If Air Berlin's insolvency administrator Lucas Flöther has its way, a subsidiary of Deutsche Börse is said to be liable for parts of the airline's bankruptcy. The lawyer brought a 497,8 million euro lawsuit at the Frankfurt Regional Court on Friday.

In a media statement, the insolvency administrator justifies that, in his opinion, Clearstream Banking AG has become the personally liable partner of the limited partnership. Air Berlin was a construct of two companies: the listed Air Berlin PLC, based in the United Kingdom, acted as the personally liable partner of the Luftverkehrs KG, where the flight operations were based. Outwardly it was Air Berlin PLC & Co. Luftverkehrs KG.

According to Lucas Flöther, Brexit is said to have meant that the stock corporation under British law can no longer function as a personally liable partner. Ordinary shares of the Deutsche Börse subsidiary Clearstream Banking AG are entered in the share register of the United Kingdom. These are unit certificates that investors have deposited with this company in custody accounts.

The insolvency administrator deduces from this that Air Berlin PLC can no longer be viewed as a foreign company with its administrative headquarters in Germany, but has become a company under civil law due to Brexit. Flöther is of the opinion that Clearstream Banking AG thereby became a personally liable partner.

A so-called performance and declaratory action has been brought against this subsidiary of Deutsche Börse at the Frankfurt Regional Court. It should also be determined whether Clearstream Banking AG can be asked to pay for further claims of the creditors. If the process is successful, Flöther estimates the volume at around one billion euros.