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P&R Containers - NWHP achieves victory for investors - are Austrian Courts responsible for lawsuit against German insolvency administrators?

The Neumayer, Walter & Haslinger Rechtsanwälte association represents investors affected by the insolvency of P&R containers. P&R sold around 1.6 million containers to private investors in the grey capital market. In addition, P&R promised to buy back the large steel boxes. After the bankruptcy, however, it turned out that just over a million of the containers sold did not really exist, only on paper, and therefore could not generate any kind of income.

Mag. Dr. Wolfgang Haslinger, LL.M. Neumayer, Walter & Haslinger | Viena-Austria

25/03/2020

Contenedores P&R - NWHP logra una victoria para los inversores - ¿Son los tribunales austriacos responsables de la demanda contra los administradores de insolvencia alemanes?

The Neumayer, Walter & Haslinger Rechtsanwälte association represents investors affected by the insolvency of P&R containers. 

P&R sold around 1.6 million containers to private investors in the grey capital market. In addition, P&R promised to buy back the large steel boxes. After the bankruptcy, however, it turned out that just over a million of the containers sold did not really exist, only on paper, and therefore could not generate any kind of income. 

At the time of the bankruptcy, P&R clients and investors had invested around € 3.5 billion.

Many investors joined only the bankruptcy proceedings and the joint claim against P&R from Germany. However, experience and time indicate that investors cannot be expected to recover, through German justice, all the capital invested. It is still unclear what amount will be paid or when.

NWH supports investors who do not want to wait to recover part of the investment. MWH is evaluating and studying potential defendants, such as the Austrian Container Systems Agent, although, unfortunately, it has filed for bankruptcy. 

MWH therefore focuses its efforts against German insolvency administrators, whose lawsuit has already been filed and the first trial is already pending before the Supreme Court. 

In this process against the former German auditor of P&R companies, the Vienna Regional Court for Civil Law matters stated that a lawsuit against the German auditor in Austria could be brought before the Court of the plaintiff's place of residence (although said decision is not final). A lawsuit filed in Austria provides better opportunities for legal protection, more comfortable litigation for investors, etc.

It should be noted that the Statute of Limitations of claims against the German auditor indicates that claims against said auditor prescribe three years after suffering the damage and knowledge of it, so it is important that investors do not delay the presentation of their claims.

Therefore, it is advisable and advisable to consult an attorney. The firm Neumayer, Wlater & Hastlinger Rechtsanwalts is backed by decades of experience and knowledge of shareholder and investor rights. You can contact us at any time at rechtsanwalt@neumayer-walter.at

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