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US News Bankruptcies: Fastball system with containers: 54,000 P&R creditors can count on repayments

21:10  04 december  2020
21:10  04 december  2020 Source:   handelsblatt.com

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Bankruptcy distribution follows an order of priority. This means that some creditors are paid before If the bankruptcy debtor has , 000 in the debtor’s estate and the debtor owes , 000 in domestic In Chapter 11 or 13, the creditors are repaid according to the repayment plan, which must conform to

Bankruptcy is a legal process overseen by federal bankruptcy courts. It's designed to help individuals and businesses eliminate all or part of their debt or to help them repay a portion of what they owe. Bankruptcy may help you get relief from your debt, but it's important to understand that declaring

The creditors of the insolvent container sales company P&R can hope. Insolvency administrator Michael Jaffé wants to pay out parts of the bankruptcy estate for the first time in the first quarter of 2021.

Das Logo der Containerinvestmentfirma P & R Container Vertriebs- und Verwaltungs-GmbH ist vor dem Gebäude des Unternehmens. © dpa The logo of the container investment company P & R Container Vertriebs- und Verwaltungs-GmbH is in front of the company's building.

Almost exactly three years after the bankruptcy of the former market leader in capital investments in sea containers, the P&R Group, the creditors are to receive a first partial distribution from the bankruptcy estate. "The insolvency administration is working hard to make a first payment possible in the first quarter of 2021," said insolvency administrator Michael Jaffé from Munich on Friday. So far, he has been able to secure around 435 million euros for the creditors.

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Filing a bankruptcy is generally better than having a foreclosure on your credit record. A person will often be able to rebuild credit and buy a house When you file a bankruptcy , a Court order goes into effect immediately stopping all collection activity. This includes stopping foreclosures, attachments

Filing for bankruptcy will stop most collection actions can get rid of many debts, such as credit card balances, medical bills, personal loans, and more. What Bankruptcy Can Do. Bankruptcy allows people struggling with debt to wipe out certain obligations and get a fresh start.

Previously, the creditors had approved his proposal in a written procedure on how the money should be distributed among the four P&R sales companies - with a majority of over 99.9 percent each. "With the approval we have now obtained, we have a basis on which the proceeds can be paid out to the creditors," said Jaffé. The creditors should also benefit from further successes from container recycling.

The former market leader in container sales P & R is now as a billion dollar grave of investor capital . The group sold containers to private investors, rented them back and then chartered them out to shipping companies. After five years, P & R bought back the used steel boxes. The bottom line was that investors were left with a three to five percent return.

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That fitted in with the advertising slogans such as the "floating fixed-term deposit", with which the sales department mainly lured older and security-conscious private investors. Over the years, P & R has collected around 3.5 billion euros from 54,000 investors.

The distribution of the proceeds now takes place in the ratio in which these claims of the investors are distributed as a percentage to the individual companies. "As a result, this leads to equal treatment of investor creditors," said Jaffé.

One million containers were missing in the

portfolio. Most recently, the key stipulated that 49 percent would be allocated to P & R Used Container Vertriebs und Verwaltungs-GmbH. P & R Container Vertriebs- und Verwaltungs-GmbH was to receive 32.1 percent of the secured assets, P & R Transport Container GmbH 15.1 percent and P & R Container Leasing GmbH 3.8 percent.

In early 2018, these four companies went bankrupt one after the other in spectacular fashion. Michael Jaffé discovered at the time that instead of the 1.6 million containers sold, there were only 600,000 in the portfolio. Allocation of the containers to the individual customers had almost never taken place.

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VIL owes 54 creditors , with SBI's claim the highest at Rs 11,175.25 crore. Meanwhile, VTL owes 34 lenders, the biggest again being SBI at Rs 4,605 After the introduction of Insolvency & Bankruptcy Code (IBC) in India, this will be the biggest private sector bankruptcy in India and it may have a

Chapter 7 bankruptcy works well when you don’t have enough income to pay back your debt. Businesses, as well as individuals, can take advantage of this type of bankruptcy ; however, a discharge (debt forgiveness) is available only to individuals.

The crash of P & R is considered to be one of the biggest investment scandals in the history of the Federal Republic of Germany and the group of companies as a gigantic pyramid scheme. The shortage had apparently built up continuously since 2009. Old investors were paid out with the deposits from new investors, as Jaffé found.

The insolvency administrator has announced several times that he wants to save a third of the capital. So far the chances are not bad. "The container recycling continues undisturbed and according to plan", Jaffé affirmed on Friday.

The partial distribution at the beginning of 2021 would be a first step. Before that happens, the bank details and account details have to be compared, the message says. “The creditors' committees also have to decide on the amount to be paid out.” At the same time, “substantial provisions” would have to be set up so that initially only part of the proceeds generated so far could flow to the creditors.

More: How P&R insolvency administrator Michael Jaffé would like to distribute 400 million euros.

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Hansa's annoying defeat: Härtel and Kolke name the reasons .
Rostock competed in Wiesbaden with two victories behind them and a view of first place. The result is an avoidable defeat. Trainer Jens Härtel and captain Markus Kolke give the reasons. © imago images Didn't reach his players at least in half-time: Hansa trainer Jens Härtel. "We have a brutal self-confidence", said Kolke before going to the SVWW. For a good half an hour, Rostock showed what the Hansa goalkeeper meant.

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