FGvW has advised PICOM Holding GmbH on corporate and tax law matters in connection with its acquisition of a 24.9 percent stake in HSM Handball Sport Management und Marketing GmbH, the operating company of Handball Sport Verein Hamburg, a well-known professional handball club from Germany. PICOM Holding GmbH is an asset management company owned by...

Payments made to investors in a pyramid scheme that are based on profits that do not actually exist can be reclaimed from the investors by way of a challenge under insolvency law. This was decided by the Federal Court of Justice (“BGH”). Facts of the case The ruling of the BGH is based on the...