1. observe that the incentives of creditors to make recourse to insolvency procedures rather than to informal workouts depend, according to mechanisms not entirely clear, from the characteristics of insolvency procedures. What seems clear is that, other things fixed, the inefficiency of the legal system is an incentive to make recourse to informal workouts (see on this point also M. Bianco and S. Chiri;S Claessens;Le partecipazioni bancarie nelle imprese in Italia: investimenti e ristrutturazioni finanziarie,2002
2. Direct Marketing in Europe: How European Advertising and Media Companies and Agencies see Direct Marketing