Breathe a sigh of relief at KSW Technik GmbH: the specialists for industrial and tank system construction go into self-administration according to § 270a InsO (Insolvency Code). Göttingen District Court confirmed the corresponding application on April 18, 2019. Restructuring expert Thomas Planer (Planer & Kollegen GmbH, Landsberg) was brought on board for professional support, and Stephan Jaeger, a specialist lawyer for insolvency law, rounds off the restructuring team as authorized representative. As preliminary administrator appointed by the court, lawyer Dr. iur. h.c. Rainer M. Bähr from Hanover from the hww hermann wienberg wilhelm insolvency administrator partnership will accompany the process.
The law to further facilitate the restructuring of companies (ESUG) came into force on March 1, 2012. The aim of the new regulation: at the end of an insolvency in self-administration according to § 270a InsO (Insolvency Code), the companies affected should be successfully restructured and stand on their own two feet again. Thomas Planer: “We are pleased that the court followed our assessment and confirmed the application for self-administration.” In this way, it is now possible to completely reorganize the troubled professionals for industrial and tank system construction. The opening of the preliminary self-administration procedure by the district court makes him extremely optimistic: it shows that KSW Technik is not only assessed as worthy of restructuring, but also as capable of restructuring. Planer continued: “Together we will turn the entire company upside down, examine and redefine processes - and make KSW Technik GmbH fit again for a secure future on its own two feet.”
The focus of the proceedings will be on the restructuring and continued existence of the company. Thanks to the modernized insolvency regulations and the associated self-administration, the management around Josef Schneider remains operational. The special thing about insolvency in self-administration is that - unlike in a regular insolvency - no external insolvency administrator comes into the house. Rather, the management acts in this function. Specifically, this means for all employees, customers and partners of KSW Technik GmbH: business operations continue in full, salaries are secured and customers continue to be supplied.
Positioning and realignment
KSW Technik GmbH got into financial difficulties when it had grown too quickly and could no longer refinance the enormous growth itself. With the help of the self-administration procedure, this development is now being counteracted and attempts are being made to completely reorganize the company. Because one thing is, clear to the restructuring expert Thomas Planer: “At no point in time is the process to be seen as the end of KSW Technik GmbH, but rather as a determination of the position and an important step towards realignment.” He sees open communication with all employees, customers and suppliers as well as the consistent implementation of the restructuring measures as the cornerstone for success in the ongoing process. In addition, the omens for a successful outcome of the proceedings could not be better: For example, the customers of KSW Technik GmbH have already confirmed their support.
About KSW Technik GmbH
KSW Technik GmbH (www.kswtech.com) has been a specialist in the fields of industrial and tank system construction for more than 20 years. Under the motto “Trust, partnership and cooperation are the engine of our activities”, it offers everything from plant construction to services. In addition to tank components, their portfolio includes the following products and services: gas pumps, fuel terminals, cash register systems, automation technology, and system technology and workshop equipment. The German headquarters of KSW Technik GmbH - whose service centers are spread across Germany - is located in Einbeck, Lower Saxony, and there are branches in Munich and Nuremberg.
About Planer & Kollegen GmbH
Planer & Kollegen GmbH (www.planerundkollegen.de) is one of the leading management consultancies with a focus on restructuring consulting in Germany. The company founded by Thomas Planer in 1988 provides owner-managed, small and medium-sized companies with practical help. As experts for the so-called “insolvency in self-administration according to § 270a InsO”, the restructuring consultants supported one of the first restructurings nationwide to be carried out according to this procedure and have since then successfully specialized in it. Since the ESUG came into force in 2012, Planer & Kollegen GmbH has successfully carried out over 100 self-administration procedures, making it one of the most successful restructuring companies in Germany.
About hww hermann wienberg wilhelm insolvency administrator partnership
hww (www.hww.eu) is one of the leading service companies for legal advice, reorganization and restructuring in Germany. Regardless of what we do, we are only committed to the client, the law and our mission to preserve or save values. We put our legal competence, consulting experience from thousands of cases and our commitment to the task. With the legally versed restructuring and restructuring consultants from hww, experienced pilots come on board of the company when the weather is bad or the sea is rough and navigate the company to a safe haven.
Self-administration according to § 270a InsO
Self-administration according to § 270a InsO is an instrument for reorganization and restructuring. It can be used when insolvency can no longer be avoided, but the company nevertheless has a business operation worth going on and has a concrete perspective. Self-administration means that the debtor retains the power of disposal and financial sovereignty over his company and remains in control of what is happening - unlike in conventional insolvency proceedings, in which the company management hands over control to the insolvency administrator. In self-administration, the entrepreneur himself acts as an insolvency administrator. In most cases, however, they do not have the necessary expertise - this is where the restructuring and insolvency administrator comes into play. In close cooperation with the company management, he approaches creditors, banks and partners in order to involve all those involved and the insolvency court in the process. Professionalism, competence and transparency in the implementation ensure trust - the most important pillar for an ultimately successful restructuring.
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Source:https://www.planerundkollegen.de/ksw-technik-neustart-dank-eigenverwaltung