On Friday, May 5, 2017, the creditors agreed to the insolvency plan submitted jointly by VfR Aalen (Verein für Rasenspiele 1921 e.V. Aalen), represented by Heuking Kühn Lüer Wojtek, and the insolvency administrator Dr. Holger Leichtle of Schultze & Braun at the deliberation and coordination hearing scheduled and held by Aalen insolvency court.
In mid-February 2017, an application was filed for self-administered insolvency. The insolvency proceedings were initiated on April 1, 2017. Sufficient financial discharge of the heavily indebted association out of insolvency was not possible.
Therefore, it was decided to pursue debt relief by means of self-administered insolvency to preserve professional sports operations and to secure the licenses for the 3rd division league and, if applicable, the 2nd Bundesliga.
Led by Prof. Dr. Georg Streit (Picture), Partner and Head of the Reorganization Practice Group, Heuking Kühn Lüer Wojtek held the relevant negotiations and prepared the reorganization of the association by means of self-administered insolvency.
Dr. Holger Leichtle of Schultze & Braun was appointed as insolvency administrator. Heuking Kühn Lüer Wojtek and Schultze & Braun are jointly managing the self-administered reorganization.
The insolvency court already approved the insolvency plan on May 5, 2017 (plan approval decision). In the coming weeks, the insolvency court is expected to cancel the insolvency proceedings, as is usual in the context of an insolvency plan.
VfR Aalen is a professional soccer team whose top men’s squad has been playing in the 3rd division league of the German Soccer Federation (DFB) since the 2015/2016 season after it had been a second-division league team for three years prior. As of December 2016, VfR Aalen has 1,138 members and is a sports team that is rooted in the city, in the region, and in tradition.
Involved fees earner: Georg Streit – Heuking Kühn Lüer Wojtek;
Law Firms: Heuking Kühn Lüer Wojtek;
Clients: VfR Aalen;