PLUTA restructuring expert Ilkin Bananyarli achieves high recovery rate for QSSL creditors

Good news for creditors of the insolvent QSSL Industrieservice GmbH from Fellbach, near Stuttgart: PLUTA restructuring expert Mr Ilkin Bananyarli is set to distribute a higher-than-average dividend of around 90 percent.

This means that the proceedings for the industrial service provider can soon be concluded. Mr Bananyarli said, “I am delighted to have achieved such a high recovery rate. The proceedings have been very positive as all involved have worked together really well. This is also reflected in the high recovery rate from which the creditors are now set to benefit.” Dividends paid on claims are usually in the mid-single figures. In the case of QSSL Industrieservice, Mr Bananyarli is in a position to settle almost all claims.

Solution found two months after application filed

QSSL Industrieservice was a full-service provider specialising in quality assurance. It offered its customers industrial services for such areas as assembly and logistics, as well as the highly specialised surface treatment of metals. In February 2019, the Local Court of Stuttgart ordered provisional insolvency administration for the company’s assets.

Mr Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH was appointed insolvency administrator in spring 2019 and found an investor for QSSL Industrieservice together with his team and business management expert Mr Michael Hieber. The restructuring expert sold the industrial service provider’s business operations to an internationally operating group just two months after the application for insolvency was filed. All 73 members of staff were kept on. The business was acquired by TRIGO Böllinger Technik GmbH & Co. KG in Bremen, the German subsidiary of the renowned TRIGO Group based in France.

PLUTA restructuring expert Mr Ilkin Bananyarli has extensive experience in company restructuring as well as insolvency administration and monitoring. In 2018, he succeeded in finding an investor for the Gewa Tower in Fellbach. Moreover, he was the insolvency administrator for several companies in the Rexer Group as well as the Häussler Group based in Stuttgart and was appointed insolvency monitor for Hittech Prontor.