F-TECH GmbH operates in the maintenance and industrial services sector. In particular, it carries out maintenance work on machines and test benches for customers. In addition to maintenance, repair and relocation of machinery, the company’s employees deliver expert advice and individually tailored solutions covering areas such as spare parts supply, automation and energy management. The business remains fully operational at this time and is continuing to fulfil ongoing customer orders.

The provisional insolvency administrator is currently conducting a comprehensive review of the company’s financial situation and examining options for securing its long-term operation. F-TECH GmbH’s economic difficulties are primarily attributable to a significant decline in workload due to short-term drops in demand and project postponements.

“The business is continuing to operate. In parallel to this, we are analysing its financial situation and working on developing a viable solution for the company,” said Mr Ivo-Meinert Willrodt. The provisional administrator will conduct the process of finding an investor over the coming weeks. Mr Willrodt added, “We have already held initial discussions with potential investors.”

Wages and salaries guaranteed

The company currently has 19 employees. Their wages and salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law. “We are in the process of securing pre-financing of these with the Federal Employment Agency and are working hard to ensure their timely payment,” said attorney Mr Stefan Riegger. He is supporting the provisional insolvency administrator in the PLUTA restructuring team.

The next steps will depend on the outcome of the ongoing review and the discussions with all stakeholders. “This is not an easy situation, but we are making every effort with the provisional insolvency administrator to find a solution that will enable the continued operation of our business,” said managing directors Mr Christian Fuchs and Mr Harald Hell.

The insolvency plan is legally binding, having been unanimously approved by the creditors at the discussion and voting meeting held yesterday. The buyer is a company led by entrepreneur Mr Andre Richner. He has founded and built a number of companies, including Swiss-based Richnerstutz AG, a specialist in the implementation of advertising and communication activities.

MAAS+ROOS SIGNAGE GmbH is a leading supplier of high-quality signage and illuminated advertising systems. The company has been in business for over 100 years and has established itself as a premium manufacturer of professional signage solutions under the MAAS+ROOS name. It offers a broad product portfolio ranging from conventional and digital illuminated advertising systems through to fully customised brand presentations for chain stores and international corporations.

The company filed for debtor-in-possession insolvency proceedings in November 2025 due to a liquidity shortage and has continued to operate ever since. General agent Mr Michael Wirth from law firm Dr. Schmitt & Kollegen has been working with Mr Philip Zent and Mr Sebastian Zentgraf to support management during the proceedings. Mr Joachim Exner from law firm Dr. Beck & Partner has been overseeing the proceedings as insolvency monitor in the interests of the creditors.

PLUTA Management GmbH was exclusively mandated to conduct the M&A process for MAAS+ROOS SIGNAGE GmbH, and coordinated the process from the search for an investor to the closing of the transaction. The team was comprised of managing director Mr Marcus Katholing and project manager Mr Luca Reifenberg as well as Mr Aron Schuler and Mr Max Mayer.

Mr Marcus Katholing said, “We are pleased that around 140 employees will be kept on under the transaction. This means that almost all of the jobs have been saved. The company has a strong market position and has been working with well-known clients for many years. This provided a strong starting point and played an important role in the successful completion of the M&A process.”

The investor will maintain the MAAS+ROOS brand going forward, and the company will expand its cooperation with Richnerstutz AG, a Swiss-based leader in the implementation of indoor and outdoor advertising and communication activities.

Mr Andre Richner said, “We have worked with MAAS+ROOS SIGNAGE GmbH in a trusted partnership for many years and previously counted among the company’s clients. We see potential in the area of high-quality signage solutions and want to grow the market position.”

Mr Andre Richner has been supported in the transaction by Dr Kai Uwe Büchler from the Heuking law firm.

The buyer is Bildung und christliche Werte e.V. based in Schwäbisch Gmünd, which plans to construct a new building on the plot of land and run a secondary school there in the future. In doing so, the local association wants to strengthen educational provision in the region in a sustainable way.

PLUTA restructuring expert Mr Florian Zistler said, “Having completed the sale, we have successfully realised value from the property on commercially attractive terms. At the same time, the buyer’s intended use provides a sound basis for the long-term development of the site.”

The purchaser is also pleased with the acquisition: “We are delighted with the successful completion of the sale and that we have the opportunity to develop a new educational facility here. Our aim is to create a place for learning and the teaching of values that will be firmly anchored in the region,” said chief executive Dr Johannes Stoll. Expert Mr Randy Mc Corvey from S-Immobilien Ostalb GmbH supported the transaction as a broker.

Menrad, a long-established eyewear manufacturer based in Schwäbisch Gmünd, had to file for insolvency in March 2025. The Local Court of Aalen opened the insolvency proceedings for the assets of Ferdinand Menrad GmbH + Co. KG in late May 2025 and appointed Mr Florian Zistler from PLUTA as insolvency administrator. As no investor was willing to acquire the entire business, the administrator has already sold the trademark rights and the company’s international holdings.

In addition to specialist attorney Mr Florian Zistler, business lawyer Mr Dennis Stroh (LL.M.) is also on the PLUTA team.

The sale of the property marks another important step in the insolvency proceedings. The aim is to maximise the realisation of the assets and thereby achieve the best possible outcome for the creditors.

Located between the Odenwald mountain range and the Palatinate Forest, the three-star hotel boasts 64 rooms across three different categories. It also has a 50-square-metre conference room with capacity for up to 25 participants. The employees will receive specific substitute benefits provided under German insolvency law for three months, ensuring their wages and salaries are covered.

Provisional insolvency administrator Mr Florian Zistler said, “We are in the process of gaining an initial overview of the financial situation and are holding discussions with important business partners. The focus is on conducting a detailed analysis of the company’s financial position. We will then use the findings as a basis for reviewing the restructuring prospects. Our goal is to stabilise the hotel’s operations and find a sustainable way forward.”

Managing director Mr Sascha Frieß said, “We have already informed our employees. I hope we can find a solution together with the provisional insolvency administrator that will allow our hotel to continue operating.”

The provisional insolvency administrator is being supported in the PLUTA restructuring team by business lawyers Mr Dennis Stroh and Ms Sarah Hoffmann. Mr Florian Zistler has extensive experience in insolvency administration and restructuring processes for hotels. Just at the start of this year, he achieved a follow-up solution for the business operating the four-star Maxx Hotel in Aalen.

Taste Hotel Lampertheim GmbH has had to file for insolvency due to liquidity problems caused by a number of factors, including declining revenues and high running costs. DMR Legal advised the company during the insolvency filing process. The application for insolvency relates solely to the aforementioned company; other hotels in the Taste Hotel Group are not affected.

Improove is an international digital marketing agency with offices in Vienna and Madrid. Since its foundation in 2009, the agency has implemented search engine optimisation (SEO), search engine marketing (SEM) and growth strategies for customers in more than 60 countries.

Zimper GmbH has evolved from a traditional specialist publishing house for print media into a full-service B2B communications group that includes Österreichischer Kommunal-Verlag GmbH in Vienna with subsidiary Zimper Media GmbH in Berlin.

Comprehensive M&A advisory services

PLUTA supported the seller throughout the entire M&A transaction. Among other things, this involved preparing the data room, engaging with potential investors and providing advice during the due diligence process as well as conducting the negotiations with prospective buyers together with management and the shareholders.

The PLUTA Management GmbH team comprised partner Mr Ludwig Stern, project manager Mr Luca Reifenberg, business lawyer Ms Selina Senf and Mr Michael Kögl. Attorney Dr. iur. Christian Pindeus from Oberhammer Rechtsanwälte GmbH based in Vienna provided legal assistance. The buyer was advised by a team led by Mr Christoph Leitgeb from DSC Doralt Seist Csoklich Rechtsanwälte GmbH based in Vienna.

High-profile client base

Project manager Mr Luca Reifenberg said, “Despite the challenging transaction process, we have been able to successfully conclude the negotiations. There was interest from several strategic investors on account of the agency’s considerable SEO and AI expertise and its high-profile client base. The Zimper Group had the best overall package and ultimately prevailed in the bidding process.”

Improove will continue to operate as an independent brand. The team at the Vienna and Madrid offices remains unchanged. The affiliation with the Zimper Group will give the agency’s clients additional reach through established B2B media and events. Conversely, the media group’s existing customers will gain access to a broader range of digital marketing and performance optimisation services.

The acquisition is part of a long-term plan to strengthen digital expertise within Zimper GmbH. At a time when online visibility is increasingly determined by artificial intelligence (AI) and new search platforms, this is an important step.

For the past 15 years, Zimper GmbH has been building up an extensive B2B network of specialist media, conferences and platforms for sharing information. As a result, the company reaches more than 100,000 decision-makers in Germany, Austria and Switzerland. However, it has lacked a strong digital marketing offering to date.

