Nowhere does it start debt can be completely absolved. However it does state this scary scenario "Another feature of German insolvency law is the so-called Insolvenzplan (often translated as insolvency plan). It is basically a proposal to the company’s creditors of how the restructured business should look and what actions need to be taken to implement the restructuring. Such proposal may even involve a total squeeze-out of existing shareholders."
NEW Poolworks Prototype is done after 4 months of work according to the VZ networks team at Poolworks. Three more months to go (approximately) and we launch the relaunch of the new social media networks!!!!!
From the Poolworks website:
On its own behalf: "studivz" announces bankruptcy - The social network continues BY VZ TEAM · SEPTEMBER 8, 2017
Berlin, September 8, 2017 - the Poolworks (Germany) Ltd. has filed for bankruptcy on 7 September 2017 at the District Court of Charlottenburg. The court has appointed Jesko Stark, a lawyer for the provisional insolvency administrator, from GT Restructuring, the restructuring unit of Greenberg Traurig.
The operation will continue and the studiVZ and meinVZ sites will remain active. The aim of the procedure is a restructuring, the long-term preservation of the VZ Group as well as the finalization of the new core product development.
All employees have been working hard to develop this new platform in recent months. The new product should be understood as a relaunch of the entire VZ Group.
Because with the creditors of the group agreements were negotiated, which wanted to wear the new owner Momentous Entertainment Group. Unfortunately, the American shareholders could not yet agree with the tax office on the repayment of a sum, so that then the bankruptcy had to be registered.
After a four-month successful collaboration, there is already a prototype of the new platform and the project is only three months away from completion.
For the employees, the whole thing was very surprising after the positive course of the past few months.
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