Initial Situation
An architect, his wife, and a real estate developer built large office complexes together. The projects were financed with very large loans, however, which ultimately led to insolvency.
The Insolvency Proceedings
In the course of the insolvency proceedings, insolvency administrator Dr. Stephan Schlegel carried out several variants of administration and liquidation of the real estate property:
- Agreed forced sale
- Discretionary utilization
- Accrual through liquidation-free termination of partnerships
- Agreed receivership
- Silent receivership
In the course of the utilization, the BRRS attorney and partner had to take into account tax issues of income and value-added tax, the further development of which had been anticipated. Moreover, Dr. Stephan Schlegel facilitated the handling of real estate liens, also taking into account the challenge under insolvency law to the assignment of claims for restitution. The necessary challenge was regulated by mutual agreement with the involved banks in the form of a settlement, whereby it was agreed that the necessary challenge payment would become due at the end of the proceedings and could then return for the large part to the challenged banks in short order.
The Result
Real estate sold in an amicable and orderly manner
Transparent overview of assets for banks
Insolvency administrator as reliable contact for necessary liquidation steps
Conclusion: approximately 2022
