03. May 16

K.i.B. Kompetenz in Beratung GmbH: BaFin orders winding up

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) [Federal Financial Supervisory Authority] has ordered that K.i.B. Kompetenz in Beratung GmbH wind up its unauthorized retail deposit business and any money received be paid back to investors immediately.

GRP Rainer Lawyers and Tax Advisors in Cologne, Berlin, Bonn, Düsseldorf, Frankfurt, Hamburg, Munich, Stuttgart and London conclude: By official notice of November 10, 2015, the BaFin ordered that K.i.B. Kompetenz in Beratung GmbH wind up its unauthorized retail deposit business and immediately pay back any money received to investors.

The latter were able to participate in various photovoltaic projects. Their money was invested in modules. In doing so, they were supposed to receive a share of the rental income for the modules. Moreover, K.i.B. Kompetenz in Beratung GmbH promised in any event to buy back the modules at the original selling price. According to the BaFin, this was a retail deposit business that required authorization. Due to the fact that the company lacked the necessary authorization, the BaFin ordered that it be wound up.

Accordingly, the investors should expect to recover their capital in the near future. If problems arise regarding these repayments, the investors can turn to a lawyer who is competent in the fields of banking law and capital markets law.

There have recently been instances of companies running an unauthorized retail deposit business which needed to be wound up, but did not have sufficient liquid assets in order to be able to repay the investors. In a few cases, it was even necessary to file for insolvency. Most of the time, this entails losses for the investors. Of course, that doesn’t have to be the case with K.i.B. Kompetenz in Beratung GmbH.

That being said, should difficulties emerge with regard to the repayments, it is possible to take legal measures to prevent the investors having to accept their losses. These include claims for damages, which can be directed against, among others, those responsible for the company. By running a retail deposit business without the necessary authorization, they are likely to have rendered themselves personally liable. In addition, it may also be possible for claims to be asserted against the intermediaries.

The BaFin’s official notice is immediately enforceable but not yet final.

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