Negotiated settlement of the crisis (composizione negoziata): how many applications, how many positive outcomes, where (Unioncamere data 2026)

In short: according to the six-monthly Observatory of Unioncamere (IX edition, published on 15 May 2026), from 15 November 2021 to 15 May 2026 4,489 applications for a negotiated settlement of the crisis were filed. Of these, 2,847 are closed and 594 closed with a positive outcome, that is 21% of the closed ones. In the fourth quarter of 2025 there were 530 applications, the highest since the tool was launched. For those who sell on credit, it is a signal to be aware of: a client in negotiated settlement is negotiating with its creditors, and it does so more and more often.

How many applications for a negotiated settlement have been filed?

The most recent official figure is that of the Unioncamere Observatory published on 15 May 2026, with data updated to the same date. The applications are those filed since 15 November 2021 through the national electronic platform managed by the Chambers of Commerce.

In the text of the May report the growth of applications in the last half-year is indicated at 29%. The difference between the two editions is 1,006 applications (our calculation on Unioncamere data), consistent with that percentage. Positive outcomes are 184 more than in November 2025, and according to Unioncamere they have doubled compared with a year earlier.

You can see the quarterly trend in the chart of the report: from the fourth quarter of 2024 applications grow significantly, up to 530 in the fourth quarter of 2025 (the highest value since the start) and 455 in the first quarter of 2026.

Another Unioncamere figure, from the Observatory on business crisis (fourth report, press release of 26 March 2026), concerns the calendar year: 1,776 applications in 2025 against 1,048 in 2024. With a 13.2% share of the total procedures started, Unioncamere indicates the negotiated settlement as the main option used by companies in difficulty. For figures on judicial liquidations, read the bankruptcy and liquidation observatory.

How applications are closed: positive and negative outcomes

Of the total of 4,489 applications, the May 2026 report counts three groups, which add up to the total.

Of the 2,847 closed, 594 closed with a positive outcome (21%) and 2,253 with a negative outcome (79%). The success rate, in the Unioncamere definition, is the ratio between applications closed favourably and the total of closed applications. Over the last year the average is 22%, and in the first quarter of 2026 it is 20.2%.

How the positive path closes, according to the chart in the report:

Among the negative outcomes, 54% are due to the negative outcome of the negotiations (art. 17, para. 8 CCII), 31% to the lack of prospects of recovery (art. 17, para. 5) and 15% to the entrepreneur's withdrawal.

Where applications are concentrated: regions and sectors

Applications are concentrated in the North. In the May 2026 report the regions with the most applications are these (number of applications since 15/11/2021):

Lombardy accounts for 22.6% of the total (1,015 out of 4,489, figure reported by the report). By geographical area, the success rate is 27.0% in the North, 19.3% in the Centre and 16.8% in the South (May 2026 report). For the full list of regions, including those with fewer applications, see Table 1 of the report indicated in the sources.

On sectors, the May 2026 report says that the negotiated settlement is used mainly by services, in line with the distribution of active companies, but the values appear only in the chart and we do not report them. For the figures we have two Unioncamere press releases:

• in the press release of 26 March 2026, on companies that used the negotiated settlement in 2025: capital companies 79%; most represented sectors manufacturing 28.5%, wholesale and retail trade 21%, construction 10.2%;
• in the press release of 13 November 2025, on companies that closed with a positive outcome: manufacturing 22.6%, trade 20.8%, construction 15.2%.

The two series refer to different groups of companies (those filing the application in 2025, those closing successfully), so they should not be compared line by line.

How long do the negotiations last and which companies make it?

From the press release of 13 November 2025 (data updated to 10 November 2025): procedures last on average 228 days, 64% of companies use the extension, and reaching a favourable closure takes on average 320 days. In cases of unfavourable outcome, the average duration is 207 days. In the same press release, the success rate for small companies is 9%, below the average.

In the May 2026 report, a comparison between companies that close successfully and companies that close without success, with balance sheet data measured five years before the application (for applications prior to 2025):

What it means for those who sell on credit

A cautious reading, which stays within the figures of the source.

