RENZENBRINK & PARTNER OBTAINS JUDGMENT ORDERING SEIZURE AND ORDER OF ATTACHMENT FOR HAMBURG-BASED CONSULTING FIRM

Hamburg Regional Court orders seizure against Privinvest Holding SAL Lebanon: Fee claim secured by seizure of shipyard shares

Renzenbrink & Partner obtains a judgment ordering seizure and an order of attachment for a Hamburg-based consulting firm – shares in German Naval Yards Kiel GmbH and German Naval Yards Holdings GmbH seized – prohibition of disposal during ongoing sale negotiations with Thyssenkrupp and Rheinmetall AG

On 27 May 2026, the Hamburg law firm Renzenbrink & Partner obtained a judgment ordering seizure (Arresturteil) together with a separate order of attachment (Pfändungsbeschluss) against Privinvest Holding SAL Lebanon (“Privinvest”) on behalf of a Hamburg-based consulting firm.

In enforcement of the judgment ordering seizure, the Hamburg Regional Court – Civil Chamber 32 – seized shares held by Privinvest in a shipyard company and a holding company in order to secure enforcement proceedings. The third-party debtors are prohibited from making payments to the respondent. At the same time, Privinvest is prohibited from disposing of the seized shares.

Background: Restructuring advisory services in connection with the Nobiskrug insolvency

The claimant is a Hamburg-based consulting firm that has been active in the field of restructuring advisory for many years. Privinvest Holding SAL Lebanon is a Lebanese société anonyme incorporated under Lebanese law and headquartered in Beirut. The Privinvest Group operates in the shipbuilding industry and was, among other things, the owner of Nobiskrug GmbH in Rendsburg.

The Privinvest Group was built up by brothers Iskandar Safa and Akram Safa. For decades, Iskandar Safa was regarded as the defining entrepreneurial figure of the group and served as co-founder and Chief Executive Officer of Privinvest.

Nobiskrug GmbH, which had been wholly owned by the Privinvest Group since 2010, became the subject of a widely publicised shipyard insolvency. On 12 April 2021, Nobiskrug GmbH filed for insolvency proceedings with the Local Court of Neumünster. Shortly thereafter, Privinvest engaged the Hamburg-based consulting firm. The mandate focused on the restructuring and continuation of Nobiskrug GmbH. Among other things, the claimant supported negotiations with IG Metall, local governments and banks; its managing director also temporarily acted as co-managing director of Nobiskrug GmbH. The consulting firm is separately pursuing its fee claims for the services rendered in the main proceedings before the Hamburg Regional Court.

Legal particularity: Attachment against a debtor domiciled in Lebanon

The proceedings involve particular enforcement-related complexities. Privinvest is domiciled in Beirut, Lebanon. Any judgment obtained in the main proceedings would therefore generally have to be enforced abroad.

The Hamburg Regional Court based the grounds for seizure, inter alia, on Section 917 para. 2 sentence 1 of the German Code of Civil Procedure (ZPO). Under this provision, sufficient grounds for seizure exist where a judgment would need to be enforced abroad and reciprocity is not guaranteed. According to the court’s assessment, such reciprocity between Germany and Lebanon is not ensured. In addition, the current geopolitical situation in Lebanon significantly complicates formal service and enforcement proceedings on site.

Strategic significance: Seizure of shares in Kiel-based shipyard German Naval Yards

The economic and political significance of the proceedings derives in particular from the assets subject to the seizure.

In enforcement of the judgment ordering seizure, the Hamburg Regional Court seized the shares held by Privinvest in the Kiel-based shipyard German Naval Yards Kiel GmbH. Shares in German Naval Yards Holdings GmbH were also seized, a holding company established in 2014 to consolidate the three German shipyards of the Privinvest Group on the Kiel Fjord.

German Naval Yards Kiel GmbH operates in the naval shipbuilding sector and develops, designs and manufactures highly specialised naval surface vessels, in particular frigates, corvettes and ocean-going yachts. The company employs approximately 400 people and is regarded as a significant player in the German naval shipbuilding industry. German Naval Yards Kiel is considered an important site for the German shipbuilding sector due to its ability to handle technically complex naval vessels and large-scale specialised projects.

According to the findings of the Hamburg Regional Court and public reports, Privinvest is currently engaged in negotiations regarding the sale of shares in German Naval Yards Kiel GmbH to Thyssenkrupp Marine Systems GmbH. In addition, Rheinmetall AG has also expressed interest in an acquisition and has already submitted a binding offer. The preliminary due diligence review has commenced.

The Hamburg Regional Court found that a sale is imminent and that there is no assurance that any sale proceeds would remain in Germany. Pursuant to the order of attachment, the third-party debtors – German Naval Yards Kiel GmbH and German Naval Yards Holdings GmbH – are prohibited from making payments to the respondent. The respondent itself is prohibited from disposing of the seized shares.

The Renzenbrink & Partner team consisted of Dr. Lars Kirschner and Yannick Baumgarth . Both lawyers are members of the firm’s Dispute Resolution practice group.