AURICON assisted in the successful reorganization of Heinrich-Zschokke-Home during self-administration: The future of in-patient care and jobs has been fully secured.

The continuation of the senior citizens’ and nursing home on Hagener Strasse in Düsseldorf GThe future of the old people’s nursing home previously known as “Heinrich-Zschokke-Home” on Hagener Street in Gerresheim, Düsseldorf has been secured. During the self-administration process, AURICON, in cooperation with ATN Rechtsanwälte and the board of directors of the home operator  Heinrich-Zschokke-Home e.V., was able to transfer the business and property to a new operator and successfully complete the reorganization.

Persistent economic difficulties forced the board of Heinrich-Zschokke-Home e.V. to apply for insolvency under self-administration on 27 November 2020, which was finally filed by the Düsseldorf local court in a decision dated 1 February 2021. Following detailed preparatory work and intensive negotiations with several interested parties, an agreement was reached with the Convivo group, which takes over the running of the home on 1 April 2021. The contracts, which also include the transfer of the building, have been notarized by both parties. The only issue that remains is to obtain the approval from the creditors at a meeting to be held on 26 March 2021 and from the city of Düsseldorf as the property owner. The aim now is to enable the home to provide full in-patient care for 60 residents as soon as possible which is an increase on the 38 places that were previously available. As well as securing all 73 existing jobs, there should also be scope for a further increase in staff. Furthermore, the creditors are expected to be delighted with the purchase price.

THeinrich-Zschokke-Home e.V. was closely advised on all business management issues by AURICON’s Dr. Kai Hüttermann (Partner) and Kai Mackowiak (Senior Consultant) both prior to filing the insolvency application and during the (preliminary) bankruptcy proceedings, taking general insolvency law requirements into account. By managing and monitoring liquidity, rolling budget planning as well as detailed analyses of the economic viability of potential transfer scenarios, AURICON was able to make a major contribution to a stable and targeted restructuring of the home.

Legal insolvency advice was provided by Dr. Marc d’Avoine and Peter Mazzotti, both partners at ATN Rechtsanwälte. The court-appointed administration of assets was carried out by Dr. Dirk Andres, a partner at AndresPartner.