ClinicAll Germany GmbH Insolvency

What can investors expect?

With the opening of the insolvency over the assets ClinicAll Germany GmbH the rumors are confirmed that the enterprise is economically badly. Investors must count now on the fact that they suffer a total loss. If it should concern a snowball system, they see themselves possibly even recovery claims and thus higher costs suspended.

Background to the insolvency of the ClinicAll Germany GmbH

On November 28 of last year (2019), the Düsseldorf Local Court opened insolvency proceedings on the assets of ClinicAll Germany GmbH (file no. 502 IN 155/19). The reason for the opening of the insolvency proceedings was both the solvency and the over-indebtedness of the company.

The insolvency administrator is attorney Dr. Biner Bähr. Creditors could file their claims until January 20, 2020. Before the insolvency, the ClinicAll Germany GmbH had already tried to remain capable of acting in the course of a protective shield procedure. This so-called voluntary opening of insolvency proceedings in self-administration according to §270b InsO failed, however, so that investors continue to fear for their invested capital.

Development: The bond is tradable until 12.11.2020 under WKN A1619V or ISIN: DE000A1619V9 with a coupon value of 6.500%. Until 01.11.2021 it will be tradable under WKN A2BPB9 or ISIN DE000A2BPB92, respectively, with a coupon value of 6.000%.

Liabilities not covered by sufficient equity capital

The insolvency of ClinicAll Germany GmbH was caused by liabilities in the millions of Euros, which were not covered by sufficient equity capital. Already sometime before, the media reported about the corresponding deficits within the annual financial statements.

Nevertheless, the company continued to collect massive amounts of money from investors. This was primarily through issued bonds, bearer bonds as well as through investments in the company in the form of a subordinated loan.

Business model of the ClinicAll Germany GmbH

The business model of ClinicAll is to create interfaces between operators of clinics and digital services. In addition, the company also offers software solutions to patients, among others in the form of apps.

In the meantime, there are certain voices that the business model – at least in part – may have been a snowball system. Should this be the case, affected investors need not only fear for their invested and not yet repaid capital. Under certain circumstances, it may even happen that income and capital reflows already received from the investments have to be repaid.

Close integration with the parent company ClinicAll International Corporation

The parent company of ClinicAll Germany GmbH is the New York based company ClinicAll International Corporation. The parent company had already asked investors by mail at the end of November last year to continue to trust the company, as its economic situation was better in reality than portrayed in the media.

One of the contents of the letter is that the cash assets at the time the protective shielding procedure was applied for would amount to approximately 1.5 million euros. Furthermore, restructuring measures were spoken of, in order to win the investors further for itself. In the end, unfortunately, the practice has shown that all efforts were in vain and investors have to fear at least for their invested and not yet repaid capital due to the ClinicAll insolvency.

What can affected investors currently do?

In the current situation, it is not yet possible to give investors clear advice on what they should do now. Nevertheless, it offers itself to take up at least as a precaution the specialized knowledge and experiences of the Kanzlei CDR-Legal specialized in bank and capital market right at least.

After all, there is a well-founded suspicion that investors will not get back either a large part or even all of the capital that they had previously invested through bonds, IHS, or subordinated loans.

If the investment has been recommended to you by a consultant, claims for damages for incorrect advice are also conceivable.

In addition, the problem may arise that investors may even have to repay to ClinicAll Germany GmbH any income they have already received or the partial repayment of their investment capital afterwards. This would not be unlikely under the assumption that it was actually a snowball system.

In both cases, it makes sense to seek qualified advice and to be advised about possible legal steps. In a non-binding conversation, CDR-Legal will gladly inform you about the options for action and whether there is an acute need for action.

Lassen Sie sich helfen von der Anwältin & Autorin Corinna Ruppel

Corinna Ruppel – Rechtsanwältin für Bankrecht und Kapitalmarktrecht in Rosenheim (Oberbayern)

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Die Autorin

Corinna Ruppel – Rechtsanwältin für Bankrecht und Kapitalmarktrecht in Rosenheim (Oberbayern)

Corinna Ruppel nutzt ihre Fachexpertise aus ihrer langjährigen Tätigkeit als Kreditspezialistin und Syndikusanwältin, um Privatpersonen und Unternehmen in allen Fragen rund um Bank- und Kapitalmarktrecht sowie Insolvenzrecht zu beraten und zu vertreten. Dabei legt sie besonderen Wert auf Transparenz und eine vertrauensvolle Basis dem Mandanten gegenüber.

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