PLUTA expert Stefan Meyer appointed provisional insolvency administrator for Steinkamp GmbH & Co. KG

• Business operations to continue without restriction
• Employee wages and salaries guaranteed

The Local Court of Bielefeld ordered provisional insolvency proceedings to be opened for the assets of Steinkamp GmbH & Co. KG, based in Espelkamp, on 28 December 2021. Mr Stefan Meyer, an attorney specialising in insolvency law from PLUTA Rechtsanwalts GmbH, has been appointed provisional administrator.

The company’s business operations will continue without restriction. Steinkamp specialises in tools and moulds, contract and prototype manufacturing, and series production. To this end, it has a modern machine park with a range of special machines that allow it to respond flexibly and precisely to customer requirements. The foundations for the family business were laid back in 1970 by the father of current managing partner Mr Lars Steinkamp.

The company had to file for insolvency due to liquidity problems caused by weak order and sales figures in the first three quarters of 2021. The company currently has a workforce of 110 employees, including management. Employee wages and salaries are guaranteed for the next few months thanks to specific substitute benefits provided under German insolvency law.

Immediately following his appointment by the insolvency court, attorney Mr Meyer and his team began careful analysis of the situation and have already taken the first steps towards securing the company’s long-term future in parallel. The order position is now looking very good again, with short-time working having ended in autumn 2021. This had been necessitated on account of the coronavirus pandemic and the resulting reluctance of customers to place new orders.

The provisional insolvency administrator intends to fully exploit every opportunity for a successful restructuring and the preservation of this long-standing company, which is well known in the region. The motivated staff are firmly behind the company. Managing partner Mr Lars Steinkamp has also emphasised that he will use his best efforts to support the restructuring process to maintain the business. “The current order situation gives me confidence,” said provisional insolvency administrator Mr Stefan Meyer in an initial statement. In addition to restructuring expert Mr Meyer, the team also includes attorney Mr Christoph Chrobok and business lawyer Mr Tim Austmeyer, among others.