Insolvency Administrator Marc Daniel Schulz achieves a Recovery Rate of almost 70% for the Creditors of OWG Personalservice

In the insolvency proceedings for the Warendorf-based personnel service enterprise OWG Personalservice, the insolvency administrator Marc Daniel Schulz from PLUTA Rechtsanwalts GmbH will pay more than half a million euros to the creditors, meaning that they will receive around 70% of their claims.

The sole proprietorship was specialised in arranging personnel services for the food industry and had a workforce of 49 employees in the North Rhine-Westphalia town of Warendorf. At the end of 2011, the insolvency proceedings for the assets of OWG Personalservice were opened.

After continuing business operations during the provisional and, subsequently, the regular proceedings, the insolvency administrator succeeded in finding a buyer, which is a long-term solution for the company. In addition to the sale of the property and the collection of accounts receivable, the special assets played a significant role in the positive outcome. “Our success in these proceedings was due to effectively contesting substantial transactions with the tax authorities. In this way, we made certain that the unsecured creditors will be treated equally,” said the insolvency administrator happily.