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
The used car platform founded in 2015 Instamotion had to declare insolvency in the second quarter of this year, and insolvency proceedings were initiated at the beginning of the third quarter. Shortly thereafter, however, the news of success came: Instamotion found a buyer in the Czech online used car dealer Carvago, which took over the entire business operations, including a large portion of the employees.
And also Insaas was able to find a buyer: The developer of AI-based market research software focused on insurance and banking was forced into preliminary insolvency in mid-March. Insolvency proceedings were subsequently initiated in June. At the beginning of August, the company was acquired by Glomas Germany, a specialist in information management systems for standardized and highly specific requirements.
A new start was made HolorideThe startup, which develops virtual reality entertainment for car passengers, filed for insolvency proceedings at the beginning of the third quarter after having been under provisional insolvency administration since the end of April. Shortly thereafter, insolvency proceedings were also declared. However, at the end of September, the company finally achieved its goal of transferring all of its technologies and patents to the new Holoride Technologies Group, based in Singapore. It was founded by Holoride investors Jing Xu and Tony Chen, as well as Holoride founder Nils Wollny. The Munich-based subsidiary, Holoride Technologies Europe GmbH, now continues operations.
There is no solution in the narrow sense for the insolvency application of Neutron Star SystemsThe startup offers high-temperature superconductor spacecraft systems, and its flagship product is an electric propulsion system for the mobility of spacecraft in orbit. In May, the startup filed for preliminary insolvency – but in July, the Munich District Court rejected the application for insolvency proceedings due to insufficient assets.
Newly opened insolvency proceedings
At the beginning of July, insolvency proceedings for Lodgea The software startup serves hotels, hotel chains, and tourism organizations, as well as airlines and travel agencies. Its solution is designed to support direct online marketing and provide accommodation providers with a simple booking and marketing solution, including AI components and marketing automation features. Attorney Michael Verken of the law firm Anchor Rechtsanwaltsgesellschaft has been appointed insolvency administrator.
For Dock Financial Rescue attempts have so far been unsuccessful. The technology company offers customized financial solutions to various industries and supports the integration of financial features. At the end of May, both Dock Financial GmbH and its affiliated Dock Financial Capital GmbH declared provisional insolvency. At the end of July, Dock Financial GmbH was forced to initiate insolvency proceedings. Dock Financial Capital GmbH followed suit in September. Attorney Ivo-Meinert Willrodt and attorney Marlene Scheinert, both from Pluta Rechtsanwalts GmbH, were appointed as insolvency administrators.
There was also bad news in the third quarter for StraightlabsThe edtech company Straightlabs offers gamified and virtual training environments and also collaborated with Meta. However, in September, insolvency proceedings were initiated due to insolvency and excessive indebtedness. Attorney Michael Verken of the law firm Anchor Rechtsanwaltsgesellschaft was appointed insolvency administrator.
New cases of provisional insolvency in the Munich scene
In the third quarter of the year, there were also two new cases of provisional insolvency. In this quarter, the insolvency Inveox The health tech startup develops digital solutions for pathology laboratories. The technology of the Munich-based health tech startup is intended to prevent unnecessary errors in diagnostics. However, Inveox ran out of money in September, and filed for preliminary insolvency. Attorney Marc-André Kuhne of the law firm Dkr Kuhne Dr. Raith Rechtsanwälte was appointed as the preliminary insolvency administrator. However, Inveox is not about to be defeated by this development: The startup is dealing with its situation proactively and is looking for new investors.
Finally, Munich Composites filed for insolvency. Founded in 2011, the startup manufactures carbon fiber components. In April of this year, the spinoff from the Technical University of Munich celebrated a success when it sold its bicycle rim division, thus expanding production and entering the USA. However, the remaining part of the company in Putzbrunn is now facing financial difficulties: At the end of September, provisional insolvency was declared. The insolvency administrator is attorney Dr. Fabian Vielsäcker of the law firm Liebig Insolvency Administration Restructuring.
