13 Januar 2020

Bio-on officially declared bankrupt

The court has ordered the temporary continuation of Bio-on’s business, authorizing the ‘provisional exercise of the bankrupt entity’ provided in art

A few days before Christmas, on 20 Dec, the court of Bologna declared the bankruptcy of Bio-On S.p.A, the company has announced in a statement on the website.

Dr. Fabio Florini has been named as the delegated judge, and, with Dr. Antonio Gaiani and Prof. Dr. Luca Mandrioli, formerly judicial administrator form the committee of administrative receivers.

At the same time, the court has ordered the temporary continuation of Bio-on’s business, authorizing the ‘provisional exercise of the bankrupt entity’ provided in art. 104 of the Italian Bankruptcy Code, aimed at preserving the continuity of the business as far as possible and preventing its dissolution into separate parts.

A looming problem, given the unwillingness of the banking system to cooperate on granting any further financial support, relates to the salaries of the employees: these will not be able to be paid as of the date these fall due. It will be the task of the bankruptcy trustees to take action as soon as possible in order to submit the application for Extraordinary Wage Integration Intervention due to a business crisis.

Source: bioplastics MAGAZINE, 2020-01-02.

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