Renzenbrink & Partner advises various closed-end investment funds on the agreement of an insolvency plan for Wölbern Invest B.V.

More than 25 former Wölbern funds, which are now managed by Paribus Capital, have agreed on an insolvency plan with the insolvency administrator of Wölbern Invest B.V., Dr. Tjark Thies of Reimers Rechtsanwälte, after four and a half years of insolvency proceedings.

The insolvency administrator had asserted avoidance claims against the fund companies due to earlier repayments to the funds in the period before Wölbern Invest B.V. filed for insolvency in the amount of around EUR 110 million. Conversely, the fund companies were the main creditors in the insolvency proceedings.

The Wölbern scandal has caused considerable controversy since it emerged in 2013. Wölbern Invest B.V. had issued bonds worth several hundred million euros as part of a controversial “liquidity management system”, which were then subscribed to by the former Wölbern funds. The proceeds were passed on to other companies in the Wölbern Group.

The insolvency plan now regulates all claims arising from the disputed payments.

Paribus Capital, which has been managing the former Wölbern funds since 2014, has already mandated Renzenbrink & Partner on several occasions. In this matter, Renzenbrink & Partner advised the funds on the structuring and all legal aspects of the insolvency plan.

The Renzenbrink & Partner team consisted of Dr. Ulf Renzenbrink, Dr. Andreas Stoll (both Corporate / Restructuring), Dr. Gunnar L. Schmüser (Finance) and Marc H. Kotyrba (Tax).

https://www.juve.de/nachrichten/insolvenzen/2018/06/woelbern-invest-renzenbrink-undreimer-erzielen-ausgleich-per-insolvenzplan