Tuesday, March 31, 2015

Ex-CEO Thomas Middelhoff Arcandor files for bankruptcy – THE WORLD

The former top manager Thomas Middelhoff is insolvent. At the Magistrate Court in Bielefeld former head of Bertelsmann and the Karstadt Arcandor mother had applied for insolvency proceedings on his own property. The court subsequently the Bielefeld lawyer Thorsten Fuest from the law firm Brinkmann & amp; Partners used as provisional liquidator.

The crash of the former “child prodigy of the German economy,” as Middelhoff was called in his best days as a manager, so that goes into an incredible panache on. Administrator Fuest will now get a full picture of how high are the claims against Middelhoff and how much wealth the 61-year-old is currently even still has. That will certainly “take a few weeks,” it said on the part of the court.

Especially Fuest already speaks of “complex financial circumstances”. Following is then judged whether after the preliminary insolvency and due process is initiated. During this time period Middelhoff, who sits currently following a conviction by the Regional Court of Essen in custody no longer be any remaining assets have.

liquidator must account transaction approve

“It may spend no more money. And everyone who owes him money must not pay him,” said a spokesman of the court. Each account transaction must be approved by the administrator -. A fact that an experienced decision-makers as Middelhoff has incredibly hurt, as experts suggest

Middelhoff’s lawyer Hartmut Fromm established the Revelation so that his client was not currently in a position to “fulfill a due income tax owed by the Treasury.” Although an action against that claim was pending, but was rejected a stay of execution

What’s more, the tax office Bielefeld outer city has not given the fulfilling demands apparently before Middelhoff even filed for bankruptcy. However, the Authority will not comment with regard to tax secrecy. The court wants to can not comment and only confirms their own application.

turning point in the life of “Big T”.

The comes as no surprise to experts. Because only rise to the possibility of the so-called residual debt for Middelhoff. It allows indebted people, after a good behavior period of six years to be completely debt free.

Middelhoff’s financial situation was in the last few months repeatedly subject to various legal proceedings, has run against the former top managers or Middelhoff even brought against banks and individuals. A consistent picture has it apparently never found.

Judge John Smith, in November 2014 the district court food for embezzlement in 27 cases and tax evasion in Middelhoff three cases had convicted, in any event, was surprised at his then two-hour verdict that even after several months of negotiations could not be completely resolved, how much wealth Middelhoff at all.

No later than this method, against whose decision the Middelhoff lawyers have filed an appeal, marked a turning point in the life of” Big T. “as the manager Middelhoff was only too happy to call. Because since then no longer fighting the former multimillionaire for a new job, but his freedom.

dispute with Sal. Oppenheim

So far, however vain. With several habeas appointments could Middelhoff and his lawyers, the court failed to convince that in the 61-year-old who had always stated in his last public appearances as a principal residence St. Tropez, not a flight risk. Even as close friends and family members of Middelhoff offered a deposit of almost 900,000 euros, this could not sway the judges. Whether the bankruptcy petition because something changes, it will turn out in the coming weeks.

Dates in any case would Middelhoff, who claims to be as Bertelsmann manager the Internet to have brought to Germany, enough, namely the German courts. Part of the Ex-Karstadt CEO is sued for millions of dollars. And sometimes he accuses himself for the release of large amounts of money. In July last year, he underlined that it was not to be broke.

He alone had the problem that he is not receiving its liquidity by the Bank Sal. Oppenheim’ll blocked. “Since 2009, the Sal. Oppenheim blocked the deposit accounts of Thomas Middelhoff related to investments of spouses Middelhoff under which long-term total assets managed by Oppenheim-Esch,” says lawyer Fromm. For this purpose, as well as the release of further deposits, a dispute might be brought before the District Court of Cologne. A final judgment is currently not foreseeable.

creditors welcome insolvency proceedings

Middelhoff’s claims in the various processes estimated with a three-digit million range. Conversely, he sees himself apparently walkouts in the amount of 90 million euros compared with, they say. Therefore the creditors welcome the bankruptcy petition and hope for long-awaited information on the financial conditions.

“We welcome the fact that there are creditors now in an orderly and asset situation of Mr Middelhoff will be fully investigated by the insolvency administrator, “said example Claus Thiery, the lawyer of management consultants Roland Berger, the” world. “

Berger, with which Middelhoff actually on the Thursday before the District Court of Bielefeld should argue, requires Middelhoff about 6.7 million euros. The trial date has picked up on Tuesday morning at the request of Middelhoff lawyers, the Regional Court of Bielefeld. The Berger side had no objection, it said in a statement the court. If and when a new date was scheduled, am not certain.


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