Shock for myWorld creditors: Shopping Points, cloud products, shares and similar items cannot be recovered in the insolvency proceedings.

One passage in the KSV letter is particularly explosive:

(Note: PDF document, page 3/4, in English.)

“The claims of private creditors are being contested by the insolvency administrators, as claims arising from Shopping Points, Cloud products, Shares and similar items cannot be reclaimed in insolvency proceedings.”

This is not merely a technical footnote.

This is the real shock of the entire bankruptcy.

Shopping Points, cloud products, shares: What’s left for the creditors?

That’s precisely where the real issue lies. For marketers – NOTHING!

Because many of those affected probably assumed that:

• Shopping Points,
• Cloud products,
• Participation models
• or internal “shares”

in insolvency proceedings, they would be at least partially recoverable .

The KSV letter makes it clear that these expectations cannot be met.

For many affected individuals, this would represent a second escalation after the insolvency itself, as this hope can now not be fulfilled.

Note: PDF document, page 3/4, in English.

At the same time, liability and payment flow audits are already underway.

Particularly noteworthy:

At the same time, according to insolvency reports, the legal proceedings within the corporate group are also intensifying.

As already reported by BEKM, the following are now underway:

• forensic analyses of payment flows,
• Examination of potential liability claims,
• Investigations into intra-group financing
• as well as preparations for potential director liability.

Even the insolvency administrators are now openly speaking of:

• “payment flows that are subject to challenge or liability”
• problematic annual financial statements
• and the question of the point in time when material insolvency occurs.

This increasingly shifts the entire case away from an ordinary corporate insolvency towards the legal investigation of an international network of companies.

The real problem is only just beginning.

However, perhaps the harshest passage in the KSV letter reads elsewhere:

“Currently, there is a shortage of mass.”

Translated, this means:

Currently, the available insolvency assets are not even sufficient to reliably cover all ongoing insolvency costs.

And it goes on to say:

Given the current situation, “no distribution quota” can be expected.

For many creditors, the bitter realization is now becoming clear:

The real problem with the myWorld /Lyconet insolvencies may not only be the lack of assets, but the question of whether central business models and product designs ever created claims that could be enforced in insolvency proceedings.