The continuity of historic textile manufacturer Marie Claire that seemed to be resolved with the purchase of its productive unit after its bankruptcy and several failed rescues is back in the air. The court that processed your bankruptcy and the transfer of the Villafranca del Cid factory has provisionally seized all the assets and rights of the textile firmas well as the bank accounts and shares of the company that acquired it, For Men, as well as the businessman who led the offer.
A decision that occurs after after more than two months the planned payment has not been made in the agreement by which For Men acquired the production unit of Marie Claire. The commercial court of Castellón has approved this order following the request made by the bankruptcy administrator of Marie Claire, who has informed the judicial body his intention to sue the buyer of the bankrupt firm for non-payment.
The embargo agreed by the Commercial Court of Castellón covers all assets and rights of Marie Claire that were alienated at the timesuch as machinery, stock, raw materials and trademarks. It also includes the balance of all bank accounts and For Men shares, as well as the balance of the accounts of the administrator and sole partner of this company.
After a year without activity, that Spanish company, in alliance with the Polish company Koltex, obtained judicial approval to take over the assets of the century-old company manufacturer and the nearly 80 workers it still had. A process that was full of uncertainty due to problems with guarantees to the Public Administration, such as Fogasa and the Valencian Institute of Finance (IVF), the largest creditor after lending nearly 24 million for the previous rescue of the Castellón firm.
The sale of Marie Claire was authorized to For Men for the price of 250,000 euros and the deed of the purchase and sale contract was made public on September 27. Payment was due on October 1. The bankruptcy administrator has revealed that, upon arrival of the agreed date, no amount was paid, which led the administrator to make several unsuccessful attempts to locate the buyer to request explanations through emails and burofax.
Cautious
Faced with this situation, the bankruptcy administrator requested judicial assistance from the Commercial Court of Castellón, which granted it by means of an order on November 12, an order that has been appealed by the buyer for replacement. While this appeal is being processed, the bankruptcy administrator asked the court to adopt precautionary measures in the face of “non-payment, lack of liquidity and lack of collaboration” of the purchasing company.
In her order dated December 9, the judge has adopted these precautionary measures to avoid possible irreparable damage that could be caused by the delay in the resolution of the claim, in the event that an upholding ruling is issued regarding the administrator’s claims.
The judge also appreciates a “risk of loss of value of the productive unit” of the bankrupt company and “of the brands that make it up”because given the possible lack of liquidity of the buyer and the price offered has not been paid, “there is a danger that the assets and rights that make up said productive unit will be sold, constituted as a pledge or mortgage, or seized by third parties.”
The order refers to the “attitude of the defendant”, who is “delaying, without any justification, the payment of the productive unit”, after not attending to the requirements of the bankruptcy administrator but appealing the request for judicial assistance, which makes “It is evident that this action is harming all parties to this contest.”
Workers without pay and without working
The new owner too has failed to pay the latest payrolls to workersalleging liquidity problems due to the slowness in processing, according to what union sources have revealed. The company, which before the pandemic had employed 500 people, had already made a significant job cut before entering bankruptcy.
Problems with payments have even led to the activity being paralyzed. The company announced to its staff that will close from December 19 to January 6, both included, due to low temperatures that is recorded in the facilities not being able to cope with the gas supply for heating.
Faced with this situation, the new owner blamed the “administrative and bureaucratic difficulties derived from the purchase“delays in some payments a few weeks ago and promised to resolve the situation in a few days and insisted that he had always acted in “good faith.”
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