Insolvency administrator Henning Schorisch prepared the final accounts as of December 31, 2014 and this was discussed at the last meeting in the insolvency proceedings. The final distribution of $179.91 million is expected to be carried out in the following months following an advance distribution in an aggragate amount of $63.75 million in November 2013. The creditors who did not participate in the advance distribution will receive an advance amount giving them the same status as the remaining creditors.
The financial data is said to be presented at the meeting, accounting based on insolvency law, and as of end of 2014, the total assets of the company amount to $359.81 million. On the liability side, insolvency claims in an aggregate amount of $1983.48 million exist. However, it is to be expected that this amount will be reduced by at least $486.87 million due to bonds being registered twice. Liabilities to preferential creditors is at $60.72 million.
The total assets accounted for by bonds and other claims held by Global PVQ-group (- $ 92.2 million) and after adjusting the liability side by such claims held by subsidiaries of Global PVQ SE (- $409.29 million), in the light of current knowledge a final insolvency dividend of at least 25 % is to be expected. Currently, legal proceedings are ongoing, inter alia regarding directors' and officers' liability, claims resulting from transactions being contested ("Insolvenzanfechtung") by the insolvency administrator as well as consideration of insolvency claims for distribution.
Depending on the result of such legal proceedings, this could lead to an increase of the total assets by up to $168.66 million or to an decrease of the aggregate amount of insolvency claims by up to $196.77 million respectively, and, therefore, could result in an increase of the final insolvency dividend.
