BBL: Insolvency proceedings opened against the German Property Group / Justus von Buchwaldt appointed as insolvency administrator
Bremen/Hanover: 19.10.2020: On October 15th, 2020, the Bremen District Court opened insolvency proceedings against the German Property Group and appointed Justus von Buchwaldt, partner of BBL Brockdorff & Partner, as insolvency administrator.
Prior to this, the Local Court of Hanover, which is dealing with the proceedings of GPG’s subsidiary Dolphin Capital 80 (DC80), had already appointed Justus von Buchwaldt as insolvency expert for this company. Against this background, he has been able to gain a first impression of the group since September 22nd, 2020 and considers BBL and himself to be in a position to handle the complex proceedings involving more than 150 individual real estate and investment vehicles and numerous foreign creditors.
However, it will take some time to process the case. „We have to work up the accounts of up to 200 companies for four years, secure and insure the real estates, and understand the cash flows,“ says von Buchwaldt. „We must also analyze in which companies the creditors are invested.“
Von Buchwaldt is in close contact with Prof. Dr. Gerrit Hölzle from the law firm Görg, who was previously in charge of the proceedings as provisional insolvency administrator. „Valuable preparatory work was done here to cope with the upcoming tasks, on which we can build.“ He also plans to communicate promptly with all German and international investors and wants to involve them actively in the process within the framework of a creditors‘ committee.
BBL Brockdorff & Partner and especially Justus von Buchwaldt have extensive experience with proceedings involving extensive real estate assets. These include the proceedings of IVAG GmbH, the DRS Group and the Hartmann Group, whose most important property, the Blomenburg, is now a private clinic. The law firm has its own real estate department, which will actively support the securing of the real estate.
For many years BBL Brockdorff & Partner has been one of the leading law firms in Germany with a clear focus on special situations – restructuring, reorganisation and insolvency. With approx. 200 employees and 40 lawyers, the law firm is present throughout Germany. BBL stands for the accompaniment of restructuring projects to prevent crises and for advice in the event of situations threatening the firm’s existence, as well as for the accompaniment of insolvency proceedings or insolvencies in self-administration.
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