The economic fallout on SMEs from the pandemic needs to be carefully scrutinized. In this context, are the alert systems set out in Legislative Decree 14/2019 still valid and effective? It is necessary to analyze well the post-virus effects on small and medium-sized enterprises and understand how to intervene normatively also reformulating, where necessary, the code of crisis and insolvency. Most of the countries affected by the Coronavirus have modified or are modifying their insolvency legislation to take into account the difficulties linked to the pandemic. It should be borne in mind that the ordinary insolvency framework is not particularly efficient in dealing with the Covid - 19 crisis, both in the case of insolvent companies that should be liquidated and in the case where there are opportunities for agreements with creditors to proceed with restructuring. Reflections on new regulatory strategies for recovery.