Originally Posted by swiss_global

I took the time to read the document attached to the e-mail message ("Topbonus Insolvenzplan 2018"). As a non native speaker of the German language it was quite a challenge ... but I struggled even more because of the peculiarities of German law, which seems to be very different from insolvency legislation in any other country (including Switzerland or the UK).

Anyhow, the first part of the report, about the history of Topbonus' insolvency, was easy and interesting to read. In my view the most interesting revelation is that the lack of liquidity was primarily caused by Etihad, which (partly) claimed back a loan in the amount of EUR 81m, thereof EUR 13.5m shortly before the insolvency of Topbonus Ltd. On the other hand side, AirBerlin seems to have paid everything but the very last EUR 4m it owed Topbonus. Many posters in this forum, including myself, thought that Topbonus' insolvency was caused by AirBerlin's insolvency, which clearly is not the case!

An owner (Etihad) extracting liquidity immediately before insolvency are in most countries committing a criminal offense. Such funds can usually be claimed back by insolvency administrators, on behalf of the creditors. The "Insolvenzplan" does briefly touch on this, but does not include such a claim, which I find very strange.

As I said at beginning of this post, the latter part of the Insolvenzplan is not comprehensible without in depth knowledge of German insolvency law. The Insolvenzplan mentions various estimated quotas, but I would not like to spread wrong information caused by misunderstandings.