Insolvency Administrator Torsten Gutmann expects a two-figure Recovery Rate for Creditors of Tiziano Gelati

According to Torsten Gutmann from PLUTA Rechtsanwalts GmbH, creditors can expect a two-figure recovery rate in the insolvency proceedings for the assets of Tiziano Gelati Braunschweig GmbH, meaning that they will receive an above-average payment on their claims. The PLUTA restructuring expert provided information on this at the meeting of creditors. It was possible to save all the 70 jobs as part of the insolvency proceedings.

Tiziano Gelati operates two ice-cream parlours in Braunschweig and one ice-cream parlour and a restaurant in Wolfsburg. In July 2015, provisional proceedings were ordered by the Local Court of Braunschweig, and Mr Torsten Gutmann was appointed as the provisional administrator. A few weeks after insolvency proceedings were opened in October 2015, Mr Gutmann succeeded in selling the business assets to Impresa Tiziano GmbH with the approval of the creditor’s committee. Impresa Tiziano is continuing business operations in both Braunschweig and Wolfsburg. The company is already operating successfully in Leipzig, Essen and Bochum. All 70 employees were kept on.

“I am delighted that we succeeded in selling the branches and saving all the jobs. We can feel very happy about the way the proceedings have gone,” said the insolvency administrator Torsten Gutmann.