The insolvency thriller about the German Property Group has been enriched by another chapter: The Bremen District Court has now rejected the bankruptcy application, while German Property has filed an immediate complaint. The court confirmed both when asked. In the proceedings, which are lucrative from the administrator’s point of view, the Bremen Regional Court, as the higher-level authority, has to decide whether the local proceedings with the preliminary insolvency administrator Prof. Dr. Gerrit Hölzle von Görg can be continued. However, the Hanover District Court continues to examine its jurisdiction for the case.
Gerrit Hölzle
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The decision of the Bremen District Court was preceded by a letter to the court commissioned by the former managing director of the German Property Group, Charles Smethurst. Among other things, Smethurst complained that there was too little time between the relocation of the company previously located in Hanover-Langenhagen and the filing for insolvency. The district court sees this as the main reason for its decision to reject the bankruptcy petition. After the complaint, the Bremen Regional Court must now deal with the question of whether the relocation of the German Property Group four weeks before the insolvency application is legal.
The allegations of Smethurst, which the Business Insider picked up this week, go much further. He subjects Hölzle and the insolvency service provider Alldatax to creditors’ damage. Hölzle protests against such accusations. Well-known representatives of creditors of the German Property Group also consider this to be absurd and describe Hölzle as a “meticulous administrator”. Rather, they interpret Smethurst’s allegations as a campaign, not least to divert attention from their own misconduct.
Justus von Buchwaldt
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Whether the proceedings will remain in Bremen and at Hölzle is anything but certain: at the beginning of the week, the Hanover District Court also determined its jurisdiction in the Dolphin Capital 80 (DC80) proceedings. The Munich lawyer Peter Mattil von Mattil & Kollegen applied for the proceedings on behalf of a creditor of the German Property Group in Hanover after he had asked German Property to provide information on the assets of the DC80. The DC80 is one of almost 200 companies in the group into which many of the exclusively foreign investors, according to JUVE information, had paid a particularly large amount of money. According to JUVE information, creditor representatives are assuming well over a billion euros.
The Hanoverian court has declared that it is responsible for DC80 and has appointed Justus von Buchwaldt from BBL Brockdorff & Partner, who could become the preliminary insolvency administrator at a later date. According to well-informed circles, the application for Dolphin Capital 80 in Hanover was submitted before the application in Bremen. According to the insolvency regulation, the court with which the opening of the insolvency proceedings was requested is responsible. (Martin Ströder, Ludger Steckelbach)
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