Mr Michael Zimper, managing director of Zimper GmbH, said, “We have made a conscious decision to pursue this route rather than developing this know-how in-house – because Improove brings with it deep expertise, not empty buzzwords. The team is driven by data rather than hype. That is a good fit for us.” The decision to acquire Improove is therefore a strategic one: the agency specialises in generative engine optimisation. This involves making brands visible to ChatGPT, Claude, Google AI and other AI-supported search engines so that they recommend them as reliable sources.

He has already gained an initial overview of the situation of the company, which runs twelve adult day care centres in Berlin and Brandenburg. The company remains fully operational. The more than 90 employees are still employed and are continuing to care for those who rely on the facilities’ support services. Their wages and salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law. The employees were informed about the current situation in several staff meetings and have committed to continuing their work with dedication despite the challenging circumstances.

Attorney Mr Frank Brachwitz said, “Our initial review has shown that we can keep the company fully operational even though provisional insolvency administration has been ordered. This means that all the older people using these services will continue to receive care. We are now focused on reviewing the restructuring prospects over the coming weeks and developing a sustainable way forward for the day care centres.” The provisional insolvency administrator is being supported in this by attorney Mr Nicolas Konkel and other experienced members of his team. Their aim is to safeguard the jobs and ensure long-term care and support for the clients.

Investor process for GfA

The provisional insolvency administrator will initiate an M&A process for this purpose within the next few days. GfA Tagesstätten GmbH offers attractive opportunities for investors: the company operates ten adult day care centres in Brandenburg and another two in Berlin. The care staff at these centres look after and support older people who require assistance and care during the day but still live in their own homes. If required, the staff collect the elderly service users from their homes in the morning and then drop them back again later.

GfA Tagesstätten GmbH, which is part of the Pflegewerk Group, is run from its headquarters in Wisbyer Straße in Berlin. Pflegewerk Berlin GmbH has already been under insolvency administration since October 2025. Attorney Mr Frank Brachwitz is also the insolvency administrator for these proceedings. He and his team have managed to keep the business operating over the past six months and more.

On 1 May 2026, the Local Court of Karlsruhe opened insolvency proceedings for the assets of RÜCKERT + MÜLLER GmbH and appointed Mr Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH as regular administrator. The Stuttgart-based attorney had already been involved as provisional administrator since 16 March 2026. He had been working in the meantime with his PLUTA colleague Mr Niko Maier to keep the business operating and conduct the process of finding an investor, which has culminated in the agreement achieved with ROM Technik.

PLUTA attorney Mr Ilkin Bananyarli said, “The employees have continued to fulfil the orders and shown great commitment in recent weeks. We have concluded a purchase agreement with the investor that, among other things, ensures the transfer of all employees and the full retention of the site. We have therefore achieved the best possible outcome for all concerned.”

RÜCKERT + MÜLLER has been offering innovative electrical installation solutions since 1980. The company plans and designs comprehensive electrical engineering concepts covering energy, safety and security, and connected systems. Building services engineering expert ROM Technik employs more than 2,600 people across Germany.

The transaction was concluded on 1 May 2026. By taking on the employees and thereby gaining specialist expertise at the Neureut (Karlsruhe) site, ROM Technik is particularly supporting the continued expansion of its portfolio in energy supplies and in safety and security technology in the Karlsruhe region. It is also ensuring a viable future for the site and long-term stability for the employees, customers and partners. The points of contact remain the same and the transferred projects are continuing as usual.

“The Ketteler hospital is a key provider of healthcare in Offenbach and the region,” said Mr Doru Somesan, managing director of the GRC’s Offenbach district association. “By acquiring the hospital and integrating it into our existing network, with our first responders, care facilities and many other offerings, we are making a major contribution to preserving high-quality local medical services. Together with the staff, we want to implement a viable long-term concept for the people of this city and district.”

Sustainable way forward

“The agreement gives the Ketteler hospital a sustainable way forward,” said Mr Dietmar Eine, who will remain chief restructuring officer for the hospital until the acquisition transaction is closed. “We have held good discussions aimed at achieving a lasting follow-up solution. The GRC’s Offenbach district association wants to ensure the long-term viability of the hospital site, maintain reliable continuity of medical care and integrate the facility into a strong regional care network. The insolvency plan is already being finalised and we expect the proceedings to be concluded in the near future. Patient care remains unchanged in the meantime, and all specialist medical departments will continue to operate, except for obstetrics.”

The solution will now be legally constituted within the framework of an insolvency plan. The plan is expected to be ready in May and will then be submitted to the court. Following this, the creditors will have to vote on the insolvency plan in a discussion and voting meeting. If the plan is approved by a majority of the creditors, the company will be restructured through debt relief. Deutsche Rote Kreuz Kreisverband Offenbach e.V. will then be able to become the new owner and the hospital will continue operating seamlessly. The Ketteler hospital will remain not-for-profit going forward. An employee meeting was already held on Tuesday afternoon. During this, those in charge updated the employees on the situation and shared the welcome news with them.

Well-known beyond the Offenbach region

The agreement reached is a very positive outcome, and not just for the employees. The Ketteler hospital has been operating for a long time. From its beginnings in outpatient care, the Krankenhaus Josefsheim hospital was established in 1905. This was replaced by a new facility on Lichtenplattenweg in 1958. Today, Ketteler Krankenhaus gemeinnützige GmbH runs a modern hospital that specialises in providing surgical, internal medicine, gynaecological and geriatric care. The hospital is part of a care network for the Frankfurt/Offenbach region. It holds KTQ (Cooperation for Transparency and Quality in Healthcare) certification and has been awarded the German Palliative Seal. The hospital has 310 beds. Its centre for the treatment of colorectal and liver tumours (certified by the German Cancer Society) and its breast cancer centre are well-known in the region and beyond. As a teaching hospital for Goethe University Frankfurt, the Ketteler hospital is involved in the practical training of students of human medicine and participates in cutting-edge medical research.

“I am really excited to work with our new operator going forward,” said managing director Ms Angelika Heckenthaler. “Judging by our initial discussions, this collaboration will be very productive and constructive. I also hope that this will ensure the Ketteler hospital’s ethos – compassion eases suffering – lives on.”

Restructuring experts assisting the hospital

The hospital initiated in-court restructuring proceedings as a debtor in possession in autumn 2025 to equip itself for the future. The aim of the proceedings has been to ensure the hospital’s long-term financial stability and sustainably improve the provision of medical services in Offenbach. Restructuring experts Mr Philip Konen and Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH have supported management since then in their capacity as general agents for the hospital. The PLUTA team further comprises attorneys Mr Philipp Meyer, Mr Sebastian Weyland and Mr Alexander Bortfeldt as well as Mr Sven Arnstadt. Business management expert Mr Ludwig Stern and business lawyer Ms Celine Plaschke from PLUTA Management GmbH have also been providing support. At the start of the proceedings, experienced hospital manager and restructuring expert Mr Dietmar Eine from Hospital Management Group GmbH joined the management team. The court appointed attorney Dr Lason Gutsche from law firm HGW Rechtsanwälte as insolvency monitor and he has been overseeing the proceedings in the interests of the creditors.

The PLUTA team will work with the insolvency monitor to finalise the insolvency plan for the company and submit it to the court in the coming weeks so that the solution can be implemented with legal effect. PLUTA attorney Mr Philip Konen said, “The Ketteler hospital has an important regional function – and this outcome ensures that will remain the case. This is great news for the dedicated staff supporting patients day after day. The priority now is to implement the solution in a legally secure way.”

Insolvency monitor Dr Lason Gutsche added, “This solution ensures the continued existence of this regionally important hospital. That was the clear aim – and it is now within reach. This will also be the best possible outcome for the creditors.”

Patient care ensured at all times

Despite the insolvency application, patient care has still been maintained in recent months and all of the hospital’s departments have remained fully functional. All courses of treatment and operations have been going ahead as usual. The hospital will continue to offer its comprehensive range of services in the future. As previously communicated in February, the Ketteler hospital will reorganise its women’s clinic. Its obstetrics unit will close on 30 June 2026. The gynaecology department is not affected by this change and remains highly important. Going forward, the department will concentrate on gynaecological care with a focus on urogynaecology, oncological gynaecology and the breast care centre, which is one of the longest-established facilities of its kind in Germany.

The acquisition has been undertaken by the Kayki brothers and Mr Carsten Paulick, who have been doing business in the region for many years. Mr Hasan Kayki, managing partner of the company, will head up the body repair business. Customers will still be able to have their vehicles repaired at the usual location, and paintwork services will also be provided. The Kayki family has extensive experience in the sector. Kayki Autoservice GmbH has operated a car repair shop in Hildesheim for many years, during which time it has already worked closely with Holldorb on body repair and paintwork projects.

