A court in Florence has
declared local fashion brand Braccialini bankrupt after
rejecting a request for an arrangement with creditors.
The request was filed by the fashion house in June 2016 but
the tribunal on Wednesday ruled that in Braccialini's case there
was the "technical impossibility" of managing a company that is
"at this point insolvent".
The tribunal said that "several uncertainties weighed on the
arrangement", not enabling to "ensure the payment of the minimum
20%" to creditors.
Luxury handbag-makers Braccialini and Tua in 2017 were bought
by Arezzo-based jewelry and luxury brand Graziella Group, which
is continuing production.
Braccialini Spa had retained property of real estate, a depot
and other brands after the acquisition, all assets that will now
be managed by a trustee.
The decision on Wednesday was reportedly affected by the
issuing in 2016 of invoices to four suppliers, all Chinese
creditors, according to court documents.
The agreement included the "duplication of invoices" and
delayed payment of money Braccialini owed to the four Chinese
suppliers, among other things - "operations worth hundreds of
thousands of euros" allegedly made right before and after the
request for an arrangement with creditors, according to the
ruling.
Braccialini's attorneys have denied that the company forged
invoices, insisting it pursued the "interest of all creditors"
and its over 80 employees.
Meanwhile prosecutors in Florence are investigating 25
people, including members of the company's board and trustees
between 2011 and 2014, when the company's crisis worsened.
The label, known for its colorful and trendy handbags and
accessories, celebrated its 60th anniversary in 2013 with a new
museum inside its headquarters in Scandicci, near Florence.
The family-run business was first launched by Carla
Braccialini in 1953 with a collection that included dresses and
hats, as well as bags.
It quickly became popular thanks to its combination of
different materials and bold take on patterns and color.
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