Soldiers of the Wasteland

Ascaron going into administration – UPDATE

by Mcrat on Apr.20, 2009, under Sacred 2

Sacred 2

Sacred 2

To clarify how much trouble Ascaron are actually in, thegreatcthulhu has kindly provided some information about the German legal proceedings of Insolvency and the phase of Administration.

The German legal proceeding of “Insolvency” is the same as the US legal proceeding known as Chapter 11 Bankruptcy.

When you go into Bankruptcy/Insolvency, your companies leaders have to ceed their power over to a court appointed “administrator”. This person oversees your company for a specific amount of time (in Germany, 3 months) to evaluate the situation and then afterwards, they decide whether or not to have the company fold or restructure.

The legal phase of Insolvency/Bankruptcy where the court appointed administrator takes over is, as you probably guessed, “Administration”.

The only optimistic part about this is that the court actually approved they could claim insolvency… otherwise they would’ve been told they’re SOL. So they must have at least somewhat of a snowball’s chance in… you know where.

So it looks like Ascaron’s situation is a little worse then they are actually letting on. Thanks again to Cthulhu for the clarification.

And if you feel like doing some further reading on the subject, here are some helpful links:

:,

Leave a Reply

Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!

Handy links

For all your clicking needs...

Archives

All entries, chronologically...