USED Crane dealer IKH of Germany has gone into receivership, leaving customers who bought machines from it facing the prospect of having their cranes repossessed by the insolvency practitioner winding up its affairs.
IKH went into voluntary receivership in December. However, its affairs and that of its owner Hans Wrichter are now understood to be the subject of a criminal fraud investigation. Cranes Today understands that part of the investigation relates to financing arrangements secured by IKH and its sister company LZV, which is also now insolvent.
Dr Frank Nikolaus, of insolvency practictioner DNP, has the task of unravelling IKH’s finances. He described the balance sheets as ‘unreliable’. They show that IKH has DM20m ($10.3m) of crane stock, but so far there appears to be only DM200,000 to DM300,000 ($103,000 to $155,000) accounted for, Nikolaus said.
The remaining stock, if it exists, must now be tracked down as the major financial creditors vie for whatever they can get back on their lending arrangements. Creditors include banks, specialist long term lease finance companies and the German tax department.
Financial institutions will probably take priority over those who have bought cranes from IKH as they are likely to hold securities over the equipment. Therefore IKH customers may now face repossession of equipment that they had bought in good faith and had reason to believe that they owned.
“Banks have ownership for securing claims against IKH. Sometimes these claims will be in conflict with the rights of others,” said Nikolaus.
