captain sparrow
Forumer storico
ricevuta mail ieri. qui non recuperiamo niente. tradotta in inglese
We carried out the reporting date in the bankruptcy of German Pellets GmbH on October 5, 2016 and would like to inform the following about this.
I. Participants of the meeting of creditors
At the meeting was next to the insolvency administrator, the detailed report and pointing out that the report also can be accessed via the creditor information system online, two registrars who initiated the meeting, and attend the creditors' committee and the joint representative of the different series.
The provisional insolvency proceedings were originally opened as a result of self-application by the Managing Director Peter Leibold and Frank Günther. The proposed self-administration has not been arranged by the legal nurse. Instead, the lawyer Mrs. Schmudde was elected provisional insolvency administrator.
II. Report of the insolvency administrator
The causes of bankruptcy called the insolvency administrator woman Schmudde the end of the hype of the pellets, an oversaturated market and the miscalculation of Mr. Leibold about the market. Primarily woman Schmudde attacked but also relatively significantly on the management because obviously completely lacked a controlling. The fleet, accounting and all other general costs of the Group remained with the German Pellets GmbH and were either not charged or at least not paid.
The insolvency administrator also pointed out that sales decreased steadily since, 2014. Accounting errors would have occurred, and significant revenue obviously takes place only internally. Overall, the balance sheets appear to be "inflated". The insolvency administrator had serious doubts as to the financial statements and balance sheets seen and concluded a liability and the auditor expressly not!
The Company has issued bonds totaling EUR 237 million. The funds are fully spent and no longer exists. Large parts have gone through Austrian foundations in the United States. A new bond issue failed and ultimately led later than mid-2015 to the insolvency of the company. Woman Schmudde pointed out that a complete data acquisition vorliege and a complete proof in respect of all operations is possible in so far. Unfortunately, these declines until today from a brief inspection.
Already since 15/12/2015 no pellets were produced. Partly animal bedding was produced as a waste product in some locations still. The EUR cash allegedly remaining 2 million were already repeatedly pledged. In fact, the insolvency administrator was only 5000 EUR in cash before. With 281 employees, these figures speak for themselves. This was also the reason why Mrs Schmudde had show the mass inadequacy. They also pointed far clearly indicates that the bankruptcy petition had here much earlier must be made. In her report, Mrs Schmudde speaks of a "criminal bankruptcy".
The bank had been sufficient mass loan of EUR 1.4 million for maintaining the proceedings. Large parts of the company have now been sold and substantial funds reach the ground. Due to the multiple collateral these are only partially for the unsecured creditors. Of the total 23 investments in the German Pellets GmbH 11 companies are themselves in bankruptcy, so has no further funds are expected to. Compared to Holdings in the US German Pellets has issued extensive guarantees, most of which were signed in the insolvency table. These are - been disputed by the insolvency administrator - to the extent recognized by us.
It is also amazing the actions of the former head Leibold along with his daughter, who still 11.01.2016 the bClever GmbH founded to extract still present assets of the mass. Participation should be suitable for 1 EUR. It was the Belgian plant in Langerlo. The insolvency administrator has made the transferee "in bad faith" and a challenge to be possible.
Once again pointed woman Schmudde out that in their opinion some "air bookings" were conducted at silos could be manipulated manually and there was not certified scales. In respect of potential claims Receivables a book value of EUR 45 million was recognized as a loan. Of this EUR Only 36 million were so-called intercompany claims that you will not become established. The insolvency administrator assumes that approximately EUR 9 million of receivables are recoverable. For a so-called asset deal were EUR 1.7 million will be paid into an escrow account.
Loan receivables of EUR 203 million against an Austrian company, against the pellets Private Foundation in the amount of EUR 82 million and of EUR 37 million against the IPPG are due until the year 2038! EUR 2.5 million have been paid directly to Mr. Leibold. EUR 44 million have "disappeared" to Eastern Europe.
