(Il Sole 24 Ore Radiocor) The Court of Milan accepted the request presented by the commissioners of Tirrenia in extraordinary administration to order the precautionary seizure of the assets (movable or immovable) of Onorato Armatori, the holding of the shipowner Vincenzo Onorato who controls Moby and Cin (ex Tirrenia). The sum for which the seizure was authorized, as reported by Radiocor, is equal to 20 million of Euro.
The provision follows the filing of the appeal discussed in the first days of November, when the commissioners themselves had decided to request the precautionary anticipation of the effects of the liability action brought against the owner’s parent company, holding him responsible for the Cin-Tirrenia instability.
On the table the balance of the price for the sale of Tirrenia
The Court of Milan accepted the defense thesis of the Tirrenia lawyers, Professor Pier Filippo Giuggioli and the lawyer Adriano Curti, according to which the responsibility of Onorato Armatori is immediately appreciable for having taken enormous financial resources from Cin (amounting to over 210 million ) such as to prevent the latter from paying the credit of 180 million to the extraordinary administration of Tirrenia for the balance of the price for the sale of the business unit concluded with a contract dated 25 July 2011.
The limitation of the seizure to the amount of 20 million is due to Cin’s presumable possibility of partially repaying the debt owed to Tirrenia as part of the composition plan currently being approved by the Court of Milan.
Recognized the “periculum in mora”
The Court also justified the granting of the precautionary measure of the seizure due to the corporate management carried out by the Onorato family, whose holding company Onorato Armatori has not filed financial statements since 2017. “The company that has not approved financial statements for years, so that it does not give updated information on its patrimonial and financial situation and this to the detriment above all of its creditors “, reads the device,” it integrates in itself the periculum in mora “, that is the danger of dispersion of the patrimonial guarantee due to the liability action initiated in recent months.