Holldorb is a long-standing business that is held in high regard in the region – among private and commercial customers as well as established insurance partners. “In our view, the company’s proven reliability and reputation are an important basis for its future development,” said managing partner Mr Hasan Kayki.

Insolvency administrator Mr Ingo Thurm said, “We have maintained Holldorb’s business operations since the insolvency order in January. Now we have found a solution that benefits all concerned. All staff have been kept on and we have also achieved the best possible outcome for the creditors.”

Employees still on board

The Local Court of Hildesheim, as the competent court, ordered provisional proceedings for Holldorb, a Hildesheim-based body and paint shop, on 12 January 2026. On 1 March 2026, the regular insolvency proceedings were opened and PLUTA attorney Mr Ingo Thurm was appointed insolvency administrator. Following discussions with several potential investors, he has now been able to successfully conclude the process of finding an investor.

Holldorb GmbH & Co. KG continued operating without restrictions despite the proceedings having been opened. Customers were still able to have their vehicles repaired, and ongoing and new orders were handled as usual. The employees remained loyal to the company and demonstrated full commitment during this difficult phase.

The PLUTA restructuring team also comprises attorney Mr Sören Werhahn and business management expert Mr André Dins.

Westlake Vinnolit GmbH & Co. KG (Westlake Vinnolit), a German subsidiary of Westlake Corporation, intends to take over the business operations and keep on all 350 or so employees of Vynova Wilhelmshaven GmbH. The proposed acquisition has been notified to the relevant authorities for clearance. The purchase agreement is due to be concluded and the transaction closed immediately after the opening of the insolvency proceedings and receipt of the necessary regulatory approvals.

Pending the intended acquisition, Vynova Wilhelmshaven GmbH remains operationally integrated within the Vynova Group and is continuing to operate as a contract processor for the Belgian affiliate Vynova Belgium N.V.

Strategic investor

PLUTA restructuring expert Dr Christian Kaufmann said, “The proceedings have involved a number of challenges, but we have been able to successfully stabilise the business operations and maintain production of the PVC products. We have held constructive discussions with Westlake in recent weeks and I am pleased that this strategic investor is interested in acquiring the business. I would like to thank the committed and motivated Vynova employees who have consistently given their all since the company filed for insolvency in December 2025, despite the uncertainty associated with such proceedings.”

In addition to Dr Christian Kaufmann, the PLUTA team comprises attorneys Mr Ingo Thurm, Dr Oliver Liersch and Mr André Gildehaus as well as business management experts Ms Nicole Neumerkel and Ms Vivien Doll.

The structured process of finding an investor has been supported by Deloitte GmbH Wirtschaftsprüfungsgesellschaft, represented by Dr Stefan Weniger and Merlin Smeenk. An ideal investor has now been found in Westlake Vinnolit. Once the necessary regulatory approvals have been received, the PLUTA team expects the transaction to be closed in June. In the meantime, Vynova Wilhelmshaven GmbH is continuing to operate smoothly, and production will also be fully maintained in May and June.

On 12 December 2025, the Local Court of Wilhelmshaven ordered provisional insolvency administration for the company’s assets and appointed Dr Christian Kaufmann from PLUTA as provisional administrator. The PLUTA team has held numerous discussions in recent months to facilitate business continuity. This has included liaising closely with the state government of Lower Saxony. A loan from NORD/LB and Volksbank Wilhelmshaven eG has also been instrumental in enabling the business to continue operating.

Vynova Wilhelmshaven is part of the Vynova Group, which is headquartered in Belgium. Since 1981, Vynova Wilhelmshaven has been operating one of Europe’s largest plants for the production of suspension PVC (S-PVC), a high-quality material that is used to manufacture a wide range of products for daily life. The company also produces vinyl chloride monomer (VCM), an essential building block for making PVC. Situated on the western side of the Jade Bight, a North Sea bay, the Wilhelmshaven site has direct access to the sea.

Major PVC manufacturer

As a leading European manufacturer of PVC and an important partner for caustic soda, Westlake Vinnolit offers individual solutions for customers from a wide range of industries, such as the construction, automotive, healthcare, and pulp and paper sectors. In Germany, the company employs around 1,400 people at its headquarters in Ismaning near Munich and at its four production sites in Bavaria and North Rhine-Westphalia. Westlake Vinnolit is part of the Westlake Group.

Westlake Corporation is a global manufacturer and supplier of materials and innovative products that enhance the daily lives of people all over the world. Its supplies provide the necessary building blocks for everyday products in the areas of residential construction, infrastructure, packaging and healthcare as well as automotive and consumer goods. The US company is listed on the New York Stock Exchange and headquartered in Houston, with operations in Asia, Europe and North America. Westlake was founded in 1986 and has a global workforce of around 14,600 employees.

The management board has now launched a campaign urging solidarity with the resort. The aim is for the Familienferiendorf Hübingen Foundation established last year to raise a six-figure sum to support the Familienferiendorf Hübingen e.V. association financially.

Dr Hanno Heil, chairperson of both the association and the foundation board, said, “If enough donors come forward, the foundation will be able to support the family holiday village. The funds raised will enable a fresh start and allow us to exit the insolvency proceedings. A plan for the sustainable continuation of operations has been drawn up. Now, every donation counts so that children, young people and families, including those facing stressful life situations, can continue to find breathing space and take something positive away from their visit to the Hübingen family holiday village.”

Foundation raising funds

The Familienferiendorf Hübingen Foundation is therefore planning to raise funds up to the end of August to save the holiday village and facilitate a fresh start. Future donations will also be important so that the foundation, alongside the state, can provide strong financial support for future investment and possible subsidies towards operating costs in the years ahead.

Dr Hanno Heil said, “Without a high degree of solidarity between private individuals, businesses and associations, it will not be possible to preserve the Hübingen family holiday village. Now, just when Wildpark Westerwald is again a tourist attraction for children, young people and families, it would be regrettable if this nearby family holiday village had to close its doors. Given the economic crisis and many families’ tight budgets as well as the need for holiday and recreation opportunities in natural surroundings, the concept of a family holiday village operated on a non-profit basis is more relevant than ever. We are counting on a sense of solidarity in the Westerwald region and would be really grateful for any donation, big or small. We are already seeing early signs of this solidarity.”

If the funds raised by the foundation are not sufficient to save the family holiday village, the foundation will use the money to help low-income families in the Westerwald region take holidays at other resorts. However, the focus right now is on saving the Hübingen family holiday village.

Insolvency plan as a possible solution

The insolvency administrator is currently working hard on an insolvency plan, under which the legal entity would be preserved and a settlement agreed with the creditors. Through the debt relief as part of the insolvency plan, the company would then be able to exit the proceedings. This would also be enabled through financial support from the foundation.

“To implement the insolvency plan for the family holiday village and ensure the association’s long-term survival, the association needs rescue capital. These funds are required to ensure that creditors are better off under the insolvency plan than in liquidation,” said PLUTA restructuring expert Mr Philip Konen. He continued, “We have successfully kept the business going over the past six months. All stakeholders support its efforts to continue operating, but we need a long-term solution for the family holiday village.” Mr Konen is being supported in the proceedings by PLUTA attorneys Ms Denise Schäfer and Mr Philipp Meyer.

Employees still on board

The Familienferiendorf Hübingen e.V. association filed for insolvency in autumn 2025. On 30 October 2025, the Local Court of Montabaur ordered provisional insolvency administration for the association’s assets. Attorney Mr Philip Konen from PLUTA Rechtsanwalts GmbH has been appointed provisional administrator.

On 1 February 2026, the local court opened the insolvency proceedings as planned and appointed Mr Philip Konen as regular administrator. Despite the proceedings having been opened, the well-known holiday village is still fully operational. Guests are welcome and all services are being provided as usual. Bookings are also still being accepted.

Since February 2026, the employees’ wages and salaries have been covered by ongoing business revenue. The employees remain committed. Neither the association nor the insolvency administrator have taken any personnel measures, and none are planned. Dr Hanno Heil, the association’s chairperson, and his colleagues remain committed to supporting the proceedings and the continued operation of the holiday village.

Familienferiendorf Hübingen e.V., a registered association, is the operator of the holiday village in the Westerwald region. The association has had strong church links since its foundation in the 1960s and specialises in family holidays and group visits. The holiday village has 35 holiday homes, all of which feature a combined kitchen/living room, two to four bedrooms, a bathroom and a deck with garden furniture. The site also has a tepee, a circus tent, a circus wagon, various function rooms for groups and a peace chapel for religious worship, events, choir rehearsals, concerts and seminars. The family holiday village is open from February through to December.

