There is the next surprising turn in the major insolvency proceedings for the German Property Group: the Bremen District Court announced yesterday at the opening of the proceedings that Justus von Buchwaldt will be appointed as insolvency administrator by the BBL Brockdorff & Partner law firm. The preliminary insolvency administrator, Görg partner Prof. Dr. Gerrit Hölzle, “was no longer available”, a court spokeswoman told JUVE.
Justus von Buchwaldt
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The BBL partner Justus von Buchwaldt, who has now been appointed insolvency administrator of the entire real estate group, is already familiar with the German Property matter: The Hanover District Court, which is dealing with the Dolphin Capital 80 (DC80) case – one of the numerous subsidiaries – had the Hamburg insolvency lawyer has already been consulted as an expert.
In addition, the name Justus von Buchwaldt was already on the preselection list of the Bremen district court, court spokeswoman Cosima Freter confirmed to JUVE. In addition, the law firm BBL Brockdorff & Partner is in a position to cope with this complex process with over 150 individual properties and investment vehicles and the strong international focus. The restructuring firm, which recently announced the addition of Christian Knittel from Brinkmann & Partner, has 13 equity partners, 4 regional partners and over 30 associates in its 30 German locations in insolvency law.
Buchwaldt’s insolvency administrator, one of the founding partners of BBL, said of his upcoming tasks: “We have to prepare the bookkeeping of 200 companies for 4 years, secure and insure the real estate, and understand the flow of money.” That would still take some time, because to do this one also has to analyze the companies in which the creditors are invested. He is also in close contact with Görg partner Hölzle: „Here valuable preparatory work has been done to cope with the upcoming tasks, on which we can build.“
A committee of creditors comes
At the same time, von Buchwaldt announced to JUVE that he would like to inform investors – especially international ones – about the developments in a timely manner and would like to “actively participate through a creditors’ committee”. In addition to the real estate, the portfolio that he is taking on also includes around 150 partially developed projects.
This is not Buchwaldt’s first case in the real estate sector: In recent years, for example, he also had the insolvent Rendsburger Hartmann & Partne group of companiesr taken over, whose crown jewel – the Blomenburg – today one Private clinic for burn-out patients is. The 48-year-old was last entrusted with the administration of the insolvent shoe retailer WW Johanne Meinike by the Bremen District Court.
The Hanseatic city has its hat on
The bankruptcy of the billion dollar German Property Group, which had previously collected money from investors around the globe, has kept the insolvency scene in suspense for the past few months and will probably take years to come to terms with it. Finally, an investment fraud in the pyramid scheme is suspected. After some back and forth, the Bremen District Court decided last week that the case fell within the jurisdiction of the Bremen District Court. Charles Smethurst in particular, a former shareholder of the German Property Group, had brought up heavy artillery against the provisional insolvency administrator Hölzle and his team and repeatedly emphasized that, in his opinion, the relocation of the company’s headquarters from Hanover to Bremen was improper.
Görg announced in a press release: “Even if Görg would have liked to continue accompanying the proceedings, the law firm respects the court’s decision and will do everything to ensure a smooth transition to Mr. von Buchwaldt.” The law firm also hopes that the change ” brings about the necessary calm of the proceedings and the now court-appointed insolvency administrator is spared similar attacks and personal threats. “(Sonja Behrens)
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