• It is not a rarity. Four and a half years after the launch, applications stand at 4,489, and 530 arrived in the last quarter of 2025 alone. A client that has applied for it may come your way.
• The application is not the outcome. As at 15 May 2026, 1,459 applications out of 4,489 are still being handled. Of the closed ones, 79% had a negative outcome and 21% a positive one: the situation remains open until the procedure closes.
• Protective measures are the rule. 83% of companies (3,725 out of 4,489) requested them. According to Unioncamere they are provisional in nature and must be confirmed by the Court (art. 19 CCII). For a creditor this means that, while the negotiations are in progress, actions over the debtor's assets may be limited. What to do in practice is covered in client in negotiated settlement: what to do if you are a supplier.
• Negotiations last months. With an average duration of 228 days and 320 for favourable closures (November 2025 data), a new order or an instalment payment fits into a situation that remains evolving for many months.
• Bank bad debts are a signal. Among companies that did not succeed, 38.8% had at least one euro of bad debt in the month before the application, against 22.7% of those that did. The figure is descriptive: the report does not present it as a prediction about an individual client.

For the regulatory framework, your role as a creditor and the other procedures, read the Crisis Code: what changes for suppliers and clients.

How to read these data

• Application. It is the request for access to the negotiated settlement filed on the platform of the Chambers of Commerce. It does not measure how many companies are in crisis: it measures how many have chosen this tool.
• Closed, rejected, being handled. An application is rejected by the Secretary General if the company does not complete the mandatory documentation within 30 days, or pursuant to art. 25-quinquies CCII (definition of the relationship). Applications being handled do not yet have an outcome.
• Success rate. Applications closed favourably divided by applications closed. It excludes those still being handled and, in the quarterly chart, the quarters preceding the third quarter of 2022.
• Positive outcome. It means that the procedure closed with one of the tools provided for by art. 23 CCII or with a standstill agreement. It does not measure whether the company will pay all its debts.
• Below-threshold companies. The report indicates as below-threshold those with revenues below 200,000 euro, total assets below 300,000 euro and debts below 500,000 euro: they account for 5% of applications.
• Percentages by region. In the regional table of the May 2026 report some percentages do not match the absolute numbers (for example for Umbria, Basilicata and Molise). For this reason we report the absolute numbers here.
• Different editions, different dates. Data as at 15 October 2025, as at 10 November 2025 and as at 15 May 2026 are not the same moment: always read the date next to the number.

When will the next data be published?

The Observatory on the negotiated settlement is six-monthly: the IX edition is of May 2026, the 8th of November 2025. The document does not state the date of the next edition.

How to check a client before supplying it

The figures tell you that the tool is widespread, not whether your client is using it. For a significant new order:

1. check protests and insolvency procedures with source and date (Negative records and insolvency procedures, 5.90€);
2. for an important client use the Verification report at 19€: beneficial owner, partners and directors, estimated operating credit line, protests and insolvency signals, and comparison with the sector;
3. read the warning signals of a client or supplier in crisis;
4. decide the estimated operating credit line based on what you have verified, and review it if anything changes.

For accountants. If you follow clients who sell on credit, or assist companies evaluating a negotiated settlement, you can use Veryfy without a subscription and without registration: you pay for the single check, for example the Negative records and insolvency procedures check at 5.90€ on the counterparties of a client, or the file for customer due diligence (adeguata verifica antiriciclaggio).

Sources

• Unioncamere, Six-monthly Observatory on the negotiated settlement, IX edition, 15 May 2026 (accessed 11/11/2026)
• Unioncamere, press release of 13 November 2025 (VIII edition of the Observatory, data as at 10 November 2025) (accessed 11/11/2026)
• Unioncamere, press release of 26 March 2026, Observatory on business crisis (fourth report, year 2025) (accessed 11/11/2026)
• National electronic platform of the Chambers of Commerce for the negotiated settlement (accessed 11/11/2026)

Veryfy is not affiliated with Unioncamere or the Chambers of Commerce.