The PLUTA Management GmbH team has conducted the entire sales process, taking charge of all steps from the search for an investor to the conclusion of the investor agreement. The solution underscores the team’s implementation expertise and many years of experience, especially in distressed M&A mandates. The PLUTA Management GmbH transaction team comprised managing director Mr Marcus Katholing as well as Mr Luca Reifenberg as project manager, Mr Michael Kögl and Mr Max Mayer.

Mr Katholing, who has also been chief restructuring officer at ROFU since the start of the year, said, “We are pleased that we have successfully concluded the transaction, helping to secure around 1,120 jobs. The discussions with the investor were consistently positive and quickly led to an agreement. This is not an easy economic environment. I am therefore all the more pleased that Mr Achim Weniger and Mr Bernd Stocker with Kids & School Holding GmbH will take responsibility for charting a successful course for ROFU going forward.”

Project manager Mr Luca Reifenberg said, “Despite challenging time constraints, we have managed to clearly structure the transaction and bring it to a successful conclusion within just three months. The entire M&A process has been highly efficient and marked by transparent communication and close coordination with all relevant stakeholders. This has allowed us to ensure a smooth process at all times.”

Ms Daniela Jeske is also part of the PLUTA restructuring team. Attorney Mr Stefan Warmuth from PLUTA Rechtsanwalts GmbH is helping to advise on matters of insolvency law. The Local Court of Idar-Oberstein appointed attorney Ms Annemarie Dhonau from law firm Schiebe & Collegen as insolvency monitor to oversee the proceedings in the interests of creditors. Insolvency monitor Ms Annemarie Dhonau said, “Despite the tight timeline and difficult economic environment, the M&A process has been completed successfully. The cooperation with all involved has been very good in recent months.”

Insolvency plan solution in progress

The parties involved have already signed and notarised the investor agreement. The investor solution will be implemented within the framework of an insolvency plan. This means that ROFU will work together with the PLUTA team to draw up an insolvency plan over the coming weeks and thereby seek a settlement with its creditors. If the plan is approved by a majority of the creditors, the parties will be able to complete the transaction and the proceedings will then be terminated. The intention is for ROFU to be in a position to exit debtor-in-possession proceedings and operate independently again from August 2026.

The investor agreement envisages maintaining 77 of ROFU’s 104 stores. These employ 1,035 people, who will be kept on by the investor. More than 80 employees at the company’s headquarters will be retained. Approximately 1,120 jobs will therefore be saved through the investor solution.

Effective 1 May 2026, HMV Betriebs GmbH based in Herford will acquire the business operations and keep on all 26 employees. The owners of the hotel property are behind the newly established future operating company.

Insolvency administrator Mr Georg Jakob Stemshorn from PLUTA Rechtsanwalts GmbH signed the purchase and transfer agreement with HMV Betriebs GmbH in late March 2026. Mr Stemshorn, his team and Mr Marco Lorenz, managing director of HMV Betriebs GmbH, informed the employees about the upcoming transfer of the business during a staff meeting held today. Last Friday, the creditors’ assembly convened by the insolvency court in Augsburg had unanimously approved the agreed investor solution.

Mr Georg Jakob Stemshorn said, “We have kept the hotel operating over the past five months. I am pleased that we have now found a long-term solution. This also represents the best possible outcome for the creditors.”

Mr Marco Lorenz, managing director of HMV Betriebs GmbH and Hotel Marta-Viertel GmbH, said, “With HMV Betriebs GmbH, the hotel owners have established their own company that will formally acquire the operations of IntercityHotel Herford as of 1 May 2026. As the owners and future operators of the hotel, we are pleased that insolvency administrator Mr Georg Jakob Stemshorn and his team have managed to keep IntercityHotel Herford running, without disruption or interruption, since the operator Scoop entered insolvency proceedings in December 2025 and until the upcoming transfer to our operating company. Going forward, we will now be able to successfully develop Herford’s newest and largest hotel as operators as well as owners. I would especially like to thank the whole team at IntercityHotel Herford, which showed great personal commitment and motivation to keep the hotel operating and maintain the high service and quality levels during the five-month transition phase. We are all the more delighted that within the new HMV Betriebs GmbH we can continue to offer our guests overnight accommodation and event facilities in the modern and premium style and setting of the IntercityHotel brand with the entire team under hotel director Ms Alexandra Meierhans.”

PLUTA teams based in Augsburg and Herford working closely together

On 1 February 2026, the Local Court of Augsburg, as the insolvency court, opened insolvency proceedings for the assets of Scoop Herford Hotelbetriebs GmbH and appointed attorney Mr Georg Jakob Stemshorn as regular administrator. Prior to that, the PLUTA restructuring expert based in Augsburg had already been acting as provisional administrator.

Scoop Herford Hotelbetriebs GmbH has its registered office in Augsburg, while the hotel is located in Herford. The restructuring experts from the Augsburg and Herford branches of restructuring firm PLUTA, which operates throughout Germany, have therefore been working closely together on these proceedings.

The hotel has continued to operate without restrictions since the proceedings commenced on 3 December 2025. Augsburg-based insolvency administrator Mr Georg Jakob Stemshorn and attorney Dr André Wehner from PLUTA’s Herford branch have together taken important stabilisation measures. Attorney Ms Aina Karlström and business lawyer Ms Marina Weber are also providing support within the team.

Hotel director Ms Alexandra Meierhans said, “I am grateful to my team and all involved that we have emerged from this very difficult and stressful situation with a positive outcome and have therefore been able to establish a viable path forward for IntercityHotel Herford.”

ROFU has been involved in debtor-in-possession proceedings aimed at ensuring the company’s long-term sustainability since 19 January 2026. Under such an arrangement, management remains in charge and is supported by restructuring specialists. Mr Marcus Katholing from PLUTA Management GmbH, acting as chief restructuring officer, has recently implemented important restructuring measures. Ms Daniela Jeske is also part of the restructuring team. Attorney Mr Stefan Warmuth from PLUTA Rechtsanwalts GmbH is helping to advise on matters of insolvency law. The Local Court of Idar-Oberstein appointed attorney Ms Annemarie Dhonau from law firm Schiebe und Collegen as insolvency monitor to oversee the proceedings in the interests of creditors.

Insolvency plan solution in progress

The purchase agreement has already been signed by the parties. The investor solution will be implemented within the framework of an insolvency plan. This means that ROFU will work together with the PLUTA team to draw up an insolvency plan over the coming weeks and thereby seek a settlement with its creditors. Once the creditors’ assembly approves the insolvency plan, the investors will be able to acquire the business operations and key assets. A discussion and voting meeting to be convened for this is expected to be held in the summer. If the insolvency plan solution is approved by a majority of the creditors, the parties will be able to complete the transaction and the proceedings will then be terminated. The intention is for ROFU to be in a position to operate independently again and exit insolvency proceedings from August 2026.

The investor agreement envisages maintaining 77 ROFU stores. These employ 1,035 people, who will be kept on by the investor. Twenty-seven locations are not part of the acquisition concept. These stores will hold a clearance sale that is expected to last until July, after which the facilities will be returned to the respective landlords. Regrettably, around 330 employees (more than three-quarters of whom are part-time or temporary staff) in the affected stores will have to be made redundant. Jobs will also be lost at the headquarters in Hoppstädten-Weiersbach as part of the acquisition concept. More than 80 of the 360 or so employees there will be kept on. The external warehouse in Rammstein with around 60 employees will be closed as there will be no longer a need for it. Approximately 1,120 jobs will therefore be saved through the investor solution.

“The investor agreement within the framework of an insolvency plan provides an opportunity to safeguard ROFU’s future. This is also the best possible outcome for the creditors. The job cuts are painful, but unfortunately unavoidable,” said PLUTA restructuring expert Mr Marcus Katholing in his capacity as ROFU managing director. This solution is the only way to safeguard the company’s long-term future; without it, the entire business would have to be closed. With the more streamlined setup going forward, the structures will be adapted to market conditions.

Insolvency monitor Ms Annemarie Dhonau said, “Despite the tight timeline and difficult economic environment, the M&A process has been completed successfully. The cooperation with all involved has been very good in recent months.”

Experienced investor with industry expertise

Mr Achim Weniger from Kids & School Holding GmbH said, “We are delighted that our concept has been well received. We see great potential in further developing ROFU and positioning it as a major brick-and-mortar retail partner in the toy sector in the long term. We want to take targeted measures and use the presented restructuring plan to make ROFU profitable again and steer it towards a positive future. The focus will be on efficient processes and strategic partnerships to ensure the stores are run economically. This long-standing family business with a large store network offers fantastic ranges for children and families, comprehensive services and in-store advice.”

Operations at the more than one hundred ROFU stores have been maintained without interruption during recent months. The company has also improved processes and taken steps to increase efficiency in inventory and space management and work more closely in partnership with suppliers. Despite the proceedings having been opened, the business is still fully operational. The employees’ salaries are being paid from ongoing revenue and all specialist stores remain open, offering an appealing product range at regular opening hours. Customers can also use our online shop to place orders as normal.

