Monaco has been declared insolvent and is increasingly close to judicial liquidation.
The As Monaco District Court ruled on Wednesday that the Principality’s club was insolvent. Excluded from the national championships pending the outcome of its appeal to the Administrative Court, Roca Team is moving ever closer to liquidation.
Delayed in 24 hours , the ruling of the Monaco District Court was finally delivered on Wednesday. And it comes as another blow to AS Monaco club: the reigning French champions title have been declared insolvent retroactively to July 1st.
This verdict is hardly surprising, given that on September salaries of the club’s twenty or so employees have still not been paid yet. The court has appointed a judge-commissioner and a trustee to establish a statement of claims, including the 21 million euros owed to the National Financing Company (the Principality’s financial arm) which had enabled the season to be completed, their admissibility, nature, and also the amount.
One last call?
Following this work, the court will decide on the club’s future, likely either receivership or liquidation. “The club has 15 days to appeal this ruling from court. This option will potentially be exercised if the Paris Administrative Court were to order, in summary proceedings, the reinstatement of the first team in Nationale 1 before the expiry of this period ,” commented Xavier Le Cerf Galle, the lawyer for Roca Team, which is now awaiting this final verdict.
As a reminder on this case, the club from the Principality was excluded from the national championships and had its application for registration in Nationale 1 rejected by the French Federation and then the CNOSF (French National Olympic and Sports Committee) in mid of September , due to a debt now estimated at €27.8 million by the presiding judge during a hearing on last Friday. In the event of AS Monaco’s liquidation, men’s basketball in the Principality would only exist through the association, which competes in Nationale 3 (fifth division).
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