Insolvency administrator Dr. Moritz Sponagel works out a solution for Nordeon Lighting Solutions GmbH in cooperation with Heuking
As part of a preliminary insolvency administration, lawyer Dr. Moritz Sponagel arranged the winding up of the business operations of Nordeon Lighting Solutions GmbH (“Nordeon”), a company headquartered in Springe (Lower Saxony). In matters of employment law, he was supported by business law firm Heuking Kühn Lüer Wojtek.
Nordeon’s business comprised the design, manufacture, sale, leasing, installation, and maintenance of luminaires, lighting equipment, electrical and electronic products including software, and illuminants. Since intensive efforts to transfer the entire business had remained unsuccessful, Dr. Sponagel was ultimately forced to cease Nordeon’s operations by the end of 2021. At the last minute, a potential buyer had retracted its offer to take over the company, so that the employment contracts had to be terminated.Using his special expertise in insolvency matters, Dr. Johan-Michel Menke, Partner at the Hamburg office, and his team took over the winding up in terms of employment law. The client relationship was initially established by Corporate Finance specialist Sandra Pfister, also a Partner at Heuking. On the basis of a quickly agreed social plan, Dr. Sponagel, in cooperation with Heuking Kühn Lüer Wojtek, reached amicable solutions on the termination of all employees in consideration of social aspects. The funds used were up to EUR 2.5 million below normally expected levels. This also avoided an insufficiency of assets in the proceedings.
Sponagel commented favorably on the outcome: “This was a highly dynamic process that affected more than 100 employees. Thanks to the highly professional and pragmatic cooperation with Heuking, we were able to master the numerous challenges in a very short period.” Although the proceedings did not lead to a full takeover, the site itself was preserved in a partial sale after the initiation of insolvency proceedings, allowing several employees to continue to work on site.
Counsel to Nordeon Lighting Solutions GmbH
Dr. Moritz Sponagel, M.B.A. as insolvency administrator of the assets of Nordeon, Hanover
Heuking Kühn Lüer Wojtek
Sandra Pfister (Lead)
Dr. Johan-Michel Menke (Lead, Employment)
Dr. Arietta von Stechow (Employment)
David Loszynski (Insolvency)
Timo D. Trefzger (Employment)
Sarah Forkert (Legal Administrator, Employment)
Sebastian Mangold (Paralegal), all Hamburg