10.01.2017
[Cologne, ] In the insolvency proceedings regarding the assets of DEIKON GmbH, GÖRG provided wide-ranging advice and representation to liquidator Dr. Andreas Ringstmeier on the enforcement of liability claims against former directors.
The claims concerned the conclusion of loan agreements and interest rate swap contracts. The members of the management board (the insolvent debtor had been a company limited by shares) had concluded contracts for uncovered interest rate swaps – that is, deals without an underlying loan agreement – which caused enormous losses during the financial crisis. The board members against whom action had been taken were ordered by the Düsseldorf Higher Regional Court to pay EUR 6.9 million plus interest. That judgment became binding after the Federal Court of Justice rejected the complaint against denial of leave to appeal against it.
GÖRG then advised the liquidator on enforcement of the claim, in particular with regard to the D&O insurers involved. Here, GÖRG was able to reach a settlement with the board members and the most significant D&O insurer that will mean almost full satisfaction of claims on the insolvency assets. As a result of the settlement, the sum of EUR 6.75 million will accrue to those assets. GÖRG will make further claims worth some EUR 1.3 million on behalf of the liquidator against a D&O insurer who was not a party to the settlement.
Representative of the insolvency administrator
GÖRG Partnerschaft von Rechtsanwälten mbB, all lawyers located in Cologne
Dr. Klaus Felke (lead advisor)
Dr. Oliver Wilken
Dr. Sebastian Hagemann
Other advisors
Bach Langheid Dallmayr, Cologne, (Representatives of the D&O insurers)
