A recent study conducted as part of the European project “Observatory and Initial Training on Business Crisis for MSMEs” (OITBC-MSMEs) has highlighted significant shortcomings in the knowledge and preparedness of European micro and small enterprises regarding new regulations on preventive restructuring and insolvency.
The OITBC-MSMEs project, funded by the Erasmus+ program under Key Action 210 – Small-scale Partnerships in Vocational Education and Training, is coordinated by Casartigiani Arezzo (Italy) in collaboration with OpenCom i.s.s.c. (Italy), PRATICUS – Formação e Serviços de Apoio às Empresas, Lda. (Portugal), Ce Consulting Empresa España SLU (Spain), and Global Business Group Ltd (Bulgaria). The initiative aims to raise awareness and inform micro and small enterprises about the legislative changes introduced by the European Directive 2019/1023, which concerns “preventive restructuring frameworks, discharge of debt and disqualifications.”
The survey sample, which involved 174 companies in the four partner countries, mainly comprises micro or small enterprises with fewer than 50 employees (over 95% of the sample). The results show a worrying lack of awareness: only 1% of respondents claim to be well-acquainted with Directive 2019/1023, while almost 50% have never heard of it.
Despite this gap, companies understand the importance of a proactive approach to crisis management. 64% of respondents believe that the best action in case of a crisis is to develop a preventive restructuring plan with the help of a professional. However, more than half of the companies admit to not knowing the early warning indicators that can signal the onset of financial difficulties.
The study also highlights significant dissatisfaction with current national regulations on business continuity during periods of financial difficulty. Almost 60% of respondents believe existing rules do not adequately support business continuity adequately.
An encouraging finding emerges from the perception of the importance of training: 80% of respondents consider it important or very important to receive specific training on financial risk management. Moreover, over 70% of companies need access to sufficient financial crisis management information.
Michele Rossi, one of the report’s authors, comments: “These results underscore the urgent need to improve the dissemination of information and training in the field of business crisis management. European SMEs show a strong interest in learning but lack access to necessary resources.”
Erina Guraziu, another study author, adds, “It is particularly concerning to note how the lack of knowledge is transversal across all countries involved. This highlights the need for a coordinated approach at the European level to address this common challenge.”
The OITBC-MSMEs project, which will conclude in September 2025, plans to create a digital platform for collecting and sharing documents, coordinated by OpenCom, and promote virtual training and information seminars, led by Ce Consulting. These initiatives aim to bridge the gaps identified by the study and support micro and small enterprises in adopting more effective management practices.
Patrice D,e Micco, another author of the research, emphasizes: “The transnational collaboration, made possible by the Erasmus+ program, allows us to address this common challenge at the European level, sharing best practices and developing innovative solutions.”
The survey provides valuable insights for policymakers, firms’ decision-makers, business support organizations, and businesses themselves. The results highlight the need to develop targeted information campaigns and support mechanisms to help micro and small enterprises navigate the new regulatory landscape effectively.
Preventing and managing business crises is becoming increasingly crucial in an era of increasing economic uncertainty. The OITBC-MSMEs project, thanks to the support of the Erasmus+ program, presents itself as an important step towards strengthening the resilience of European SMEs, thus contributing to the stability and growth of the European Union’s economy as a whole.
