2014-09-29 Windreich

Self-appointment of Willi Baltz as managing director of Windreich GmbH does not affect insolvency proceedings


Vaihingen. Willi Balz is formally back as shareholder of the insolvent Windreich GmbH and has re-appointed himself as managing director, without authorisation and without the consent of the insolvency administrator. After commencement of insolvency proceedings under self-administration, Balz's shares in the company had been administered in trust by a law firm, in a company specifically established for this purpose and subject to a time limit. This step was intended to safeguard possible restructuring measures for Windreich GmbH during and after the self-administration phase and enable an insolvency plan to be drawn up.

The conditions for temporary fiduciary custody of the shares are now no longer met, because the self-administration proceedings were converted into regular insolvency proceedings after just a few weeks. Once the time limit expires, the shares revert to Willi Balz. The Windreich founder is the sole shareholder and has re-appointed himself as managing director.

There is no impact on business operations and on efforts to restructure the company as far as the Schultze & Braun insolvency administrator, Holger Blümle, is concerned. "Once insolvency proceedings have commenced, it is not at all possible for a managing director to interfere in business operations, make decisions, or use or sell the company's assets. Decision-making authority and power of disposal invariably reside completely and solely with the insolvency administrator and the creditors", explains Blümle. "In this respect, the managing director position is an empty shell."

More information about the insolvency administrator Holger Blümle and printable photos for download are available in the press section of our website at
http://www.schubra.de/de/presseservice/fotoarchiv_ap.php?id=3658.

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Press Officer: Ingo Schorlemmer
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Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung mbH
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