The parent, following lengthy negotiations with the banks aimed at the restructuring of the companies’ debts , was unable to fully meet the accumulated debt. In December 2014, with the assistance of the Osborne Clarke team, the parent company entered into with its subsidiary a lease of business agreement for the subsidiary’s business with the aim of concentrating within a single company the production and sale of the subsidiary’s products.
Both companies then sought leave of the courts to enter into an arrangement with creditors in business continuity, and were duly admitted by the Milan Court in July 2015; they also presented proposals for a tax settlement with INPS (national social security entity) and the Tax Authority. Both the Tax Authority and INPS have accepted the tax settlement.
The debts subject to restructuring amounted to just under 15 million Euro for the parent company and approximately Euro 2.5 million for the subsidiary, of which approx. Euro 4.915 million and 1.086 million Euro respectively were the subject of the tax settlement.
Filippo Canepa commented: “We are very satisfied with the result , in particular because this relates to only the third and fourth tax settlement accepted by INPS in the Lombardy Region since, in November 2008 , art. 182ter of the Bankruptcy Law was extended to social security contributions. The first tax settlement accepted by INPS in September 2013 was also one of the matters on which my colleague Matteo Lamperti and I worked”.