PLUTA attorney Christian Heim achieves 85% recovery rate for creditors of a joinery business

Good news for creditors of joinery business Der Tischler GmbH: restructuring expert Mr Christian Heim from PLUTA Rechtsanwalts GmbH has been able to distribute an 85.3% dividend.

The joinery business from Kellinghusen in the federal state of Schleswig-Holstein was late in filing for insolvency, which became necessary due to liquidity problems. The Local Court of Itzehoe opened the proceedings and appointed Mr Christian Heim as insolvency administrator in April 2015. It was not possible to restructure the company. Already at the time of filing for insolvency, the business was only operating in a limited capacity and was simply carrying out smaller jobs while in the process of winding down operations.

PLUTA expert Mr Heim was able to achieve a high recovery rate through extensive claims brought to contest debtor transactions for the benefit of the insolvency estate. “Significant research and several court cases were needed to increase the insolvency estate. We won or settled all of these cases. The contested debtor transactions involved various stakeholders. The creditors have benefited, as they have received an exceptionally high recovery rate in spite of the liquidation of the joinery business,” explained Mr Heim. Due to successfully contested debtor transactions, individual creditors have to give up special benefits already received in favour of the general body of creditors. This then brings about the distributive justice required by law.

The final dividends were distributed in December 2020. This means that the insolvency proceedings have been concluded within five years of being opened.

About PLUTA
PLUTA helps companies in legally and economically difficult situations. Since the company was founded in 1982, PLUTA has constantly grown and today has a staff of approximately 500 employees in Germany, Spain and Italy. More than 290 business and management experts, attorneys, business lawyers, tax consultants, public auditors, certified accountants, economists, banking and bookkeeping experts, engineers and insolvency administration specialists, many with multiple qualifications, ensure practicable and economically sound solutions. In particular, PLUTA provides support in restructuring companies affected by a crisis or insolvency and in continuing business operations, if necessary by involving restructuring experts in a responsible role. PLUTA is one of the top enterprises specialising in restructuring and turning around companies, as demonstrated by rankings and awards from INDat, JUVE, The Legal 500, Who’s Who Legal, brand eins and Focus. Further information at www.pluta.net.