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The Bremen-based and Hagen-im-Bremischen-based operational companies in the FORNY Group filed applications with the competent insolvency courts in Bremen and Cuxhaven for the opening of insolvency proceedings for their assets on 30 December 2019. In concrete terms, this affects FORNY Group GmbH, EFORNY Services GmbH, OFORNY Professionals GmbH, FORNY Global Professionals GmbH and IFORNY Joint Ventures UG (limited).
The competent local courts have appointed the restructuring expert Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH as the provisional insolvency administrator for the companies. He will be supported in the proceedings by the business management expert Ms Ann-Cathrin Leiß.
Most recently, the companies focused on providing general engineering services, primarily the planning and development of several leisure parks in Germany and Poland. Ready-to-use plans for a total of five leisure parks have been drafted, the plans for another park are currently being prepared. In total, the volume of investment involved amounts to some 360 million euros.
At the time of filing for insolvency, the companies had a total workforce of 43 employees, whose salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law.
The companies’ financial difficulties are due to the fact that investors failed to make the payments they promised. The discussions with the investors will now be continued as part of the insolvency proceedings. However, the FORNY Group is also open to discussions with new investors interested in supporting its projects.