ROFU managing director Mr Michael Fuchs will remain available to the company in the coming weeks and leave after the planned handover to the investors. Managing director Mr Michael Edl already stepped down from the management board in early April.

ROFU is the leading toy and baby product retailer in the southwest of Germany. The company has been selling toys from all well-known brands for over 40 years. Children’s books, exercise books, craft kits, puzzles and board games round out its offering.

The restaurant has been an established name in the region’s fine dining sector for years and enjoys an excellent reputation. Despite the economic challenges, the business has continued operating on a stable basis during the entire proceedings.

Best possible outcome in the interests of the creditors

Insolvency monitor Mr Steffen Beck has been overseeing the proceedings and monitoring the implementation of the restructuring measures. He said, “The aim of the proceedings was to develop a solution that would ensure the restaurant’s continued existence and serve the creditors’ interests. That has been achieved here. With the insolvency plan as part of the investor solution, a financially viable concept that considers the interests of the creditors has been implemented.”

A suitable partner to acquire and further develop the business within the framework of the insolvency plan was found as part of the structured process to secure an investor. This ensures the preservation of an important dining establishment and provides the basis for its successful future in the upscale segment. Moreover, all jobs have been saved.

“The solution found shows that a sustainable restructuring can still be achieved in a demanding market environment if all involved collaborate effectively,” added attorney Mr Sven Heuser, who is working alongside Mr Beck in the PLUTA restructuring team. The insolvency plan was drawn up by restructuring consultants Mr Dirk Eichelbaum and Mr Alexander Ehrhardt of dhmp Restrukturierung.

Application filed in summer 2025

Management at the operating company filed for the opening of debtor-in-possession proceedings with the Local Court of Aalen, as the competent court, in mid-July 2025. The court opened the proceedings in autumn 2025 and appointed Mr Steffen Beck as insolvency monitor.

The conclusion of the proceedings has paved the way for the restaurant’s continuation under new circumstances. The aim is to maintain its high quality and established concept while also putting the business on a sustainable economic footing.

Both companies are continuing to operate at this time. The two restructuring experts from PLUTA Rechtsanwalts GmbH are cooperating closely on these proceedings. Immediately after their appointment, the provisional administrators began working with their teams to conduct an initial review of the companies’ financial situation. The salaries of the 19 employees are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law.

The main focus of current activities is analysing the financial situation, ensuring liquidity and examining continuation and restructuring options. In parallel to this, attorneys Mr Roeger and Mr Buehler and management are holding discussions with major customers, suppliers and other stakeholders to establish the basis for a stable continuation. According to management, the companies have had to file for insolvency due to liquidity problems resulting from declining sales as well as necessary adjustments to the business model.

Operations continuing

“Operations are ongoing at present. All orders placed via the online shop are being processed as usual, and the marketplace is still open for trading,” said specialist attorney Mr Peter Roeger. His PLUTA colleague Mr Holger Christian Buehler added, “All involved want to find a sustainable way forward. We are reviewing all options to reach a solution in the interests of the companies, customers and creditors.”

The Bierothek is an online marketplace and omnichannel retailer for beer. The business model comprises an online shop for domestic and international speciality beers as well as trading in the form of a digital marketplace where breweries and retailers can offer their products. The company functions as a digital platform between the breweries, specialist retailers and end customers, using a combination of e-commerce and brick-and-mortar retail. The four physical stores are operated under a franchise model and are not involved in the insolvency proceedings.

Company purchase agreement with AVERMANN PRECAST TECHNOLOGY GmbH

Effective 1 April 2026, the newly established AVERMANN PRECAST TECHNOLOGY GmbH has acquired the business operations of Avermann Betonfertigteiltechnik GmbH & Co. KG and will keep on 33 employees on the basis of an acquisition concept. In particular, the acquisition covers significant parts of the company’s fixed and current assets as well as customer contracts, warehouse stocks and spare parts. Core manufacturing expertise in precast concrete technology will also be maintained at the Osnabrück production facility under AVERMANN PRECAST TECHNOLOGY GmbH.

B.T. innovation GmbH based in Magdeburg is the investor behind AVERMANN PRECAST TECHNOLOGY GmbH. Founded in 1996, the company develops, produces and distributes magnet and formwork equipment as well as joining and sealing technology for the precast concrete industry. Alongside this, B.T. innovation GmbH offers customised solutions for formwork construction, through which it has cooperated with partner companies. It had already established a successful collaboration in this area with Avermann in recent years.

At the time the company purchase agreement was signed, Avermann employed 55 people. The plan is for operations to continue under a streamlined, more efficient structure (restructuring); in particular, this may and should involve harnessing synergies with B.T. innovation GmbH.

Asset deal solution also achieved for Avermann Maschinenfabrik GmbH & Co. KG

At the same time, an investor has also been found for Avermann Maschinenfabrik GmbH & Co. KG. Effective 1 April 2026, the newly established Avermann Germany GmbH has acquired the business operations and key assets. As it will not be possible to maintain manufacturing operations at the present facility, the investor, Avermann Germany GmbH, has acquired the administration and service/repair parts of the business in accordance with the acquisition concept. At the most recent count, 111 people had been employed. Forty of these in administration and in the service/repair division can be kept on under the acquisition concept.

For competitiveness reasons, Avermann Germany GmbH will move all of its manufacturing operations abroad. A significant share of the Avermann Group’s total output had already long been produced by the group’s companies in Poland and Hungary even before the insolvency proceedings were initiated in December 2025. The investor and its advisors examined in great depth the possibility of keeping manufacturing in Germany. However, it had no choice but to opt for far more cost-effective and competitive production in Poland and Hungary in view of the major locational disadvantages in Germany. The only alternative to ceasing domestic production and considerably streamlining the structures in the two remaining areas (administration and service/repair) in this way would have been the complete liquidation and closure of the German Avermann company.

Management represented by Ms Marieke Keller and Mr Timo Steinhauer said, “The Avermann family has not taken the decision to cease operations at the Osnabrück-Hellern production site lightly, but unfortunately there was no other way to achieve a stable and financially sustainable continuation solution. In every single case, we will help our loyal staff of many years to find new employment opportunities. We consider this our responsibility as a family and have already been able to obtain concrete offers from companies in the region with which we have good relationships. We are looking ahead to the future with optimism and are confident that Avermann Germany GmbH can be successfully positioned in the market in a sustainable way given our long tradition and specialised expertise.”

Best possible outcomes

“We succeeded in stabilising day-to-day operations in recent months. Now, following very detailed contractual negotiations, I am extremely pleased that we have been able to find investors for both companies. We have achieved the best possible outcome for the companies and creditors in each case in a truly challenging industry environment. The redundancies are undoubtedly very painful for every single one of the employees concerned, but, unfortunately, reducing the workforce significantly was the only possible way to maintain operations in the long term,” said attorney Mr Stefan Meyer.

PLUTA attorney Dr Ria Brüninghoff added, “Our aim was to find solutions for the long-standing Avermann company. We have succeeded in this in cooperation with all stakeholders, and I too am really delighted about that. On behalf of myself and my colleague and PLUTA partner, attorney Mr Meyer, I would like to sincerely thank the employees for their outstanding effort and tremendous commitment during the proceedings.”

Insolvency proceedings for both of the Avermann companies were opened on 27 March 2026 in each case. The Local Court of Osnabrück appointed Mr Stefan Meyer, managing partner of PLUTA Rechtsanwalts GmbH, as insolvency administrator for Avermann Maschinenfabrik GmbH & Co. KG and Dr Ria Brüninghoff, also a PLUTA partner, to the same role for Avermann Betonfertigteiltechnik GmbH & Co. KG.

In recent weeks, the PLUTA team conducted a structured process to find investors. The business operations of both companies were also successfully stabilised and maintained without restriction under the conditions of the provisional insolvency administration. The long-standing Avermann company has been based in Osnabrück for over 75 years. In early December 2025, it filed for the opening of insolvency proceedings with the Local Court of Osnabrück. The applications covered Avermann Maschinenfabrik GmbH & Co. KG and Avermann Betonfertigteiltechnik GmbH & Co. KG. The other companies in the group were not directly affected by the insolvency and are still active in the market.

The two insolvency administrators have been supported in the proceedings by an experienced PLUTA team, namely attorney Mr Christoph Chrobok (insolvency law), attorney Ms Nadja Neuber (legal) and Dr Marc-Arno Scheuß. Falkensteg (specifically Mr Jonas Eckhardt and Mr Sascha Dahlke) has advised on the M&A process. PSM Management GmbH, with business management expert Mr Christian Plückebaum as lead there, took charge of planning and controlling together with the PLUTA team.

