Paluani goes bankrupt, the end comes after last year the historic giant sold its assets to Sperlari for 7.6 million
Bitter end for My returnhistorical company of Dossobuono (Verona) founded 102 years ago (1921) producer of pandoro, panettone and Easter doves owned by Campedelli family, former owner of the Chievo football club, which went bankrupt last year. And a few days ago Maria Attanasio judge of the court of Verona declared the bankruptcy of My return spa appointing curators Matthew Creazzo e Andrea Rossi summoning the creditors on October 23 to examine the state of liabilities. The end comes after Paluani succumbed to last year Speers which belongs to the German confectionery group Kitties International his activities for 7.6 million euros at the auction organized by the same court, which closed on 11 July.
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Why the bankruptcy? The court came to the drastic decision having revoked the admission to the arrangement with creditors procedure objecting to the company a series of critical issues including the “very low percentages of satisfaction of creditors as a result of the fact that against a total amount of almost 82 million euros, the sum that is made available is only 815,660 euros”. More: the financial contributions from shareholders and/or directors for approx 1.7 million “they were all devoid of any guarantee” just as there were “no legal instruments aimed at ensuring a profitable sale of the Dossobuono real estate compendium”.
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Despite the requests of the commissioners of the arrangement “the shareholders, the directors and the mayor have not provided the required guarantees to cover the commitments”, all “with inevitable extension of the times and further prejudice of the creditors’ claims” thereby confirming “the already highlighted unreliabilityas well as the opposition to the principles of correctness and good faith” of the composition plan.
In April 2022, the date of the last accounting representation included in the application for approval of the arrangement, the banks were exposed to My return for a total of approx 35.5 million. It’s about Unicredit, Banco BPM, MPS, Intesa Sanpaolo, Banca Valsabbina, BPER, Caribolzano, Carige, Banca di Verona Credito Cooperativo, Cerea Banca and Credito Valtellinese. The historic Veronese confectionary company was born as an artisan pastry shop in 1921. In 1968 it passed into the hands of the accountant Louis Campedellithe father of the current majority shareholder Luca, who took it over from the bankruptcy court together with the partner Gino Cordioli.
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