Poor management of solvency and liquidity can lead to major
corporate crises and ultimately insolvency. The Board of Directors
must manage company liquidity accurately and attentively, even when
there are no signs of imminent crisis. The Board is responsible for
proper and timely liquidity planning, adopting measures to ensure
and improve liquidity, and constant liquidity monitoring through
internal control mechanisms. These tasks should be cyclically
updated based on new developments. To optimize corporate liquidity,
measures to improve cash flow and liquid funds, and reduce
uncovered credit positions should be considered. A liquidity plan
with a 12-month horizon, updated regularly, is recommended. The
article compares how Swiss and Italian regulations govern the
responsibilities and tasks of corporate administrative bodies in
managing liquidity and preventing corporate crises.
This article was jointly prepared by Rocco Rigozzi and Andrea
Ziswiler (partners at Bär & Karrer, Lugano and Zurich) for
the Swiss side, and Cristina Fussi and Stefania Merati
(respectively partner and senior associate at De Berti Jacchia,
Milan) for the Italian side.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
