With the decision of the local court (insolvency court) Rostock on 11/11/2020, the insolvency proceedings were opened over the assets of adcada GmbH. For the aggrieved investors, bondholders, lenders and subordinated lenders, it is now a matter of safeguarding their rights in insolvency proceedings and not missing any deadlines. The bankruptcy court has called a meeting solely for the creditors of these bonds for the following bond series:
ADCADA bond 2017
ADCADA 6% interest bond 2018
5% time deposit mortgage bond 08-2018
adcada.immo FIXED INTEREST 10-2018
adcada.money FIXED INTEREST -11-2018
adcada.money FIXED INTEREST 01-2019 (5%)
ADCADA Immobilienanlage
adcada.money FIXED RATE 03-2019
adcada.money FIXED RATE 04-2019
adcada.money FIXED RATE 05-2019
adcada.money Hypozins 05-2019
adcada.money FIXED RATE 01-2020
The date is December 14th, 2020, starting at 10:00 a.m. Bondholders can be represented free of charge by attorney Sascha Borowski, member of the creditors’ committee of adcada GmbH or Buchalik Brömmekamp Rechtsanwaltsgesellschaft mbH, who will exercise the voting rights as instructed.
The basis for calling these separate meetings is Section 19 (2) of the German Debt Securities Act (SchVG for short). According to this, the insolvency court has to convene a bondholders’ meeting in accordance with the provisions of the SchVG in conjunction with the insolvency code, if a so-called joint representative has not yet been appointed. In the case of ADCADA GmbH, such a representative has not yet been appointed.
What about the common representative?
The joint representative is entitled, but also obliged, to safeguard and represent the interests of the bondholders in insolvency proceedings. This includes, among other things, the registration of the bondholders’ claims in the insolvency proceedings, the keeping of further appointments in the insolvency proceedings and ultimately also the distribution of the quota to the bondholders represented by him.
In short, bondholders who are represented by a common representative throughout the bankruptcy process do not need to buy their own lawyer. The individual bondholders can therefore save the costs incurred in hiring such a lawyer. The common representative is regularly paid from the bond creditors’ quota, so that he only receives money for his work if an insolvency quota is paid.
What do investors at adcada GmbH have to consider?
The bankruptcy court has set several dates that must be observed:
- December 14, 2020: Bondholders’ meetings for the above-mentioned bond series only
- December 23, 2020: Deadline for claims in insolvency proceedings (affects all creditors, not just bond creditors, but also creditors of so-called subordinated loans and other financial products and claims)
- 02.02.2021: Reporting date (all creditors of the bankruptcy debtor are informed of the status of the proceedings and can, among other things, determine the establishment and composition of the creditors’ committee).
Which companies are still insolvent?
In addition, the following adcada companies are insolvent:
- adcada GmbH
- adcada.capital GmbH
- adcada.fashion GmbH
- adcada.finance GmbH
- adcada.immo GmbH
- adcada.marketing GmbH & Co. KG and
- adcada.shop GmbH & Co. KG.
- Adcada.healtcare GmbH
Who are we?
Sascha Borowski (specialist lawyer for banking and capital markets law) from Buchalik Brömmekamp has been successfully representing investors for over twelve years. He advises both on the enforcement and defense of claims in insolvency proceedings.
The Buchalik Brömmekamp law firm is one of the market-leading insolvency and restructuring consultants and has received numerous awards, including from FOCUS as the TOP commercial law firm in the field of insolvency and restructuring.
Please do not hesitate to contact us:
by E-Mail: [email protected]
per Telephone: +49 (0) 211- 828977 200
or by post: Buchalik Brömmekamp Rechtsanwaltsgesellschaft mbH, Prinzenallee 15, 40549 Düsseldorf,
Visit us at: https://www.kapitalanlagen-krise.de/
Photo: Borowski / Borowski
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