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Good news for creditors of Metallbearbeitung Automotive Ahlen GmbH: attorney Dr Stephan Thiemann from PLUTA Rechtsanwalts GmbH, acting in his capacity as insolvency administrator and with responsibility for winding down operations and liquidating the company, has succeeded in completing the proceedings with an exceptionally high recovery rate of more than 68% for creditors.
Metallbearbeitung Automotive Ahlen GmbH predominantly operated as a manufacturer of compressed air tanks and supplier to the automotive industry. Its financial difficulties particularly resulted from the relocation of production facilities to other manufacturing sites. Attorney Dr Stephan Thiemann initially kept the business operational for several months, while being faced with extremely difficult conditions, but closed down operations as no solution could be achieved in the M&A process conducted in parallel.
Dr Stephan Thiemann said: “By maintaining operations and enforcing claims for special assets under insolvency law, over several years in some cases, we succeeded in limiting consequential damage to the company’s finances, despite the difficult conditions prevailing in this industry in upheaval, and in achieving such an extraordinarily high recovery rate. In view of the fact that the production site could not be preserved as such, this is definitively the best possible outcome for creditors.” The insolvency administrator was supported in the proceedings by PLUTA expert Mr Norman Scheller.