L’aziendalista e il governo strategico dell’insolvenza. L’esercizio provvisorio post sentenza e l’“eccezione che avvalora la norma”

This study aims to analyze the role of the operating trustee in temporary operation of the debtor’s business within Chapter 7 proceedings. In order to achieve the research aim, the study adopts a single case study methodology. The case under analysis is Computer Discount, once leading retailer of personal computers and information technology products and listed at Milano Stock Exchange. The case is particularly relevant because it represents a rare instance of court-authorized temporary operation subsequently the entry of a voluntary Chapter 7. The findings highlight that the operating trustee can transform liquidation from a disaggregation process into a value-preservation process. From this perspective, the case provides a conceptual formalization of the operating trustee’s role, showing how strategic management, management accounting and business valuation competences can support the identification, justification and management of temporary continuity when residual value-creating conditions still exist. The paper offers relevant contributions to both theory and practice. From a theoretical perspective, the findings contribute to the literature on crisis management and turnaround strategies, enriching it towards a view of value preservation within insolvency regulatory frameworks. From a practical perspective, the study offers relevant insights for professionals and procedural bodies, supporting their decision-making processes in complex crisis situations.

Parole chiave:Crisis management, Turnaround strategies, Chapter 7, Operating trustee, Single case study

Agostino Crispino, Stefano Garzella, Stefano Marciano, Mauro Mazzoni, L’aziendalista e il governo strategico dell’insolvenza. L’esercizio provvisorio post sentenza e l’“eccezione che avvalora la norma” in "MANAGEMENT CONTROL" 2/2026, pp 45-71, DOI: 10.3280/MACO2026-002003