The descending parable of Paluani, a historic confectionery company based in Dossobuono, closes with the word failure. The end comes from the court of Verona which declared the bankruptcy of the company founded in 1921, famous for the production of pandoro, panettone and Easter doves owned by the Campedelli family, already known for having been the owner of the Chievo football team. Over the years the company has encountered serious financial difficulties up to the sale of its activities to Sperlari, a subsidiary of the German confectionery group Katjes International, for a value of 7.6 million euros in the auction organized by the court last year.
The court took the decision to declare Paluani bankrupt after revoking the admission to the composition with creditors procedure. The reason for this decision lies in the critical issues encountered by the company, in particular in the low percentages of satisfaction of creditors. Although the total amount of debts amounted to almost 82 million euros, the amount available for the satisfaction of creditors was only 815,660 euros. In addition, the financial contributions of shareholders and directors, amounting to approximately €1.7 million, were without any guarantee. No legal instruments were provided to ensure a profitable sale of Dossobuono's real estate assets, thus increasing the company's financial difficulties.
Despite the requests of the commissioners of the arrangement, the shareholders, the directors and the mayor failed to provide the necessary guarantees to cover the commitments, further delaying the time and damaging creditors even more.
At the time of the request for approval of the composition, which took place in April 2022, the banks were exposed to Paluani for a total of about 35.5 million euros.
After the sale of production activities to Sperlari, Paluani 1921 Spa, under the management of the German company, tried to recover and realign itself with the lost market shares, working to reabsorb seasonal workers. However, the original company, Paluani Spa, was the subject of a different fate. Preserving the properties, it has suffered a series of partial disposals over time. Now, with the court's decision to declare bankruptcy, new trustees have been appointed to manage the situation.