Dr Michael Frege appointed as insolvency administrator of Greensill Bank

Frankfurt/Main – An insolvency application for Bremen-domiciled Greensill Bank was filed yesterday by Germany’s Federal Financial Supervisory Authority (BaFin). The district court in Bremen appointed Dr Michael Frege, one of the most highly regarded insolvency lawyers in Germany, as the insolvency administrator. He specialises in bank insolvency proceedings and in addition to the Lehman Brothers Bank in Germany, handled the insolvency of Maple Bank, which was extremely challenging due to its cum-ex transactions.

He was also very successful in handling the insolvency of mail-order company Neckermann, of the listed WCM Group, and a number of other major insolvencies.

Frege’s appointment by the district court in Bremen comes as no surprise. The partner at commercial law firm CMS Hasche Sigle is considered a specialist in highly complex cross-border insolvencies. The London-based parent of Greensill Bank filed for insolvency last week; the Greensill holding company, domiciled in Australia, has also been in insolvency for around two weeks.

CMS is already fully engaged in the proceedings and has put together a highly capable restructuring team. Alongside Michael Frege, Dr Charlotte Schildt and Joachim Kühne will also play lead roles in handling the Greensill Bank case.

Please note that details of the insolvency proceedings cannot be made public as this would contravene German law. CMS stated that it was unable to comment on the matter itself for at least fourteen days. The deposits held by private investors are protected by the statutory scheme and additionally by the private Deposit Protection Fund.

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