The Court has declared Cellino’s Brescia bankrupt, with debts of 20 million
The club, which has competed in Serie A and Serie B for 114 years, has been placed into compulsory liquidation
On Massimo Cellino’s 70th birthday, the Court of Brescia ordered the compulsory liquidation of Brescia Calcio, bringing to an end the history of the club which had competed in Serie A and Serie B for 114 years. The decision follows the club’s exclusion from the professional leagues for failing to meet financial deadlines and the subsequent initiation of insolvency proceedings.
The ruling by the insolvency judges – according to Luca Bonavitacola, the lawyer representing chairman Massimo Cellino – acknowledges the company’s total liabilities of 20 million euros, comprising 10 million in loans and 10 million owed to preferential creditors and others.
“It’s a shame,” commented the lawyer, referring to a decision that “was inevitable and a foregone conclusion; I haven’t yet spoken to President Cellino”. It is unlikely that the ruling will be appealed. Creditors will now have to submit claims to be included in the list of creditors within the deadlines set by the court for the creditors’ meeting in the autumn.
