German Pellets insolvency report presented

Last week, the Schwerin district court presented the official insolvency report for the German Pellets GmbH. According to insolvency administrator Bettina Schmudde, the insolvency claims amount to € 427 million opposed to roughly € 10 million of available insolvency assets. If this amount is not reduced by the cost of the insolvency proceedings, the insolvency dividend will come down to 2.3%.

The 17,000 affected investors invested about € 280 million in Germany alone. CLLB lawyers, Munich, believe there is a good chance to examine and possibly enforce claims against CEO Peter Leibold. Legal action has apparently already been taken.

In Schmudde's view, the German Pellets GmbH has been insolvent since the middle of 2015. The public prosecutor's office is currently investigating the case for delayed filing of insolvency. Apparently, false sales figures have been booked and additionally, stock levels have been booked even though they never existed, as anwalt.de reports. On the factory premises, a manipulated silo installation as well as an uncalibrated scale have been found.