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Creditors are very satisfied, all assets were “sold optimally and at great prices” without time pressure, the bankruptcy office of the canton of Thurgau said on Friday. The total revenues are well above what was originally claimed in the legal proceedings.
Eugensberg Castle in Salenstein TG was sold to a central Swiss IT businessman in March 2019. The Villa Wolfensberg in Winterthur (former home of Hugo Erb, Rolf Erb’s father), a property on the Rhine in the canton of Schaffhausen, a real estate company in Winterthur, twelve vintage cars, a bundle of shares in a Liechtenstein bank and “other important seized assets were also sold.”
At first only 100,000 francs
At the beginning of the proceedings, the bankruptcy estate amounted to just over 100,000 francs because significant assets had been transferred to relatives shortly before. In long-term legal proceedings up to federal court, creditors managed to realize assets worth many millions.
According to the Thurgau bankruptcy office, the fact that there was no time pressure for individual steps contributed to the high income. The last five properties of the bankrupt inherited estate, including Villa Wolfensberg in Winterthur, were auctioned in early 2020.
Second largest bankruptcy in Switzerland
The bankruptcy, which opened in mid-2004, dates back to the collapse of the Winterthur Erb Group, which was divided into four holding companies and the private assets of the Erb family. Rolf Erb had committed to various loans from his companies through joint obligations, guarantees and letters of consolation.
The group of companies left a mountain of debt of more than 6.5 billion francs when it went bankrupt. Creditors included mainly banks, but also individuals and, due to tax debts, the Canton of Zurich. (pbe / SDA)
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