Prevention is better than cure. A consortium of entrepreneurs, citizens and fans of Ancona football to save the club from a possible bankruptcy by avoiding the courtrooms to keep up what today seems to be creaking. The accounting records of the red and white club are not yet known, to understand the actual liabilities and any exposures it has in addition to the missed salaries not paid to the players for two months, but there could be the basis for taking it over before the default. The idea came from the accountant Gianni Ciotti, former administrator of Ancona Revenue and also former administrator of Ancona football at the time of the Serie A and of the owner Edoardo Longarini, who involved the lawyer Davide Favia in light of a recent ruling issued by court of Ancona which opened up to the forced approval of debt restructuring agreements for a private company by drawing on an article of the business crisis and insolvency code, the Ccii. As long as 40% of the debt is covered, the tax settlement was accepted by the judge (the ruling is at the end of May) because the proposal was more convenient than the liquidation alternative (with a company in difficulty you risk getting even zero euros) . The club can continue to operate and this could also be the case for US Ancona, which could at least sign up for Serie D and have its city retain a football team.
“We can even set up a championship – say Favia and Ciotti – we need a small investment from the people of Ancona and those who care about the team. It would be a corporate restructuring. Tiong would sell it with the debts and everything else and at least twenty people notice it.” Of the white knights ready to put their hands on the wallet, the first would be Ciotti and Favia but there would also be others interested. A consortium with which an appeal is launched to join but first the financial statements that the company should present by next June 30th will have to be examined. With a recovery plan induced by the consortium’s shares, fewer debts would be paid.
The procedure implemented for the private company, to restore the company, is an agreement that the company itself stipulates with its creditors and which it files with the competent court which must monitor compliance with the law and if so, approves it, i.e. approves it. “The agreement can materialize in a write-off of the debt – explains Ciotti – in an extension of the payment time or both. The premise of this procedure is that the proposed agreement must be more convenient than judicial liquidation. The ruling of the court of Ancona recently applied is the same one used by Sampdoria Calcio and also by Reggina Calcio. A procedure that could also be used to save our beloved Ancona Calcio.”
