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14/05/18 09:41

Garbarino Vergani unveiled a ‘memorial' for Italian shipping's fallen soldiers

The maritime lawfirm listed the whole bankruptcy and insolvency proceedings which involved shipowning companies in past ten years, showing how this sector was hurt by 2008 crisis

Marco Mastropasqua

During a lecture held at the City University of London, lawyer Marco Mastropasqua of Genoa-based Garbarino Vergani legal firm, illustrated how the Italian shipping was particularly hurt the financial and economic crisis started in 2008.

Summarizing the events occurred in Italy between 2008 and 2018, Mastropasqua mentioned a sort of 'fallen soldiers memorial' for the Italian shipbuilding industry.

In essence, overall 31 proceedings, encompassing 12 bankruptcies (3 of which fraudulent), 3 extraordinary administrations, 7 pre-insolvency proceedings (composition with creditors) and 9 debt restructuring agreements.

The lawyer recalled the first proceedings started in 2010 (Dimaio Lines, Cooperativa di navigazione Giulietti, Marittima Fluviale di navigazione and Tirrenia di navigazione), the latest ones (RBD Armatori, D’Amato di Navigazione, Giuseppe Bottiglieri Shipping Company, Micoperi e altre) and also the ones in progress.

Furthermore, Mastropasqua illustrated how, in late 2017, Garbarino-Vergani legal firm and himself were particularly enthusiastic for being committed to the financial aspects of the new 'free trade port' project which had to be developed Northern Italy and was supported by the major Italian Bank.

“However, after few months we were asked to quit”, states Mastropasqua, recalling how after summer 2018 every new initiative was halted.

While illustrating how the financial crisis badly affected the transport and shipping markets, Mastropasqua also added that whenever a storm comes, there are two alternatives: going away or, if possible, secure moorings, secure hatch covers and wait for the storm to pass by.

“The question is: was the Italian transport and shipping industry ready to cope with this financial storm? Except for rare exceptions, the answer is no. Shipowners, charterers, insurance companies, brokers, financial service suppliers and even legal firms were not ready”, pinpointed the lawyer.

The crisis badly hurt private enterprises, often based on family-run governance, as well as state-owned companies. 

 

Nicola Capuzzo

 

 

 

Company

City Port

Year

Procedure

  1.  

DI MAIO LINES

TORRE DEL GRECO (NAPLES)

2010

Bankruptcy – fraudulent bankruptcy

  1.  

COOPERATIVA DI NAVIGAZIONE GIULIETTI

GENOA

2010

Enforced judicial liquidation

  1.  

MARITTIMA FLUVIALE DI NAVIGAZIONE

GENOA

2010

Bankruptcy

  1.  

TIRRENIA DI NAVIGAZIONE

NAPLES

2010

Extraordinary Administration

  1.  

SIREMAR

PALERMO

2010

Extraordinary Administration

  1.  

ARMATORI PIANURA

VENICE

2011

Bankruptcy

  1.  

T-LINK

GENOA

2012

Bankruptcy – fraudulent bankruptcy

  1.  

DEIULEMAR

TORRE DEL GRECO (NAPLES)

2012

Bankruptcy – fraudulent bankruptcy

  1.  

HANDY SHIPPING

GENOA

2012

Bankruptcy

  1.  

SMTV – MESSINA

GENOA

2013

Bankruptcy

  1.  

NAVIGAZIONE MONTANARI

VENICE

2013

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

D’ALESIO GROUP

LIVORNO

2013

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

FINAVAL

ROME

2013

 

2017

1st pre-insolvency procedure

out-of-Court composition with creditors

2nd pre-insolvency procedure

out-of-Court composition with creditors

  1.  

NAVIGAZIONE DI CABOTAGGIO

LIVORNO

2014

Pre-insolvency procedure

  1.  

PREMUDA DI NAVIGAZIONE

GENOA

2014

 

2017

Pre-insolvency procedure

out-of-Court composition with creditors

Now fully acquired by Pillarstone

  1.  

MOTIA DI NAVIGAZIONE

VENICE

2014

Pre-insolvency procedure

  1.  

MINOS DI NAVIGAZIONE

VENICE

2014

Pre-insolvency procedure

  1.  

ENERGY SHIPPING

GENOA

2015

Bankruptcy

  1.  

ILVA SERVIZI MARITTIMI OF ILVA GROUP

TARANTO

2015

Extraordinary Administration of ILVA GROUP

  1.  

SCERNI DI NAVIGAZIONE

GENOA

2015

Pre-insolvency procedure

  1.  

FINBETA DI NAVIGAZIONE

SAVONA

2015

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

MESSINA DI NAVIGAZIONE

GENOA

2016

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

F.LLI D’AMATO S.P.A + DOLPHIN TANKER

NAPLES

2017

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

NAVEMAR

MONTE DI PROCIDA (NAPLES)

2017

Bankruptcy

  1.  

MICOPERI DI NAVIGAZIONE

RAVENNA

2017

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

GIUSEPPE BOTTIGLIERI

NAPLES

2018

Pre-insolvency procedure

  1.  

GESTIONI ARMATORIALI

RAVENNA

2018

Pre-insolvency procedure

  1.  

PERSEVERANZA DI NAVIGAZIONE

NAPOLI

2018

Pre-insolvency procedure

out-of-Court composition with creditors

  1.  

BAMBINI SRL

RAVENNA

2018

Pre-insolvency procedure

  1.  

D’AMATO DI NAVIGAZIONE

NAPLES

2017-2018

2017 pre-insolvency procedure

2018 bankruptcy

  1.  

RBD (RIZZO BOTTIGLIERI DE CARLINI)

TORRE DEL GRECO (NAPLES)

2015-2018

2015 1st pre-insolvency procedure

2017 2nd pre-insolvency procedure

2018 bankruptcy

 

 

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