The newly established Flow Retail GmbH will acquire the business and keep on 13 of its employees. The investor will also acquire the FELIX W. brand name and maintain the store in Stuttgart’s Heilbronner Straße under this name. The purchase agreement has already been signed by the parties, who have agreed not to disclose the details. The process of finding an investor has therefore been successfully concluded.

PLUTA restructuring expert Mr Ilkin Bananyarli said, “The general conditions were very challenging at the start of these proceedings. Nevertheless, we have been able to maintain business operations during the provisional proceedings and now achieve an investor solution. This is welcome news, as it means a long-standing Stuttgart fashion business will be preserved.”

Proceedings opened

The Local Court of Stuttgart opened insolvency proceedings for the assets of FELIX W. Retail GmbH on 30 March 2026 and appointed Mr Ilkin Bananyarli from PLUTA as insolvency administrator. The Stuttgart-based attorney had already been involved as provisional administrator since 29 January 2026.

In recent weeks, Mr Ilkin Bananyarli and his PLUTA colleague Mr Sven Heuser have conducted numerous discussions and negotiations to keep the menswear specialist in business. At the same time, the PLUTA team launched the process of finding an investor. M&A advisors from Dr. Wieselhuber & Partner GmbH, led by Mr Philippe Piscol, were brought on board for this.

Mr Reinhard Edelmann, managing director of Flow Retail GmbH, said, “I am pleased with the successful conclusion of the negotiations. FELIX W. has been around a long time and is a well-known fashion business in Stuttgart. We will continue to offer customers high-quality menswear going forward.”

FELIX W. is a menswear retailer that focuses on business outfits and formal attire made from high-quality materials. Founded in Stuttgart in 1996, the company sells men’s clothing, including suits, blazers, shirts and accessories.

communicall had filed for insolvency with the Local Court of Bayreuth, as the competent court, in January 2026. On 22 January 2026, the court then ordered provisional insolvency administration and appointed attorney Mr Peter Roeger from PLUTA as provisional administrator. Today, on 1 April 2026, the court opened regular proceedings and appointed Mr Peter Roeger as insolvency administrator. The PLUTA team also comprises attorney Ms Jacqueline Tilberis.

Headquartered in Bayreuth, communicall is a B2B provider of inbound and outbound call services designed to support the sales operations of midsize companies. Despite the insolvency application, the business has remained fully operational in recent weeks. It is providing services to customers as usual and continuing ongoing projects. The company’s experienced workforce and established customer relationships provided a solid basis for the process of finding an investor, which has now been successfully concluded.

Good outcome for all concerned

Mr Peter Roeger from PLUTA said, “The employees have continued to fulfil every order and shown great commitment in attending to all customers, who have been supportive of the efforts to keep the business operating. In a second step, we were therefore able to open discussions with investors with a view to finding a long-term solution for the company. We have achieved a very good outcome for all concerned by concluding a purchase agreement with the investor TMT Service.”

TMT Service GmbH & Co. KG based in Bayreuth has many years of experience as a competent partner in all areas of communication. With its more than 60 employees, it offers service and call centre solutions aimed at energy suppliers and business process service providers.

Despite the tireless efforts of the entire Hammer team and all involved in the proceedings, the process has not yet yielded a solution. Negotiations with the two remaining interested parties are still ongoing, but overall are not progressing as hoped or required, either in terms of content or time. The aim remains to transfer the business as the Hammer specialist retail chain with the maximum possible number of locations. While there seems at present to be little prospect of this, all involved remain steadfast in their efforts to work towards achieving it. In view of these developments and the situation, the provisional insolvency administrator, in close coordination with the creditors’ committee, has had to make the decision that the 41 specialist stores still open at the end of March will also launch a clearance sale from 1 April 2026. The business will then be operating on a full-cost basis, as payment of the specific substitute benefits provided under German insolvency law will end. It will only be able to meet its obligations in the opened insolvency proceedings if it takes these measures, which involve considerably reducing the number of opened stores from April and starting a clearance sale. These measures now initiated are essential if it is to generate sufficient turnover for there to be reasonable certainty of it covering the rents for these locations, the wages of staff still employed there and other costs with present and future revenue. Without these far-reaching changes, the company would incur major losses if it continued operating and be unable to remain in business within the framework of the ongoing insolvency proceedings due to illiquidity within a matter of days or weeks. This scenario will be avoided thanks to the rigorous implementation of the aforementioned measures.

As already communicated in the most recent press release, no party has expressed an interest in maintaining Hammer’s specialist retail concept for around half of the stores. The two potential investors still involved in the process have not shown any interest in these specialist stores either, but are still looking at the 41 locations that will remain open in April. However, they have not yet submitted a viable concept, bid or proof of financing in respect of these. Given these circumstances, the stores for which no party is currently interested in implementing Hammer’s concept launched a clearance sale on 16 March 2026. This was also intended to make the space available for other concepts as quickly as possible. Those 46 stores and specialist Hammer outlets have now been closed. In consultation with the landlords, efforts are continuing to transfer these stores to prominent interested parties in the food and non-food sector, ideally with the retention of the jobs there. A total of four potential investors are still involved in the M&A process for this concept. Like Hammer, they also focus on brick-and-mortar retailing. These parties are looking to implement their own business concepts at Hammer’s specialist stores and have in each case signalled their interest in retaining employees at the respective locations. Given the shortage of skilled workers, this is both understandable and, from the perspective of the provisional insolvency administrator, welcome. No information can be provided on the individual locations as these negotiations are currently ongoing and all sides are obliged to maintain confidentiality.

Substitute benefits to the end of March

All of the wages and salaries of the 1,100 or so employees are guaranteed to the end of March 2026 thanks to specific substitute benefits from the Federal Employment Agency provided under German insolvency law. Their timely payment in March 2026 is also assured thanks to pre-financing of these benefits. From April 2026, the employees’ salaries will again have to be covered through operating activities. In view of the above, it will not be possible for the business to continue operating in the long term without an investor.

Even though the clearance sale has now been initiated, the M&A process is proceeding unhindered. If an investor interested in not only acquiring the stores and keeping on the employees but also continuing the Hammer concept is found while the clearance sale is underway, it will be possible to terminate the sale at any time and still transfer the company to the investor in this phase.

Difficult circumstances

On 27 January 2026, the Local Court of Bielefeld, as the competent court, ordered provisional insolvency administration for the assets of Hammer Raumstylisten GmbH and appointed attorney Mr Stefan Meyer from PLUTA Rechtsanwalts GmbH as provisional administrator. Since then, the company has continued to operate to the extent possible. Based on the provisional insolvency administrator’s expert report, the insolvency proceedings are expected to be opened on 1 April 2026. The provisional insolvency administrator and his PLUTA team, which includes Mr Christoph Chrobok (attorney for general law and specialist attorney for insolvency and restructuring law), Ms Nadja Neuber (attorney and business management expert), attorney Mr Philippe d’Avoine and others, are continuing to work with great urgency with all concerned to find a solution for Hammer and for the retention of as many of the jobs as possible.

A comprehensive M&A process was initiated just a few days after the commencement of the provisional insolvency proceedings in early February 2026. This is still ongoing and will also be continued beyond 1 April 2026. Dr Marcus Backes is responsible for the project at M&A advisor Dr. Wieselhuber & Partner, which has actively approached more than 300 potential investors. However, the response to date has been highly disappointing. This is related to, among other things, the second insolvency within just a few months, the very difficult market environment in brick-and-mortar retailing and the company’s financial situation.

“The circumstances in these proceedings are extremely challenging. When the process began in late January, we found the company in a unique situation: a second insolvency within a matter of weeks, no available starting liquidity or assets. There was also a totally inadequate supply of goods to the large number of Hammer locations, and this could only be resolved to a very limited and ultimately unsatisfactory degree due to the lack of funds. Although a clearance sale has now had to be launched across all of the stores that are still open and this is also essential to protecting the employees, we continue to work on finding an investor. Unfortunately, there is as yet no taker for Hammer’s specialist store concept. This does not come as much of a surprise to me given the initial situation and the state of the company. If it is confirmed in the coming weeks that no solution can be found to preserve Hammer’s concept, our aim will still be to ensure that as many of the locations as possible can be kept operational with other retail concepts and the staff are kept on by the follow-up operator. Despite the very difficult situation and considering what they have had to deal with in recent months, the vast majority of staff have shown extraordinary commitment. I am really grateful to all of them for this, and it also places a responsibility on us to use every resource at our disposal to fight for their jobs,” said PLUTA managing partner Mr Stefan Meyer in his capacity as provisional insolvency administrator.

