This article was created with the kind support of Startupdetector and its insolvency analysis tool.
If a company defaults on payment, provisional insolvency administration is usually ordered before the actual proceedings begin (what needs to be taken into account is explained in this guest articleThis 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. However, this is not always successful.
Solutions for insolvent startups
This was achieved with Samdock, which entered preliminary insolvency administration at the end of January. 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 the areas of sales, marketing, and customer service within a single, end-to-end system. In the second quarter, the startup found a buyer, and the technology, brand, customers, and part of the team were acquired. The new company, Samdock One, based in Bielefeld, now continues to operate the business.
Unsuccessful insolvency proceedings
Things were less fortunate for LaqaThe startup also had to declare preliminary insolvency in the first quarter—mid-February, to be precise. The main proceedings were opened at the beginning of April, and just a few days later, insolvency proceedings were declared. The startup had developed a digital solution for nursing and healthcare facilities to record and process drinking amounts and intervals for care recipients. A smart drinking cup was designed to record whether users were drinking enough and remind them if necessary.
Newly opened insolvency proceedings
The insolvency of Xpay A new chapter has been added. Following the earlier insolvency proceedings for Xpay Holding AG, Xpay Solutions GmbH, and Xpay Development GmbH, proceedings for Xpay Card Services GmbH followed in May. The interesting thing about this is that, as an e-money agent, it is at the operational center of Xpay. As in previous cases, attorney Dr. Matthias Hofmann of the Munich law firm Pohlmann Hofmann was appointed to represent the company.
There was also no solution for InsaasThe developer of AI-based market research software focused on insurance and banking was forced into preliminary insolvency in mid-March. Insolvency proceedings were subsequently opened in June. The insolvency administrator is attorney Thomas Klöckner of the Lecon law firm, who also advised Samdock through the insolvency process.
There was also bad news in the second quarter for BlickfeldAlthough the startup secured growth financing of €7.5 million in December 2023, increasing its total funding to over €45 million, it filed for insolvency in June. Founded in 2017, the company is known for its LiDAR sensors and perception software. Attorney Rolf G. Pohlmann of the Munich-based law firm Pohlmann Hofmann was appointed insolvency administrator. Update from January 2025: Blickfeld has since been successfully released from the self-administration proceedings and the insolvency proceedings have been lifted.
New cases of provisional insolvency in the Munich scene
In the second quarter of the year, there were also five new cases of provisional insolvency. Mr. Laser Beam In May, another veteran of the Munich startup scene filed for preliminary insolvency. Mr Beam develops desktop laser cutters designed to enable private and commercial users to enter the digital production of customized series products. In 2021, the startup secured seven-figure financing. Investors at the time included Falk Strascheg's family office Extorel, BayBG Bayerische Beteiligungsgesellschaft, and private investors from the Baystartup investor network. Insolvency proceedings were then opened on July 1, already in the third quarter. Attorney Dr. Alexander Fridgen, partner at Baker Tilly, was appointed insolvency administrator. However, assets have already been sold in this process: various employees have bought out both the online shop and production. This means that Mr Beam can continue to operate.
The used car platform founded in 2015 Instamotion had to declare insolvency. The startup was able to raise a total of almost 30 million euros through several financing rounds. However, at the end of May, it filed for preliminary insolvency, which was followed by the opening of proceedings in the third quarter. Attorney Henrik Brandenburg of the law firm Müller-Heydenreich Bierbach & Kollegen is the insolvency administrator.
A similar thing happened Holoride. Following the preliminary insolvency administration at the end of April, the proceedings were opened at the beginning of the third quarter. Shortly thereafter, insolvency administrator Dr. Hubert Ampferl of the law firm Dr. Beck & Partner GbR also declared the insolvency insufficient. Holoride develops virtual reality entertainment for car passengers. In 2021, the startup raised €10 million; since then, there have been no further financing rounds for the Munich-based company.
Another case of provisional insolvency occurred Neutron Star SystemsThe startup offers high-temperature superconductor spacecraft systems, and its flagship product is an electric propulsion system for spacecraft mobility in orbit. It has previously been financed through various grants from institutions such as ESA, the European Innovation Council, and the US Space Force. Attorney Oliver Schartl of the law firm Müller-Heydenreich Bierbach & Kollegen has been appointed as the provisional insolvency administrator.
Finally, Dock Financial The technology company offers customized financial solutions to various industries and supports the integration of financial features. It has also attracted attention in recent years with the acquisitions of Paydora and Compeon. Dock Financial was unable to raise venture capital. Both Dock Financial GmbH and its affiliated Dock Financial Capital GmbH subsequently declared provisional insolvency at the end of May. Attorney Marlene Scheinert and attorney Ivo-Meinert Willrodt of Pluta Rechtsanwalts GmbH were appointed as insolvency administrators.
