Following the court's affirmation of the insolvency plan of Hamburger Berufsförderungswerk (BFW), the plan proceedings were now officially terminated on January 2, 2014 - only about seven months after filing the application. With a team led by Hamburg-based partner Dr. Johan Schneider, Heuking Kühn Lüer Wojtek had advised the non-profit enterprise from the application for protective cover proceedings to the drafting of the insolvency plan up to the current termination of the proceedings. Stefan Denkhaus of BRL Boege Rohde Luebbehuesen acted as general proxy of BFW. Peter Alexander Borchardt of Reimer Rechtsanwälte was the trustee, who is to remain in office for further monitoring of the plan.
"In the end, the insolvency plan provides for a very good ratio of about 35%. An initial advance distribution to creditors has already been set in motion. At present, the final transaction of a real estate sale is still pending, which we expect to conclude shortly. Subsequently, the remaining funds can be disbursed by the trustee," Schneider said.
In addition to the successful filing for the protective cover proceedings under self-administration and the drafting of the insolvency plan, Heuking Kühn Lüer Wojtek's team also supported management and BRL in the extensive negotiations with the works council on the necessary reduction of personnel. In addition, Schneider with his team negotiated the real estate sales necessary for the reorganization.
Hamburger Berufsförderungswerk GmbH was established in 1962 and considers itself a modern, value-oriented enterprise in the social area. The company has as its objective the opening of new perspectives in the work and occupation fields for health-impaired adults. This is to occur through training, qualification and by means of information, advice, diagnostics and placement of the persons looking for work.
Counsel to Berufsförderungswerk Hamburg:
Heuking Kühn Lüer Wojtek
Dr. Johan Schneider (Lead),
Dr. Marcus Georg Tischler (all Insolvency Law/Reorganization),
Dr. Michael Dröge (Real Estate),
Dr. Sönke Görgens (Real Estate/Administrative Law),
Fabian G. Gaffron (Tax), all Hamburg.