Woman Schmudde pointed out that liability claims against the auditors be verified, as this did not seem to act with due diligence. Against this also run criminal investigations. Furthermore woman Schmudde liability claims against Mr. Leibold goes out. The bankruptcy filing was made at least 7-8 months late. The unsecured loans are no proper management, so that even from this result claims for damages.
There are can be generated even for EUR contesting claims 4 million. In an outlook woman Schmudde pointed out that they would like to proceed Mr. Alt against Mr. Leibold and the auditors. These gentlemen had already signaled readiness comparison. There is a lively exchange of data with the prosecution. It is expected soon this first results. The mass shortcoming should be remedied soon.
III. Decisions taken the creditors' meeting
Then went the right nurse about in the vote. The insolvency administrator has been confirmed. At the creditors' committee, there was one change. Instead of a lawyer for bondholders a major investor has entered the creditors' committee. Choosing this was a "formal mudslinging". The non re-elected attorney had initially demanded that the voting rights of the bondholders are set to zero, as far as he guessed from this that this would vote him out. This request did not go through after many mutual submission of applications as a result. The choice of the second, exchanged creditors' committee member will probably be challenged in court.
The points then on the agenda, approval of decommissioning, deposit, etc. were taken. The creditors' meeting was at 18 o'clock to end.
IV. outlook
The report by the insolvency administrator has clearly demonstrated that not only claims for damages against Mr. Leibold, but also claims for damages against the auditor Alt are in space.
Unfortunately we have been granted to date, neither the prosecutor nor by the insolvency administrator acts inspection. We stay on the ball because we also represent bondholders who even filed for bankruptcy and therefore are party to the proceedings.
We shall get back this year for you to give specific recommendations for further procedure. Until then we would like to ask for your patience because it is not effective in our view, be premature to initiate legal action. In particular, we would now also consider taking action on the auditor concrete, since this will have a liability insurance.
We will get back to you.
Best regards
Dr. Susanne Schmidt-Morsbach
lawyer
Fachanwältin f. Settle &. Capital Markets
Fachanwältin f. U trade. Company law
Berlin, October 13, 2016
Fai clic
We carried out the reporting date in the bankruptcy of German Pellets GmbH on October 5, 2016 and would like to inform the following about this.
I. Participants of the meeting of creditors
At the meeting was next to the insolvency administrator, the detailed report and pointing out that the report also can be accessed via the creditor information system online, two registrars who initiated the meeting, and attend the creditors' committee and the joint representative of the different series.
The provisional insolvency proceedings were originally opened as a result of self-application by the Managing Director Peter Leibold and Frank Günther. The proposed self-administration has not been arranged by the legal nurse. Instead, the lawyer Mrs. Schmudde was elected provisional insolvency administrator.
II. Report of the insolvency administrator
The causes of bankruptcy called the insolvency administrator woman Schmudde the end of the hype of the pellets, an oversaturated market and the miscalculation of Mr. Leibold about the market. Primarily woman Schmudde attacked but also relatively significantly on the management because obviously completely lacked a controlling. The fleet, accounting and all other general costs of the Group remained with the German Pellets GmbH and were either not charged or at least not paid.
The insolvency administrator also pointed out that sales decreased steadily since, 2014. Accounting errors would have occurred, and significant revenue obviously takes place only internally. Overall, the balance sheets appear to be "inflated". The insolvency administrator had serious doubts as to the financial statements and balance sheets seen and concluded a liability and the auditor expressly not!
The Company has issued bonds totaling EUR 237 million. The funds are fully spent and no longer exists. Large parts have gone through Austrian foundations in the United States. A new bond issue failed and ultimately led later than mid-2015 to the insolvency of the company. Woman Schmudde pointed out that a complete data acquisition vorliege and a complete proof in respect of all operations is possible in so far. Unfortunately, these declines until today from a brief inspection.
