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Editor in chief: Angelo Scorza
16/04/18 11:51

D’Amato di Navigazione bankruptcy procedure: the ownership is opposing

The D’Amato family has lodged a complaint against Naples Tribunal objecting five motivations (at least)

D’Amato di Navigazione shipping company was declared bankrupt by Naples Tribunal.

However, according to Ship2Shore, the ownership (D'Amato family) already lodged a complaint, listing five motivations and demanding cancellation of final verdict.

Two motivations relate to constitutional issues and non-existence of a bankruptcy act, considering Equitalia did not oppose the request for referral lodged by D'Amato in the complain submitted by Lawyer Ferdinando Grammegna.

According to the company the verdict is extremely wrong in fact and law.

The situation, which has been going on for years, began in 2008 when the economic crisis started to hurt the company, as illustrated by the group, when Agenzia delle Entrate suggested to negotiate an accord considering the potential income generated by the Michele D'Amato.

However the ship was sold to Greek buyers in 2014, as demanded by financing bank (German Commerzbank), therefore removing one of the key elements which supported the agreement with the Italian Tax Agency.

The company, currently still owing the treasury overall 14 million Euro, definitely needs to find a new solution.

D’Amato di Navigazione, however, has always objected tax audit results and also won few arbitrations.

On the other hand Equitalia continues insisting and the dispute has been submitted to the Court of Justice.

In early2017, Equitalia issued a bankruptcy order against D'Amato di Navigazione, in turn objected  by the company.

Naples-native shipowning family subsequently attempted to negotiate a further agreement with Equitalia but due to some mistakes, not depending on D'Amato, the deal wasn't sealed.

In mid 2017, in order to counter bankruptcy proceeding the company's management filed a blank composition with creditors to Naples Tribunal and in parallel continued negotiating with competent institutions.

Finally the Tribunal, which didn't receive the final composition (the ownership was waiting to seal the agreement) determined to declare bankruptcy.

However the D’Amato family already lodged a complaint confiding to finally sort out the dispute  and return to operation, as recently announced by the helm of the company, Maddalena D'Amato.

Nicola Capuzzo

TAG : Bulker