When a company defaults on its payments, provisional insolvency administration is usually ordered before the actual proceedings begin. This serves to protect the debtor's assets from adverse changes. However, the period of provisional insolvency is also used to find new investors or buyers before the actual proceedings begin. But this is not always successful.
Solutions for insolvent startups
Things went well for Noyes TechnologiesThe startup for automated micro-warehouses entered provisional insolvency administration in November 2023. In February, the saving grace came in the form of a takeover by the Austrian Knapp Group. Knapp Nano Warehousing Beteiligungs GmbH, newly founded on February 1, took over the business operations of Noyes Technologies. All 19 employees in Munich were retained. Insolvency proceedings for Noyes Technologies GmbH were opened simultaneously on February 1. Attorney Rolf G. Pohlmann of the Munich law firm Pohlmann Hofmann was appointed insolvency administrator.
The insolvency of the Edtech also had a positive outcome HeytimiThe online tutoring startup entered provisional insolvency administration at the beginning of December, led by attorney Marc-André Kuhne of the Dingolfing law firm DKR Kuhne Dr. Raith Rechtsanwälte. At the end of December, Heytimi was acquired by the Berlin-based edtech Cleverly – although the two companies only announced this in February. In addition to the brand and customers, the Berlin-based company also secured some of the Munich-based company's employees and tutors. The brand will remain under the name "Heytimi by Cleverly" for the time being. Heytimi's insolvency proceedings began on January 3, 2024.
And also the insolvency of Smart4Diagnostics came to a positive end. Shortly before Christmas, the medtech company, which aims to digitize the blood collection process, had to file for preliminary insolvency. In March, the Munich-based company then announced a successful investor solution: Venture Targeter 3 AB, a subsidiary of the Swedish venture capital firm Katalysen Ventures AB, acquired the business operations retroactively to March 1 and also took over the entire workforce. Katalysen Ventures is backed by a group of investors from Sweden, the United Kingdom, and the USA. With the takeover, insolvency proceedings for Smart4Diagnostics GmbH were initiated. Attorney Dr. Elske Fehl-Weileder served as insolvency administrator. She works at the Munich office of the Achern-based law firm Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung.
Newly opened insolvency proceedings
However, things were less fortunate for CesoniaThe startup, founded in 2018 with support from LMU EC and SCE, launched a collaboration solution for product development. In November 2023, the company entered provisional insolvency administration. The proceedings were subsequently opened in February of this year. Dr. Max Liebig of the Munich law firm Liebig Insolvenzverwaltung Restrukturierung (Liebig Insolvency Administration Restructuring) assumed the insolvency administration role. Some may remember her from the Kuchentratsch insolvency last year. Ultimately, however, no solution could be found for Cesonia.
There was also no solution for Life-size floor planThe startup offers builders the projection of life-size floor plans onto their warehouse floor. Customers then furnish their future home using rollable walls and cardboard furniture. With this concept, the startup once impressed Carsten Maschmeyer and Judith Williams on the Lion's Den. Insolvency proceedings against Grundriss in Lebensgröße were initiated in mid-January, and just one week later, the insolvency proceedings were declared. The insolvency administrator is attorney Dr. Ulf Pechartscheck of Dr. Beck & Partner Rechtsanwälte.
There is also news from the insolvency proceedings of XpayThe credit card startup, founded in 2016, was forced to file for provisional insolvency in August for several parts of the group: Xpay Holding AG, Xpay Solutions GmbH, and Xpay Development GmbH. Xpay Card Services GmbH, which is the operational center as an e-money agent, is not affected by the insolvency. In November, insufficiency of assets was declared for Xpay Holding, and insolvency proceedings were opened. In March, proceedings were also opened for Xpay Solutions GmbH and Xpay Development GmbH. Attorney Dr. Matthias Hofmann from the Munich law firm Pohlmann Hofmann was appointed in both cases.
New cases of provisional insolvency in the Munich scene
In the first quarter of the year, two new cases of provisional insolvency also occurred. In mid-February, Laqa into provisional insolvency administration. The startup has developed a digital solution for nursing and healthcare facilities to record and process drinking amounts and intervals for care recipients. A smart drinking cup is designed to record whether users are drinking enough and remind them if necessary. In this way, the startup aims to help prevent dehydration in the elderly and those in need of care. Now, however, Laqa itself needs help. Attorney Dr. Benedikt de Bruyn of the law firm GT GreenbergTaurig has been appointed as provisional insolvency administrator.
In addition, it has Samdock At the end of January, the company was placed into provisional insolvency administration. The startup offers a cloud-based software-as-a-service solution that enables small and medium-sized enterprises to digitize and automate business processes in sales, marketing, and customer service within a single, end-to-end system. At the beginning of 2020, the startup secured a seven-figure sum, but now it has run out of money. Attorney Thomas Klöckner of the Lecon law firm is the provisional insolvency administrator. The insolvency proceedings were then opened at the beginning of April—i.e., already in the second quarter.
