The basis for calculating the remuneration of the preliminary insolvency administrator is normally the value of the insolvency estate, yet there may be particularities pertaining to the calculation.
North Rhine-Westphalia, Germany -- (SBWIRE) -- 03/26/2013 -- GRP Rainer Lawyers Tax Advisors, Cologne, Berlin, Bonn, Düsseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Hanover, Bremen, Nuremberg, Essen and London www.grprainer.com/en explains: In its judgment of 7 February 2013 (X ZB 286/11), the Federal Court of Justice (BGH) ruled that claims which are burdened with a right of segregation by virtue of a security assignation do not have to be incorporated into the basis for calculating the remuneration of the preliminary administrator. A possible justification is that the assignment is challengeable at the opening of insolvency proceedings, since the grounds of challenge only arise with the opening of insolvency proceedings which only the final administrator can assert.
In the instant case before the BGH, the debtor and the preliminary insolvency administrator sued regarding the determination of the remuneration. The case was in particular concerned with the inclusion of the repurchase values of two life insurance policies, which were assigned by the debtor to a state as a precaution. The administrator justified the inclusion of the life insurance policies with the fact that the assignment was subject to insolvency proceedings.
The BGH justified its decision by stating that the life insurance policies would not be considered for the calculation basis even if the administrator gave considerable attention to them. The outcome would also not be different if the insolvency administrator were entitled to include the assigned claims after the opening of proceedings, since this concerns the work of the final administrator.
Potential voidability of an existing right of segregation at the opening of the insolvency proceedings is thus likely to be irrelevant to the basis for calculating the remuneration of the preliminary administrator. This is also the case if the value of the estate were thereby increased.
Due to the extensive deadlines in insolvency proceedings, it is advisable for parties concerned to seek out a lawyer active in the field of insolvency law in good time. He can represent businesses as debtors and creditors alike in both opening proceedings and also in insolvency proceedings that have already been initiated.
About GRP Rainer
GRP Rainer LLP www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Essen, Frankfurt, Hamburg, Hannover, Munich, Stuttgart, Bremen, Nuremberg and London UK.
Contact Michael Rainer
Lawyer, Managing Partner
GRP Rainer LLP
Phone: +49 221-27 22 75-0
click my link