Insolvency in Belgium and sale of UK holding

The situation of Karlie Group GmbH remains precarious. The company has announced that one of the two managing directors of the Belgian subsidiary company Karlie Flamingo Belgium Holding has filed for insolvency on account of excessive indebtedness. Howwever, the advisors of Karlie Group GmbH and the second managing director of Karlie Flamingo Belgium Holding B.V.B.A. do not recognise any obligation to file for insolvency, and it is currently being examined whether action can be taken against the filing.
"no significant effect"
Karlie Flamingo Belgium Holding B.V.B.A. is the intermediate holding company for the operational group company in Belgium. The latter represents a substantial asset of Karlie Group GmbH, so that a significant negative impact on the financial situation of Karlie Group GmbH is to be expected if the insolvency application is not withdrawn or rejected. As long as the operational business in Belgium continues to be maintained, there should be no significant effect on the operations in Germany, the Karlie management has stressed.
Karlie sells its holding in England
Karlie Group GmbH is selling its interest in Sharples & Grant Ltd. No details of the sale price have been revealed by agreement between the parties. A consequence of the sale is an adjustment in the value of the equity holding and depreciation of claims of the issuer against its subsidiary, which has caused a negative impact on the result for the current fiscal year amounting to approx. 2.04 million euros (single financial statement).