Attorney Dr. Michael Jaffé
Bankruptcy trustee of the P&R Container Sales and
Verwaltungs-GmbH, Grünwald, the P&R Used Container Vertriebs- und Verwaltungs-GmbH, Grünwald, and the P&R Transport-Container GmbH, Grünwald
Attorney Dr. Philip Heinke
Insolvency administrator of P&R Container Leasing GmbH, Grünwald
Payouts to around 54,000 P&R creditors started
First down payment of over 200 million euros in the insolvency proceedings of the four P&R container management companies
Next payment already planned by mid-2022
Munich, May 20, 2021. In the insolvency proceedings of the four German P&R container management companies, the first payments are now being made to the approximately 54,000 creditors whose claims have been established. This first down payment distribution has a total volume of over 200 million euros. The creditors will be informed in writing by the insolvency administrator in the next few days about the payment and its amount based on their individually determined claim.
“Advance distributions of this magnitude with a total of over 74,000 individual payments are very time-consuming and only make sense if sufficient income has been generated, which is now the case. The advance distribution also requires that the creditors’ meetings approve the distribution of the proceeds between the four P&R companies In addition, as many claims registrations as possible were processed so that as many creditors as possible could participate in the down payment, which was also very time-consuming, especially in the case of inheritance cases, which unfortunately often occur. So I’m all the more pleased that we are now – less than three years after the opening of the insolvency proceedings – you can already distribute the first installments. The next payment can then in all probability be made by mid-2022 “, says insolvency administrator Dr. jur. Michael Jaffé.
In the P&R case, the first installment distributions are carried out at an exceptionally early point in time for procedures of this magnitude and complexity. As a rule, in insolvency proceedings, a distribution to the creditors can only take place when the entire estate has been realized. As an exception, however, under certain strict conditions, the insolvency regulation allows an early distribution of a partial amount to the creditors, a so-called “distribution of installments”.
In the P&R case, the utilization of the existing containers first had to be stabilized and the proceeds secured for the creditors. In addition, a legally secure regulation had to be found for the distribution of the proceeds, which would lead to equal treatment of creditors. Due to the corona, this could only be done in an elaborate and lengthy written procedure, instead of the usual attendance at a creditors’ meeting. In addition, the creditor’s data and addresses had to be compared or updated. In some cases, confirmations of bank details, for example, have still to be returned.
“Of course, we want to take into account all claims from creditors as far as possible when distributing the down payments and therefore ask for the necessary data to be transmitted quickly in the cases that are still open so that we can also conclude these quickly. Also a conclusion of the proposed settlement, which leads to a quick and uncomplicated one It is still possible to establish a claim, “emphasizes insolvency administrator Dr. Michael Jaffé. The payment run for the down payment distribution begins on May 20, 2021 and should also be completed by the end of the year in the cases that are still open.
Investors who have not yet signed a suspension agreement will be contacted again
In the next few days, the insolvency administrator will write again to investors who have not yet signed a suspension agreement. This applies above all to investors who received their money back in full before bankruptcy – ultimately “at the expense” of investors who are still creditors today. This group of investors still lacks numerous inhibition agreements, while the investors, who are still creditors today, almost unanimously understood that the conclusion of the inhibition agreement is in their interest and have accepted it. This suspension agreement, which has already been sent by the insolvency administrator from August 2019, is primarily intended to inhibit the statute of limitations of possible avoidance claims of the insolvency administrator, but also concerns possible claims of investors against the companies.
The question of contestability is currently being clarified by the courts in representative cases. Such a clarification is not possible until December 31, 2021, the date for the statutory limitation of the avoidance claims. If there is no inhibition agreement, the insolvency administrator must and will take measures against the investors before the limitation period has expired (warning notice, filing a lawsuit) in order to safeguard the interests of the creditors as a whole. In cases where there is a suspension agreement, this is initially not necessary and saves costs and effort for everyone involved.
Information on the distribution of the down payment, on the further steps in the insolvency proceedings as well as on relevant current developments can be found by the creditors on the specially set up information page at www.frachtcontainer-inso.de on the Internet and in the creditor information system (GIS) of the law firm (www.jaffe-rae.de) Find.
Dr. jur. Michael Jaffé is one of the most experienced and renowned insolvency administrators in Germany. For more than two decades he has been regularly appointed by the courts in difficult and large insolvency cases, in which the aim is to secure the assets for the creditors and to utilize them in the best possible way. Special expertise lies in multi-stage group insolvency proceedings and proceedings with cross-border issues or difficult-to-sell assets. The nationally and internationally best-known insolvency proceedings of Dr. jur. Michael Jaffé count the media group KirchMedia of the late Dr. Leo Kirch, the former global memory chip manufacturer Qimonda and the German subsidiaries of the Petroplus Group. In addition, he was able to successfully complete the renovation of the caravan manufacturer Knaus Tabbert, Grob Aerospace and Cinterion Wireless Modules Holding GmbH.
As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a holding company for the interests of the city of Gera, he found a permanent solution for all businesses. As the insolvency administrator of the insolvent fund company NARAT GmbH & Co. KG, Dr. jur. Michael Jaffé one of the largest commercial property portfolios in North Rhine-Westphalia. In the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a leading provider of closed funds in Germany with a total investment volume of around 4.7 billion euros, he worked on the complex structures and successfully sold the investments. He is also the insolvency administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG. At the end of August 2020, the Munich District Court also appointed him insolvency administrator for the assets of the former DAX group Wirecard AG as well as Wirecard Technologies GmbH, Wirecard Issuing Technologies GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH.
As the insolvency administrator of three German P&R container management companies, he exploits the global container fleet as part of a complex cross-border structure with the aim of minimizing the damage for the around 54,000 investors who have registered over 3 billion euros in the insolvency tables.
The office JAFFÉ Lawyers Insolvency Administrators has been one of the leading law firms in the fields of insolvency administration, insolvency law and restructuring (according to the ESUG), especially in complex and cross-border proceedings, for more than two decades. An important basis for this is the many years of experience, competence and independence that are regularly in demand, especially in complex procedures. Not least because of this, the law firm has enjoyed the trust of courts and creditors for decades, especially in difficult proceedings in which the parties involved have conflicting interests. With its own high-performance structure that has grown over the years, the law firm can support proceedings of any size in the interests of the creditors.
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