The “registration match” for Reggina is still openalthough we are now at a disadvantage and with the road decidedly uphill. The first misunderstanding to clarify is that, formally, the amaranth club has not yet been excluded from Serie B. The outcome of the Covisoc investigation does not represent a provision and neither will the new reasoned opinion which will arrive on July 6 after the presentation of the amaranth appeal. The decision will be taken, as specified in the Manual of National Licenses, by the Federal Council on 7.
a single point
Reggina is not up to date for just one reason: it hasn’t paid around 800,000 euros, the remainder of the pending tax debt after the 95% cancellation received with the debt restructuring plan. There are no other reasons. Only the non-compliance with the peremptory deadline of 20 June as established by the rules of football, although the counterpart sentence had indicated 12 July as the deadline. A provision which, according to Covisoc and what can be read in the certified email sent to the amaranth company and which has become public domain, would be a sentence which “is not yet definitive as the deadlines for filing a complaint are pending”. A notation, the latter, which has not convinced more than a few jurisprudence experts.
Payment already honored?
The debt restructuring plan, among other things, was granted thanks to the presentation of economic guarantees for five million euros. This detail would work in favor of the amaranths, since it could make the famous payment of 800,000 euros, in fact, already honoured. This evidence will probably be part of the appeal that Reggina will present to Covisoc by 7 pm on 5 July. It will not be possible to integrate fulfilments, therefore paying that outstanding debt immediately would not bring any kind of benefit for the purposes of enrollment.
The interpretation of the rules
Attention, in particular, to article 85 (letter E) of the Noif, revised just in April. The law in question requires teams that have resorted to the Company Crisis and Insolvency Code to honor all periodic obligations, with an exception for a particular type of debt. Precisely those for which “as a result of the homologation of the competent Judicial Authority or with an equivalent provision that has become definitive, the effects of debt relief are explicitly established”. That “or” is a conjunction which, in fact, from Reggina’s point of view could legitimize having been able to follow the deadlines set by the counterpart of the Court. This rule is combined with the other statement that has often been spoken of, i.e. 169/A. The one that, for the registration to the championship of the teams that have used the CCII, asks to observe all the fulfilments “unless otherwise prescribed” by provisions such as the homologous one.
More roads
The generic notation of the Covisoc is that Reggina is not up to date with tax and social security debts as of 31 December 2022. In the manual of National Licenses it is specified that this type of pending can be settled “also through the legislative provisions in force”. And Reggina has chosen the path of “Salva Imprese” which is a state law, as is “Salva Calcio”. Many clubs, benefiting from the latter, will continue to pay these due dates in installments over the next few years and will finish after July 12, 2023, without having any kind of problem. On this issue, the communiqué of the Municipality and the Metropolitan City speaks of “two different weights and two different measures”. Another detail is that in order to register for the championships, the teams must be up to date with transactions and installments with the tax authorities until May 31st. That of Reggina is a deadline “born” on June 12 with the sentence of the Court.
Appeals and change of ownership
Although, at this point, registration for the championship is no longer certain, Reggina will still pay the 800,000 euros by 12 July. This will be the fundamental basis for advancing one’s reasons at every possible level of judgement. At the same time, work is being done on the transfer of the company which could soon be formalized on the basis of an agreement subject to participation in the next Serie B. “The talks – reads the club’s press release – with potential investors are continuing in due confidentiality in order to guarantee healthy and prospective business continuity”. A message spread with the umpteenth press release perhaps not very empathic towards a fan base that is experiencing a delicate moment and that today would prefer more detailed answers. An entire population that, after having assured almost unconditional support, would like more explanations as to why this situation has arrived.
