Creditors of a Kiel-based concert organiser receive higher-than-average dividend

Mr Christian Heim from PLUTA Rechtsanwalts GmbH has announced the conclusion of the insolvency proceedings for K-Promotion Produktions- und Veranstaltungs GmbH. The attorney distributed a dividend of 53% to the creditors of the Kiel-based concert organiser. Dividends in such insolvency proceedings are generally in the single figures.

In November 2013, the Local Court of Kiel opened insolvency proceedings for the concert organiser’s assets and appointed Mr Christian Heim as insolvency administrator. He had previously acted as provisional administrator for the company. The restructuring expert and manager of the Hamburg PLUTA branch was able to preserve the business by way of an asset deal.

“We also asserted various claims to contest debtor transactions for the benefit of the insolvency estate. This required a great deal of research on the part of myself and my team, which took quite a bit of time. These claims significantly increased the recovery rate. Our efforts over these past years have paid off,” explained PLUTA restructuring expert Mr Heim. The final meeting of creditors was held in writing in October at the Local Court of Kiel. As the final distribution has now taken place, the insolvency proceedings have been concluded.

K-Promotion organised music concerts, for which it collaborated with several contact agencies. The events were planned and held throughout Germany with other local partners who took care of the entire process, including advertising, ticket sales and organising venues.