo 160 l.f. comma 2
CAPALBO, Francesco;
2013-01-01
Abstract
Italian bankruptcy law (art. 160 comma 2, l.f.) allows a company proposing a voluntary agreement to offer a partial repayment to its privileged creditors just as long as the offered payment is higher than the amount they would obtain in the event of liquidation. This amount has to be determined on the basis of the market value and it has to be stated in the appraisal of an accounting expert. Whereas previous literature has dedicated large attention to the contents and the objective of this appraisal, little, if any, discussion can be found on the methodology to be followed to determine the proceeds in the event of liquidation “on the basis” of the market value. This is probably the case since previous works are in most cases of legal nature and structure, whereas answers to such an issue has to be sought in the current value accounting literature. This work, exploiting that literature, investigates the links between the concept of “market value” and that of “proceeds in case of liquidation” and it ends up developing a model that frames the possible reasons that can justify any difference between them so to assist the expert in determining the latter once he has obtained the former.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
