The Munich District Court opened insolvency proceedings for TSV München von 1860 GmbH & Co. KGaA on Thursday afternoon at 3:25 p.m. Munich-based Max Liebig, who previously handled the insolvency cases of Türkgücü and star chef Alfons Schuhbeck, was appointed provisional insolvency administrator.
Liebig will examine the company’s economic and legal situation in the coming days. The court ordered that the debtor’s dispositions are only effective with the consent of the provisional insolvency administrator. The club filed for insolvency on Tuesday after a deadline expired, following investor Hasan Ismaik’s termination of loans. As a result, the professional team lacked €2.3 million to continue playing in the third division. After the forced relegation, around seven million euros are now reportedly missing.
The parent club has reclaimed the first team’s playing rights for the Regionalliga. The members’ meeting has already approved the establishment of a new operating company. Many fans hope for an end to the Ismaik era, while others view the future of players and staff as uncertain. Liebig’s firm is considered experienced in insolvency administration and has handled several high-profile cases.
Source: www.sueddeutsche.de
