Heuking Kühn Lüer Wojtek obtains protective cover for Berufsförderungswerk Hamburg

Berufsförderungswerk Hamburg, whose sole shareholder is the Free and Hanseatic City of Hamburg, today successfully obtained at the insolvency court the protective cover procedure under the insolvency law valid and reformed since March 1, 2012. Heuking Kühn Lüer Wojtek legally advised the company with a team led by Hamburg-based partner Dr. Johan Schneider. Peter Alexander Borchardt of the law firm of Reimer Rechtsanwälte has been appointed provisional trustee. Company-appointed administrator and general proxy is lawyer Stefan Denkhaus of BRL Boege Rohde Luebbehuesen.

Within the protection time of a maximum of three months now, the non-profit company will draft an insolvency plan jointly with Heuking Kühn Lüer Wojtek including the provisional creditors' committee of the provisional trustee. During this time, Berufsförderungswerk is under company administration: "Due to the company administration connected with the protective cover procedure, the managing director's expertise is used in an optimum manner by the company and by the industry for the intended lasting reorganization with an insolvency plan. With Mr. Denkhaus and Mr. Borchardt, we have experienced reorganizers available," said Schneider. "Because of the early application without incurring an inability to pay, the will of all parties involved in the continuation of the enterprise and the existing sustainable reorganization concept, we expect a positive result of the insolvency plan proceeding."

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 job placement of the persons looking for work.

Berufsförderungswerk employs at present a staff of over 300, whose salary payments are secured in the protective cover procedure as well. Hamburg BFW is financed by Deutsche Rentenversicherung Bund, Deutsche Rentenversicherung Nord, the statutory accident insurance companies (DGUV) and the Federal Agency for Work, which all are also creditors. Moreover, additional public creditors are involved.

Counsel to Hamburger Berufsförderungswerk GmbH:
Heuking Kühn Lüer Wojtek, Hamburg

Dr. Johan Schneider (Lead),
David Loszynski,
Dr. Marcus Georg Tischler (all Insolvency Law/Reorganization).

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