The Local Court of Aalen approved the corresponding application from the administrator. According to section 123 of the German Insolvency Code (InsO), a social plan in insolvency proceedings may provide for a total amount of up to two and a half month’s earnings of the employees concerned. In addition, it may not exceed one third of the insolvency estate.

PLUTA attorney Mr Florian Zistler said, “Almost one million euros has been paid out this week to the former employees. The maximum amount has therefore been fully distributed. This has only been possible thanks to strong proceeds of sale in recent months.”

Menrad, a long-established eyewear manufacturer based in Schwäbisch Gmünd, had to file for insolvency one year ago in March 2025. The Local Court of Aalen opened the insolvency proceedings for the assets of Ferdinand Menrad GmbH + Co. KG in late May 2025 and appointed Mr Florian Zistler from PLUTA as insolvency administrator. As no investor was willing to acquire the entire business, the administrator sold Menrad’s trademark rights and international holdings. In addition to attorney Mr Florian Zistler, the PLUTA team is comprised of business lawyers Mr Dennis Stroh (LL.M.) and Mr Nico Kwiatkowski (LL.B.).

In recent days, the insolvency administration team has gained an overview of the situation and held initial discussions with the company’s customers and suppliers as well as a number of interested parties. The electrical engineering specialist is continuing to operate without restrictions. Orders are being processed as usual and contacts remain available to customers.

Mr Ilkin Bananyarli from PLUTA said, “The business is continuing to operate. Our aim is to find a long-term solution for the company. We will review all potential courses of action and conduct the process of finding an investor over the coming weeks. We are looking for an investor to acquire the business.”

RÜCKERT + MÜLLER employs 55 people. They have already been informed about the latest developments by those in charge. The employees’ wages and salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law. The PLUTA team is in the process of securing pre-financing of these. This will ensure that the salaries are paid as normal.

The company has filed for insolvency due to liquidity problems resulting from declining sales. Management said, “Our motivated team is working with the provisional insolvency administrator on a long-term solution. We hope to secure an investor.”

The company has been offering innovative electrical installation solutions since 1980. RÜCKERT + MÜLLER plans and designs comprehensive electrical engineering concepts covering energy, safety and security, and connected systems. It also installs PV systems and implements modern lighting solutions. In the area of electric mobility, the company offers advanced charging infrastructure solutions (such as charging stations and wallboxes) with all of the necessary safety and security features for fast, safe charging. RÜCKERT + MÜLLER also specialises in building automation setups as well as bespoke safety and security solutions, such as access control systems, safety lighting and smoke/fire alarms.

Töpfer applied for debtor-in-possession proceedings in April 2024 with a view to restructuring itself. A team of professionals from PLUTA Rechtsanwalts GmbH supported the manufacturer of organic baby food, with business management expert Mr Ludwig Stern and attorney Mr Florian Zistler acting as general agents. The PLUTA team also comprised attorneys Dr Maximilian Pluta and Mr Daniel Barth (Master of Laws, LL.M.) as well as Mr Dennis Stroh (Master of Laws, LL.M.), Ms Celine Plaschke and Mr Sven Arnstadt. The insolvency monitor was attorney Professor Dr Martin Hörmann from law firm Anchor. In addition to overseeing the proceedings and representing the interests of the creditors, the insolvency monitor distributed the payments in accordance with the provisions of the confirmed insolvency plan.

Debtor warrant increases dividend for creditors

The debtor-in-possession insolvency proceedings for the assets of Töpfer GmbH were successfully completed on 7 May 2025. The insolvency creditors already received the first distribution under the insolvency plan (43%) in summer 2025. The final distribution has now also been made (under a debtor warrant), meaning that creditors have received a further 17% payment. Under the terms of the insolvency plan, the creditors were guaranteed a recovery rate of 43%. The plan also provided for a debtor warrant, which has now taken the dividend to around 60%.

PLUTA attorney Mr Florian Zistler expressed his satisfaction with the outcome: “The proceedings produced the best possible result for the company and creditors. The cooperation with the insolvency monitor and all involved was excellent. The continuation of operations and the investor solution achieved enabled this success.” Insolvency recovery rates tend to be in the mid-single-digit range on average.

Insolvency monitor Professor Dr Martin Hörmann from law firm Anchor said, “This case clearly demonstrates the potential of well-structured debtor-in-possession proceedings and viable insolvency plans. Such outcomes are a testament to a clear strategy, precise implementation and close coordination between all concerned.”

SWB care GmbH based in Bühl, Baden-Württemberg, has acquired the business and all assets by way of an asset deal effective 14 March 2026. The purchase agreement has already been signed by the parties. All of the more than 70 employees have been kept on. The residents’ continued care is therefore also guaranteed.

Domus Cura Pflegezentrum Hildesheim GmbH filed for insolvency in February. On 11 February 2026, the Local Court of Hildesheim ordered provisional insolvency administration for the company’s assets and appointed Mr Torsten Gutmann from PLUTA Rechtsanwalts GmbH as provisional administrator. The proceedings were opened on 13 March 2026, and the PLUTA attorney was appointed regular insolvency administrator.

The solution has been achieved under challenging circumstances, as the insolvent company had initially been prevented from continuing to operate the nursing home in Hildesheim due to a prohibition order. As a temporary measure, the residential care supervision authority coordinated the care of all residents with management at the facility. Following constructive discussions between the residential care supervision authority, the Association of Substitute Health Insurance Funds (vdek), representatives of the insolvent company and the provisional administrator, the business was successfully stabilised under the supervision of the provisional insolvency administration team until its transfer on 14 March 2026.

Mr Torsten Gutmann said, “The proceedings were initially very challenging for all concerned, given the complex circumstances. Despite this, we have succeeded in finding a solution that ensures the continued care of the residents and safeguards the employees’ jobs. We have been able to execute the purchase agreement in a legally sound way. I would like to thank all of the employees for their great commitment in recent weeks as well as Mr Peter Paul Gruber, managing director, and Mr Fred Maleika, shareholder of Domus Cura Pflegezentrum Hildesheim GmbH, and attorneys Mr Steffen Schneider and Dr Georg Hüllen from BBL.” In addition to attorney Mr Torsten Gutmann, the PLUTA team comprises business lawyer Mr Marc-Aurel Strüber and business management expert Mr André Dins.

The company had filed for insolvency due to liquidity problems. It had been part of the Domus Cura Group, which runs several care facilities in Germany. Mr Torsten Gutmann is the administrator for Domus Cura Pflegezentrum Hildesheim GmbH. This facility was completed in February 2025.

A new limited liability company (GmbH) led by management of Heilbronner Eishockeyclub Eisbären e.V. has acquired the main intangible assets, clearing the way for participation in the upcoming Upper League South season as Heilbronn’s sole professional ice hockey team. It has also acquired the Heilbronner Falken logo and name.

Mr Peter Roeger said, “This is really welcome news for Heilbronn as an ice hockey city. We have held excellent discussions with management of the HEC Eisbären club in recent weeks. By now concluding this asset deal, we have ensured that fans can continue to enjoy professional ice hockey in Heilbronn. I would like to thank all involved for their support during the proceedings.” The PLUTA team also includes attorney Ms Heike Metzger from Heilbronn and others.

Mr Kai Sellers, managing director of the limited liability company and Chair of the Board of the HEC Eisbären club, said, “We are delighted with the successful conclusion of the negotiations. This is the perfect outcome for the HEC Eisbären club and the fans in Heilbronn.”

On 1 March 2026, the Local Court of Heilbronn opened insolvency proceedings for the assets of Heilbronner Falken GmbH & Co. KG and appointed Mr Peter Roeger from PLUTA Rechtsanwalts GmbH as administrator. Since then, creditors have been able to file their claims for registration in the insolvency schedule.

Ice hockey team Heilbronner Falken (‘Heilbronn Falcons’) has been playing in the Upper League South since 2023. The club was founded as Heilbronner Eishockeyclub in 1986, and the men’s professional team was spun off as a separate entity, Heilbronner Falken GmbH & Co. KG, in 2003.

MBL filed for insolvency on 27 May 2025. The business then continued operating without restriction under the management of Mr Frank Brachwitz, who the Local Court of Charlottenburg initially appointed provisional administrator and then regular insolvency administrator once the proceedings were opened. Attorney Mr Brachwitz secured a successful investor solution following a structured, international investor process. The company was sold by way of an asset deal to Chow Tai Seng, a Chinese luxury goods group, which took over the business as of 1 October 2025. All 50 or so jobs at the Berlin and Eberswalde sites were saved.

Insolvency administrator Mr Brachwitz expressed his satisfaction with the outcome: “Just nine months after the company filed for insolvency, we are already in a position to begin preparing the distribution to the creditors. The 100% dividend achieved represents an exceptional result for them.” Mr Brachwitz emphasised that the outcome was made possible thanks to the good cooperation with all involved in the proceedings. He expressed particular gratitude to the employees as well as the customers and suppliers, who stayed loyal to the business throughout this difficult period. Attorney Mr Brachwitz was assisted by attorney Mr Nicolas Konkel in managing the proceedings.

