- Recovery of assets.
- Possibility of expansion of the insolvency estate.
- Clarification of the liability of former managing directors or the company’s executive bodies based on the Insolvency Code and the relevant laws.
- Clarification of filed claims in quantitative and qualitative terms.
- Investigation on assertion of claims on the part of the insolvent company.
- Investigation of assertion of avoidance claims based on the Insolvency Code and the respective relevant laws.
The activities carried out in this context go far beyond the classic work of lawyers, auditors or tax advisors. In addition to the data from the accounting department, all relevant files and correspondence relating to the business transactions in question are subject to an extensive investigation. Under previous assignments, new bases for claims had been identified, leading to compensation claims amounting to double million EURO figures.
Recent cased on the execution of extensive economic forensic services for the insolvency administrator in proceedings in Germany:
Case I:
4 holding companies with 85 subsidiaries, the German holdings being held by 3 Luxembourg holdings and a US company which financed the group with a volume of approximately € 1 billion. 37 companies from the group had filed for insolvency, while the others were first continued operationally, to then be liquidated in the best possible way for the benefit of the creditors.
- An important task in this case has been to clarify the very confusing intercompany relationships between the various holding companies and the respective subsidiaries and between the various subsidiaries as well. The insolvency administrator received a final report which led to assert extensive claims regarding non-insolvent subsidiaries.
- Another task was the successful recovery of assets which had been removed from the respective insolvency estate due to the very complicated group structure and company disposals.
- Furthermore, the work performed lead to a significant contribution to successfully disputing claims filed during the insolvency proceedings, as these had been filed without justification.
- In total, the economic forensic work in the various insolvency proceedings enabled us to identify €17.5M as the basis for claims.
Case II:
Manufacturing company with 180 employees and a turnover of approx. 90 million euros, which was part of an international group of companies.
- Determination of liability claims against former managing directors and other corporate bodies of the company.
- Focus on examining and questioning given arguments to exonerate the management.
- Determination of the legal basis for claims within a very short period in order to assert the claims without delay.
- In a period of only 1,5 months, facts supporting claims had been compiled, counterarguments of the former executive bodies against the claim of our client were refuted through intensive analysis of business transactions and correspondence.
- The claim was set at around €35M.
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