Update on the insolvency of the German Property Group

Creditors’ committee will continue to work in 2021 in its current composition / Audit date set for January 8, 2021 / Separate access to information for all confirmed creditors from February onwards

Bremen, December 2020: Following unanimous confirmation by the creditors’ meeting on December 11, 2020, insolvency administrator Justus von Buchwaldt and the creditors’ committee appointed by the Bremen District Court on November 9 will continue their work in the coming year 2021. The committee supports and monitors the insolvency administrator. It consists of five members representing substantial claims against GPG, including legal representatives of the international small and major creditors and a representative of the German Federal Employment Agency (Bundesagentur für Arbeit).

The court has set the so-called verification date for January 8, 2021, at which the claims filed in the insolvency table will be examined. This verification date will be held by written procedure. A claim filed in the insolvency table shall be deemed established for the further insolvency proceedings if neither the insolvency administrator nor an insolvency creditor objects, or if the reason for an objection initially raised is subsequently removed by the creditor concerned. The insolvency court shall enter the extent of the determination in the insolvency schedule immediately or subsequently if the objection is removed. The entry shall have the effect of a final judgment vis-à-vis the insolvency administrator and the other insolvency creditors. Each established claim then participates in the subsequent distribution, if any, of the insolvency estate by the insolvency administrator.

“If a creditor does not hear from us after filing a claim in due time, the claim is established for the insolvency table. So the principle applies, no news is good news,” explains insolvency administrator Justus von Buchwaldt. “Creditors of German Property Group who have filed a claim in the insolvency table will receive a personal PIN from us at the beginning of February 2021 and can then find out about the status of the insolvency table and the further progress of the proceedings via the web address “www.gpg-inso.de”.”

On this occasion, the insolvency administrator again asks for understanding that not every new finding can be made public in order not to jeopardize the safeguarding of assets and thus the entire proceedings. 

The Bremen District Court had opened insolvency proceedings against German Property Group on October 15, 2020 and appointed Justus von Buchwaldt, partner of BBL Brockdorff & Partner, as insolvency administrator.

About BBL:
For many years BBL Brockdorff & Partner has been one of the leading law firms in Germany with a clear focus on special situations – restructuring, reorganisation and insolvency. With approx. 200 employees and 40 lawyers, the law firm is present throughout Germany. BBL stands for the accompaniment of restructuring projects to prevent crises and for advice in the event of situations threatening the firm’s existence, as well as for the accompaniment of insolvency proceedings or insolvencies in self-administration.

Press contact:
Regine Petzsch
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Tel. +49 (89) 286593-29
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