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Attorney Dr Stephan Laubereau from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor in the insolvency proceedings for Pforzheim Leopoldstrasse Entwicklungs GmbH. Municipal company STADTBAU GmbH PFORZHEIM has acquired the property belonging to the business.
The insolvent real estate company was responsible for developing the Pforzheim city centre property, which had previously been the Sinn Leffers building. The creditors’ assembly had already approved the sale of the property back in early March. The notarial certification took place this week, enabling work on the property’s development to begin afresh. The municipal company intends to use the property as planned, namely to house a community and social services office. Moreover, retail space has been mapped out on the ground floor.
As is the norm in real estate proceedings, creditors secured by real estate liens had a say in the sale. Insolvency administrator Dr Stephan Laubereau held numerous discussions with all involved in this regard. He is being supported in the proceedings by PLUTA attorney Mr Philipp Meyer.
Dr Stephan Laubereau said, “We have achieved the best possible outcome with the purchase agreement now concluded. It has been made possible through an agreement negotiated in parallel with multiple creditors secured by real estate liens, which has paved the way for an unencumbered sale and a contribution to the insolvency estate. This resolves the hitherto insufficiency of assets. The proceedings have been complex and elaborate, but the outcome is very gratifying for all involved.”
International negotiations with creditors in Germany and the UK
The Local Court of Frankfurt am Main ordered insolvency proceedings for the assets of Pforzheim Leopoldstrasse Entwicklungs GmbH and appointed Dr Stephan Laubereau from PLUTA as administrator in September 2021. A sister company that owned a leasehold interest in the property concerned is also involved in insolvency proceedings. The administrator had to take this into consideration during the sale, which was achieved through harmonisation of both sets of proceedings.
Attorney Dr Laubereau has succeeded in negotiating an adequate solution for all involved. The creditors in Germany and the UK secured by real estate liens had different rankings. The top-ranked creditor’s willingness to compromise was key to a successful sale. Many local stakeholders also welcome the fact that the sale puts the property and project back in the hands of the municipality.