Insolvency proceedings for VidiVici Occhiali
Insolvency proceedings no. 24/09
The appointed Judge
Having read the application made by the official receiver Monica Golfera, filed on 21 May 2009
Having read the expert witnesses’ reports by Prof. Maria Teresa Speziali and Simone Malaguti, from which it emerges:
that the aforementioned company’s operations are generally related to the production and commercialisation of eyewear and the printing of sports items and clothing;
that the company has been run by the owners as a family firm, and thus characterised by the limited adoption of formal strategies, structures and corporate operational systems;
that, in particular, as mentioned in the expert’s report, the “eyewear business is subject to highly specific schedules, whereby the lead time of glasses is around three months, and products remain on the market for an extremely limited period of time, amounting to around six months”;
that manufacturing was entrusted to Italian and foreign outside contractors, selected on the basis of the type of production techniques required for the glasses produced. These circumstances de facto mean that there is no company production process which can easily be sustained during an insolvency sale;
that the situation is in line with that provided for under art. 104 ter (6) Insolvency Law, which allows immediate sale “when the creditors’ interests may be prejudiced by delay”;
that therefore, also in relation to the difficulties involved in the company lease agreement, at present it must be deemed that the conditions laid down under article 2555 of the Italian Civil Code no longer exist, considering the loss of all economic potential linked to the stability of relations with the market and the supplier network;
FOR THESE REASONS
having regard to and in application of articles 104 ter (6) and 107 (2) [illegible];
having assessed the need to provide for the immediate sale of the assets subject to the insolvency proceedings in order to avoid their sudden economic and functional devaluation
Hereby orders
the sale in a single lot of the movable assets belonging to the insolvency proceedings “Vidivici Occhiali”, a company whose corporate purpose is the production and sale of eyewear and the printing of sports items and clothing, as well as relative spare parts and accessories, in addition to precision engineering in all its forms. The sale shall take place on 7 July at 12.30 at the Court of Bologna, at Via Garibaldi 6.
The sale of the group of assets will take place in a single lot according to the sales procedures without auction governed by articles 532 and 570 ff of the Italian Code of Civil Procedure.
l) The auction starting price is € 600.000,00
2) The lot is composed of:
Furniture and furnishings, electronic appliances and office machinery, production accessories, Vehicles [ a) Audi A3 2.0 tdi s. tronic + fap, 2006; b) 2 Fiat Cromas: 1.9 multijet eUTO 4, 2006; c) Fiat ducato 1.9. Multi jet, 2006], warehouse stocks [allocated at the Headquarters of Anzola dell’Emilia (BO) Via Emilia 76 and at STM Group S.r.l. in the municipality of Trezzo d’Adda (MI)], excluding the lots held at the warehouse in Anzola dell’Emilia listed from no. 37 to no. 59 and the unnumbered lot named “showroom accessories” as well as the brand EXALT CYCLE together with all the trademark and licence rights if and insofar as they may be traced back to the business and property of the insolvent company, as specified and analysed in detail in the inventory contained in the insolvency proceedings bundle. The goods in the warehouse bearing the following trademarks and distinguishing signs are excluded from the sale of the company assets:
- Belstaff
- Billionaire
- Cronotech
- Il Blasco
- Mila Schon
- Momodesign
- Sweet Years
- Winx Club (Rainbow)
- Virtus Magellanica
- The sale will not include a computer, video, keyboard and mouse that the receiver reserves the right to choose, and which will be used to save the entire archive of the accounting data regarding the insolvent company
3) Bids higher than the starting price must raise such price by at least € 10,000;
4) Further terms of sale:
At the moment of paying the price, the highest bidder shall, in addition to paying VAT on the bid price, provide for.
Unless otherwise agreed with the owners of the properties, the highest bidder shall provide for clearing the premises within 60 days of the transfer order being issued. Any related charges are at its own expense and it releases the receiver from any liability regarding the failure to redeliver the property. For every day of delay in releasing the real estate properties, a penalty of € 500.00 is charged, to cover which the highest bidder shall submit a deposit of € 20,000 to the receiver in the form of a non-transferable banker’s draft made out to the insolvency proceedings, also to cover any possible damage suffered by the property during the operations of clearing and removal of assets;
5) Each bidder, with the exception of bankrupts and any persons not permitted under law to take part in the sale, shall, by 12.00 pm of the last working day (including Saturdays) prior to that of the sale, submit an application on stamped paper for participation in the auction, together with a receipt showing payment to the savings account held in the name of the insolvency proceedings (opened at the Banca di Bologna, Branch of Bologna Piazza Galvani 4, IBAN: IT18K0888302401DR0160000543) of the sum of € 200,000, provided by way of guarantee deposit. These documents shall be submitted to the Administration Office for Real Estate Enforcement Proceedings at the Court of Bologna, Via Garibaldi, 6;
6) The application for participation shall include the complete details of the bidder; ..
• tax code number;
• in the event of a bid presented on behalf of and in the name of a company, a certificate issued by the Chambers of Commerce specifying the incorporation of the company and the powers assigned to the bidder in the hearing must be submitted;
• regarding the sale, the binding purchase bid shall be filed in a sealed envelope at the Administration Office for Real Estate Enforcement Proceedings Delegated to Notaries, located in the Court of Bologna, at Via Garibaldi, 6; the receipt for the payment made according to the aforementioned procedures shall also be included in the sealed envelope together with the application for participation;
• The highest bidder shall declare residence and elect domicile in Bologna, pursuant to article 582 of the Italian Code of Civil Procedure. In the event of its failing to do so, notices and communications will be filed at the Clerk of the Court’s Office;
7) With regard to the sale the highest bidder shall, no later than 30 September 2009, pay the balance of the price, having deducted the sum already paid by way of guarantee deposit, into the aforementioned savings account, and shall submit the receipt for this transaction to the Administration Office of the Notarial Association of Bologna for Real Estate Enforcement and Insolvency Proceedings, at Via Garibaldi, 6, at the premises of the Court of Bologna.
8) When paying the price the highest bidder shall add to this sum any expenses involved in the bureaucratic requirements related to the transfer of the asset itself and in particular to its registration in the Business Registry;
9) As regards publicity relating to the sale, as provided for under article 490 of the Italian Code of Civil Procedure, the following acts shall be performed:
a) the drawing up of the notice of sale as provided for under article 570 of the Italian Code of Civil Procedure, with posting of the notice for three consecutive days on the notice board of the Bailiff’s Office of the Court of Bologna where the insolvency proceedings are taking place;
b) posting of the notice of sale and expert’s valuation on the internet site www.astebologna.it;
c) commercial publicity by means of publishing an excerpt of the notice of sale in daily newspapers and other newspapers and magazines ACCORDING TO USUAL OFFICE PROCEDURE or on the basis of a SPECIFIC PUBLICITY POLICY filed with the Clerk’s Office of the Insolvency Division, or to be agreed with the Judge and the Official Receiver;
The Court hereby appoints the lawyer Piervincenzo D’Adamo as assistant for the pre-sale operations, since he specialises in such activities pursuant to article 107I eo. of the Insolvency Law, as well as the notary Rita Merone as his co-assistant for the activities subsequent to the issue of the transfer order.
If the assets subject to sale are motor vehicles, registration at the Vehicle Registration Office (P.R.A.) will be at the responsibility and expense of the highest bidder, on the basis of the transfer order as registered by the appointed notary; the material consignment of the assets will be subject to providing evidence of registration at the P.R.A..
