Germany & Russia: A bankruptcy procedure concerning Friedrich Weissheimer Malzfabrik KG has been filed on July 5
Bank Avangard herewith informs interested parties that on Wednesday July 5, 2006, an application to open a bankruptcy procedure concerning Friedrich Weissheimer Malzfabrik KG has been filed.
As you may know end of March a provisional bankruptcy administrator had already once been installed. This proceeding was terminated end of May. Such termination was based on several commitments of Bank Avangard and on corresponding obligations of Friedrich Weissheimer Malzfabrik KG. These obligations contained, in particular, arranging all company turnover through a specific and agreed bank account under mutual control, mutual acceptance of all sale and purchase contracts, etc.
While Bank Avangard met its commitments, unfortunately the Friedrich Weissheimer Malzfabrik KG management has not fulfilled its obligations. Receivables were spent out of mutual control for purposes, which were not accepted or not even disclosed. Fresh money granted by Bank Avangard was spent and lost, that was the reason for Bank Avangard to claim payment of receivables by debtors to a special account. As it appeared, most of the receivables were sold by Friedrich Weissheimer Malzfabrik KG management to a third party under a factoring agreement not disclosed to Bank Avangard, and money received from the factor was spent again out of mutual control and lost.
Therefore there was no other choice for Bank Avangard than to apply to the court for filing for bankruptcy again.
July 11, 2006
Bank Avangard
Regresar
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