Already since 15/12/2015 no pellets were produced. Partly animal bedding was produced as a waste product in some locations still. The EUR cash allegedly remaining 2 million were already repeatedly pledged. In fact, the insolvency administrator was only 5000 EUR in cash before. With 281 employees, these figures speak for themselves. This was also the reason why Mrs Schmudde had show the mass inadequacy. They also pointed far clearly indicates that the bankruptcy petition had here much earlier must be made. In her report, Mrs Schmudde speaks of a "criminal bankruptcy".
The bank had been sufficient mass loan of EUR 1.4 million for maintaining the proceedings. Large parts of the company have now been sold and substantial funds reach the ground. Due to the multiple collateral these are only partially for the unsecured creditors. Of the total 23 investments in the German Pellets GmbH 11 companies are themselves in bankruptcy, so has no further funds are expected to. Compared to Holdings in the US German Pellets has issued extensive guarantees, most of which were signed in the insolvency table. These are - been disputed by the insolvency administrator - to the extent recognized by us.
It is also amazing the actions of the former head Leibold along with his daughter, who still 11.01.2016 the bClever GmbH founded to extract still present assets of the mass. Participation should be suitable for 1 EUR. It was the Belgian plant in Langerlo. The insolvency administrator has made the transferee "in bad faith" and a challenge to be possible.
Once again pointed woman Schmudde out that in their opinion some "air bookings" were conducted at silos could be manipulated manually and there was not certified scales. In respect of potential claims Receivables a book value of EUR 45 million was recognized as a loan. Of this EUR Only 36 million were so-called intercompany claims that you will not become established. The insolvency administrator assumes that approximately EUR 9 million of receivables are recoverable. For a so-called asset deal were EUR 1.7 million will be paid into an escrow account.
Loan receivables of EUR 203 million against an Austrian company, against the pellets Private Foundation in the amount of EUR 82 million and of EUR 37 million against the IPPG are due until the year 2038! EUR 2.5 million have been paid directly to Mr. Leibold. EUR 44 million have "disappeared" to Eastern Europe.
Woman Schmudde pointed out that liability claims against the auditors be verified, as this did not seem to act with due diligence. Against this also run criminal investigations. Furthermore woman Schmudde liability claims against Mr. Leibold goes out. The bankruptcy filing was made at least 7-8 months late. The unsecured loans are no proper management, so that even from this result claims for damages.
There are can be generated even for EUR contesting claims 4 million. In an outlook woman Schmudde pointed out that they would like to proceed Mr. Alt against Mr. Leibold and the auditors. These gentlemen had already signaled readiness comparison. There is a lively exchange of data with the prosecution. It is expected soon this first results. The mass shortcoming should be remedied soon.
III. Decisions taken the creditors' meeting
Then went the right nurse about in the vote. The insolvency administrator has been confirmed. At the creditors' committee, there was one change. Instead of a lawyer for bondholders a major investor has entered the creditors' committee. Choosing this was a "formal mudslinging". The non re-elected attorney had initially demanded that the voting rights of the bondholders are set to zero, as far as he guessed from this that this would vote him out. This request did not go through after many mutual submission of applications as a result. The choice of the second, exchanged creditors' committee member will probably be challenged in court.
The points then on the agenda, approval of decommissioning, deposit, etc. were taken. The creditors' meeting was at 18 o'clock to end.
IV. outlook
The report by the insolvency administrator has clearly demonstrated that not only claims for damages against Mr. Leibold, but also claims for damages against the auditor Alt are in space.
Unfortunately we have been granted to date, neither the prosecutor nor by the insolvency administrator acts inspection. We stay on the ball because we also represent bondholders who even filed for bankruptcy and therefore are party to the proceedings.
We shall get back this year for you to give specific recommendations for further procedure. Until then we would like to ask for your patience because it is not effective in our view, be premature to initiate legal action. In particular, we would now also consider taking action on the auditor concrete, since this will have a liability insurance.
We will get back to you.
Best regards
Dr. Susanne Schmidt-Morsbach
lawyer
Fachanwältin f. Settle &. Capital Markets
Fachanwältin f. U trade. Company law
Berlin, October 13, 2016
Fai clic
