Kassel/Melsungen, January 16, 2018
In the insolvency proceedings against the assets of Kasseler Sportverein Hessen (KSV Hessen Kassel) e.V., the insolvency court — Kassel Local Court — had set a date for agreement on the insolvency plan submitted by the insolvency administrator, attorney Jutta Rüdlin, on December 7, 2017, for 10 a.m. today. As the members of the Board of Directors of KSV authorized to represent the association were not yet present at 10 a.m., the presiding insolvency judge, Dr. Mumberg, did not open the creditors’ meeting until after the arrival of one member of the Board of Directors at about 10:20 a.m. and at the same time pointed out that KSV can effectively be represented solely by two members of the Board of Directors acting jointly.
According to Jutta Rüdlin, the insolvency administrator, a total of 125 claims had been filed by the time of today’s creditors’ meeting. The established claims of the insolvency creditors currently amount to around €2.2 million.
During the meeting, the insolvency administrator explained the insolvency plan she had submitted, in particular the objectives associated with the planning procedure: the continuation of KSV in the long term and the best possible satisfaction of the insolvency creditors.
Ms. Rüdlin’s explanatory remarks noted that the long-term preservation of KSV is possible solely on the basis of an insolvency plan. The reason for this is that the sponsors had granted the club the sponsorship funds required for the continuation of club and match operations on condition that insolvency planning proceedings were successfully completed. Sufficient funds to continue the association’s operations over the longer term in initiated insolvency proceedings were not available. In this respect, the failure of the insolvency planning proceedings entailed the imminent risk of the cessation of the association’s operations. At the same time, Ms. Rüdlin explained that in this case there would be no prospect of satisfaction for the creditors involved.
The key element of the insolvency plan is the waiver of claims by five creditors who have claims against KSV totaling about €980k. These creditors are former members of KSV’s governing bodies who had provided the club with funds in the past in view of the difficult liquidity situation.
The waiver of these claims in the insolvency plan results in a presumed quota about 5 percent for the remaining creditors. The insolvency plan also requires the other creditors to waive their further claims against KSV once the plan quota has been disbursed.
All creditors in attendance and entitled to vote approved the insolvency plan. After the Board of Directors was in the meantime also effectively represented by two members at the meeting, it also approved the plan. The presiding insolvency judge then handed down his ruling equivalent to the court confirmation required for the effectiveness of the insolvency plan.
The effects specified in the insolvency plan become effective for and against all involved parties when the court confirmation of the plan becomes legally effective. The result is that KSV will be debt-free when the plan confirmation becomes legally effective and the payments provided in the insolvency plan have been made.
KSV currently has 1,181 members and employs 78 people; all of these jobs can now be saved.
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