Insolvency administrator WallnerWeiß: November 5, 2021 the UDI creditors’ meeting part I

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It is an exciting week for the insolvency administrator WallnerWeiß from Dresden, because it has not yet been decided that he will be finally confirmed by the creditors at the upcoming UDI creditors’ meetings.

Too much has happened in the UDI proceedings in the last few weeks and months to simply “wave” the insolvency administrator through on the part of the creditors. The possible cooperation between the insolvency law firm WallnerWeiß, attorney Mattil from Munich, and the alleged corporate restructuring Rainer J. Langnickel not only angered many creditors, but also made them thoughtful.

It is very strange, according to an insolvency administrator known to us, that a creditor representative is appointed in the event of personal bankruptcy, the lawyer Mattil from Munich. Of course, this then has a completely different access to the company’s documents than the lawyer who is not on the creditors’ committee.

The bankruptcy court of the Leipzig district court was also criticized. That bankruptcy court that did not even take BaFin rulings into account in the proceedings. Also to be called “unusual” in the legal history of German insolvency proceedings.

Whether all these points are sufficient to not express confidence in the insolvency administrator, nothing else would be a non-confirmation in the office of the insolvency administrator, you will then have to wait for the next 14 days.

At the moment, so one hears from the market, the failed restructuring of the UDI companies, Rainer J. Langnickel, is trying to get as many votes as possible from investors in order to then play a bigger role at the upcoming creditors’ meetings. One also has to wait and see whether the insolvency administrator will then assert restrictions on the evaluation of voting rights. At least that’s what you hear that the liquidator wants to do just that.

To the best of our knowledge, there should be a plan B and another well-known insolvency administrator should already be available to take over the proceedings. A well-known insolvency administrator from the Saxony-Anhalt area.

We also spoke to attorney Jens Reime from Bautzen, who also represents UDI investors. Reime has known the law firm WallnerWeiß from Dresden for years and he has no problem with confirming the insolvency administrator, but he too is very critical of the appointment of lawyer Mattil from Munich as a creditor representative in the context of his own bankruptcy.

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