PLUTA Insolvency Administrator pays approximately EUR 1 Million to former Employees of Geiger technologies GmbH

In the insolvency proceedings for Geiger technologies GmbH, the insolvency administrator Dr. Martin Prager from PLUTA Rechtsanwalts GmbH paid a gross amount of over EUR 1 million to more than 900 former employees just before Christmas. The administrator had to pay part of this amount directly into the social security funds and to the Inland Revenue. On average, each employee received a net amount of approximately EUR 800.

This means that former staff have received an initial payment of 60 percent of their claims. As the recovery rate for the creditors is more than 80 percent, staff can expect payment of the remaining 20 percent next year. As early as 2012, the insolvency administrator made a payment of EUR 2.9 million to staff taken from the social plan.

Primarily, the claims stem from unpaid overtime and leave or travel expenses, which arose prior to insolvency. This afternoon, the payment was approved during the relevant final meeting at the Local Court of Weilheim. The PLUTA insolvency administrator explained: “We will transfer the money today. I am delighted to say that we can now give the staff a Christmas present.”

In 2009, the insolvency proceedings for the assets of Geiger technologies GmbH were opened. The company was founded in 1960 and had a workforce of more than 900 employees at the sites in Garmisch-Partenkirchen, Murnau and Tambach-Dietharz (Thuringia). In autumn 2009, the PLUTA insolvency administrator sold the assets of Geiger technologies GmbH, which supplied the car industry with components, to the Dutch company HTP Investments B.V. Since 2013, the company, known today as Geiger Automotive GmbH, has been a member of the Japanese Sanoh Group.