EGO HUMRICH WYEN advised, in cooperation with the Swiss law firm Kaiser Odermatt & Partner, the insolvency administrator of Econcern on the assertion of claims for damages against the insolvent Ecostream Switzerland amounting to approximately EUR 450 million.
The Dutch Econcern was one of the largest globally operating groups of companies in the field of renewable energies. It filed for insolvency in 2009. The Swiss subsidiary, Ecostream Switzerland, a provider of solar power systems, also had to file for insolvency in 2009.
Econcern asserted assigned damage claims against Ecostream Switzerland in the approximate amount of EUR 450 million. The case was litigated at the Cantonal Court of Zug and settled as the insolvency administrators of Econcern, Willem Jan van Andel and Noor Zetteler, were able to reach an agreement with almost all creditors of Ecostream Switzerland. As a result, Econcern will now receive by far the largest part of Ecostream Switzerland's insolvency assets in the amount of EUR 17 million.