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The winery cooperative Terre Cortesi Moncaro, based in the Italian region of Marche, is being liquidated by court order. This was decided by the competent court in Ancona on October 25. Thus, the hopes of saving the ailing company, which has been struggling for months, have been dashed for the first time.
For years, the largest winery cooperative in the Marche was considered a model business: 615 members, 1200 hectares of vineyards, of which 120 are owned, over 30 million euros in revenue, and wineries in the three main wine-growing areas of the region. The headquarters in Montecarotto produces the white wines of Castelli di Jesi (Verdicchio), while the locations in Conero and Piceno produce red wines.
Since February 2024, the future of the winery has been uncertain. At that time, the board of directors removed long-time managing director Doriano Marchetti and transferred his position to vice president Donatella Manetti. He was accused of making financial decisions unilaterally and without the knowledge of the board. Additionally, the cooperative was significantly behind in paying salaries and suppliers.
The mutual accusations between the new and old management reached a peak in early July when two suppliers filed for insolvency proceedings due to claims amounting to approximately 1.3 million euros. On July 25, the court appointed expert Marcello Pollio as the court administrator, thereby halting all enforcement and security measures of individual creditors.
Pollio was primarily tasked with convincing the employees to resume vineyard maintenance and secure the 2024 harvest. On September 4, Moncaro signaled its willingness to enter into a settlement procedure, which initially halted the insolvency application. In early October, the Italian Ministry of Enterprises and Made in Italy (MIMIT) revoked the powers of the Moncaro board and appointed Giampaolo Cocconi as commissioner. According to Gambero Rosso, on October 16, he noted a "serious liquidity and financial crisis of the cooperative as well as the impossibility of establishing an adequate settlement plan within the timeframe set by the court.".
The court in Ancona could only order the liquidation of the winery due to debts of 38 million euros and outstanding tax claims of 768,000 euros. Now, the priority is to continue business operations and secure the wine stored in the wineries. As for the future of the cooperative, various paths remain open. Once the ongoing institutional conflict is resolved, a solution can be worked on.
"It is clear that the conflict between the Ministry of Made in Italy and the court will not facilitate the liquidation," says Michele Bernetti, president of the consortium "Istituto marchigiano di tutela vini" (IMT). "It would definitely be nice to find a regional solution within the industry, but I am aware that this will not be an easy path. Otherwise, we do not see any danger from a foreign investor: if it works, all the better."
(ru / Gambero Rosso)