The PLUTA team had previously kept the business operating for around six weeks after the Local Court of Bochum ordered provisional insolvency administration for the company’s assets on 15 January 2026. On 1 March 2026, the court opened regular proceedings and appointed Mr Christoph Chrobok as insolvency administrator.

DC Transporte GmbH with locations in Zülpich, Langenfeld and Gelsenkirchen was supplying meal kits for a customer in the food retail trade.

Best possible outcome

PLUTA attorney Mr Christoph Chrobok said, “The investor submitted a competitive offer that, in particular, included the retention of all jobs, which I am delighted about. We have therefore achieved the best possible solution for customers, staff and the creditors.” He is being assisted in the proceedings by attorney Mr Oliver Westkamp.

Dr Matthias Merkel and Mr Jost Brautmeier from law firm resnova Rechtsanwälte based in Bottrop advised on DC Transporte GmbH’s application for insolvency.

The business is continuing to operate without restriction, orders are being processed as usual and all contacts are available. EASTEC specialises in automation and robotic systems engineering as well as information technology. The solutions developed are used in numerous application areas, including discrete and continuous manufacturing processes, logistics and quality assurance and control.

Developing a sustainable future

The company has had to file for insolvency due to liquidity problems caused by a considerable decline in sales, resulting in costs being excessive. The provisional insolvency administrator is currently conducting a comprehensive review of its financial situation and holding initial discussions with customers, suppliers and other stakeholders. “Operations are stable. Our aim is to preserve the company’s technological expertise and market position and establish a viable long-term solution,” said Mr Roeger. Various potential courses of action will be examined over the coming weeks. All concerned want to develop a sustainable future for the company.

Those in charge jointly informed the 23 employees about the latest developments. Their wages and salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law. The PLUTA team, which also comprises attorneys Ms Jacqueline Tilberis and Ms Wibke Zinke, is in the process of securing pre-financing of these. This will ensure that the salaries are paid as normal.

The company was founded in 1987. The founders brought with them an in-depth understanding of electrotechnical systems with programmable controllers, computer technology and software development. A few years later, the company purchased and moved to its present headquarters in Weiden, where it has office spaces, a production hall and storage facilities. “The situation is not easy. However, our team is highly motivated. We are working with great urgency with the provisional insolvency administrator to put our company on a viable footing,” said Mr Robert Kellner, founder and managing director of EASTEC.

With the newly established Röchling Industrial Vreden GmbH acquiring the business and keeping on all 100 or so employees, the internationally renowned plastics engineering company with global operations is expanding its product portfolio, securing the future of Terbrack Kunststoff GmbH & Co. KG and ensuring continuity for customers, suppliers and staff.

Founded in 1954, Terbrack is a pioneer specialising in the processing of high-quality engineering plastics. The company from Vreden in the Münsterland region manufactures pressed sheets, extruded profiles, round rods and other semi-finished products as well as various finished parts for the mechanical and plant engineering, packaging, chemical and food industries.

“By acquiring Terbrack, we are seizing an important opportunity to strategically expand our network and significantly increase reliability for our customers,” emphasised Mr Wilhelm Korte-Dirxen, Chief Operating Officer of Röchling Industrial. “Terbrack ideally complements our existing know-how and strengthens our production network at a key point. The team’s high level of expertise and the established technologies open up additional opportunities for us to sustainably further consolidate our market position.”

Optimal solution achieved

Attorney Dr Ria Brüninghoff expressed her satisfaction: “We have fully maintained production, stabilised operations and continued to meet all customer requirements over recent months. The Terbrack employees have shown exceptional commitment, laying the groundwork for a successful transaction. My team and I have also received crucial support from managing director Mr Michael Wittka. I would like to take this opportunity to express my sincere gratitude to the entire Terbrack team for going above and beyond what was required of them. I wish to thank the business partners as well, who have also given their full support to the restructuring efforts over recent months. All involved in the proceedings will benefit from the solution achieved – most particularly the employees, but also all creditors through the safeguarding of the company’s value and ultimately the investor as well, who is expanding its product portfolio with Terbrack. I am extremely pleased that we have secured Röchling as an investor, as it is the perfect fit for Terbrack and, among other things, fully recognises the value of its employees.”

Terbrack Kunststoff GmbH & Co. KG had to file for insolvency with the Local Court of Münster, as the competent court, in autumn 2025. On 29 October 2025, the court ordered provisional insolvency administration and appointed attorney Dr Ria Brüninghoff from PLUTA Rechtsanwalts GmbH as provisional administrator. On 1 February 2026, the court opened insolvency proceedings for the company’s assets and appointed Dr Ria Brüninghoff as regular administrator.

By acquiring Terbrack, Röchling Industrial is gaining new capacities: the additional site will increase redundancy within its production network and provide greater flexibility for customers. At the same time, the acquisition underlines Röchling’s clear commitment to Germany as a location for industry and strengthens regional value creation.

Both companies share a tradition of family entrepreneurship and a focus on long-term thinking. “As a family-owned company, we place great value on stability and continuity. It is particularly important to us to offer all Terbrack employees reliable future prospects. For this reason, through the newly founded Röchling Industrial Vreden GmbH, we are keeping on the more than 100 employees at the Vreden site and, together with them and their expertise, will help shape the future of Röchling Industrial,” said Mr Daniel Fritz, Chief Financial Officer of Röchling Industrial.

The business has continued operating without restrictions in recent months. At the same time, the PLUTA restructuring expert and her team have worked on a follow-up solution and conducted a process of finding an investor in close coordination with the provisional creditors’ committee; this has now been successfully completed. The experts at CVM CAPITAL VALUE MANAGEMENT GmbH based in Dortmund, most notably Ms Maya Thielenhaus, took charge of the M&A process, with significant support from the PLUTA team.

In addition to Dr Ria Brüninghoff, the PLUTA team also comprises attorneys Ms Nadja Neuber and Mr Leon Linz as well as business lawyer Mr Tim Austmeyer. Dr Brüninghoff is receiving additional assistance from business management expert Mr Christian Plückebaum (PSM Management GmbH).

Attorney Mr Oliver Ruhe-Schweigel from law firm ks rechtsanwälte + notare gbr, Essen, is acting as legal adviser to Terbrack Kunststoff GmbH & Co. KG. He initiated the proceedings and has also supported the provisional proceedings in this capacity.

In the first phase after the company filed for insolvency, the PLUTA team ensured the club could continue to fulfil its fixtures. The last game of the regular season is scheduled for 27 February 2026. Meanwhile, work on a long-term solution is ongoing. The PLUTA team also includes attorney Ms Heike Metzger from Heilbronn and others.

Mr Peter Roeger said, “I would like to start by thanking the players and all of the fans for their support in recent weeks. We have been able to continue to fulfil the fixtures and are now working on a long-term solution. We are also holding discussions with ice hockey club Heilbronner Eishockeyclub Eisbären e.V. (HEC) in this regard. A specific legal solution is not yet in place, but we are confident that a positive outcome can be achieved.”

Best possible solution for professional ice hockey in Heilbronn

An insolvency plan is one possible means of keeping professional ice hockey in Heilbronn. Upper League licences are tied to the respective company, which means a licence for participating in the league can only be issued if the legal entity is preserved, and therefore in the context of a plan-based restructuring process. With an insolvency plan, the company would be maintained and could continue to operate as a business. However, there are also other potential solutions in the case of the ‘Heilbronn Falcons’, as ice hockey club Heilbronner Eishockeyclub Eisbären e.V. (HEC) is about to be promoted to the Upper League itself.

There have already been discussions with potential investors and HEC management regarding several options in recent days. The goal is clearly defined: the provisional administrator wants to keep professional ice hockey in Heilbronn while at the same time giving due regard to the creditors’ interests in the Heilbronner Falken GmbH & Co. KG insolvency proceedings.

Mr Peter Roeger said, “We need sustainable, long-term financing to keep professional ice hockey in Heilbronn. We want to work with all involved to achieve the best possible outcome. Over the coming weeks, it will become clear which specific solution can be implemented.”

“BTG Global Advisory combines international reach with relationships built over years. While the network’s global presence is important, what is crucial is the close collaboration among the individual partner firms and the direct exchange between experts,” said Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH.

The specialist attorney for insolvency and restructuring law coordinates international activities at PLUTA and took part in the event in London. The two-day conference focused on international market trends, cross-border mandates and current challenges in restructuring and transformation projects. PLUTA has been a member of the network for many years.

At the conference, Mr Ivo-Meinert Willrodt and an expert from Insocube delivered a presentation on handling large amounts of data in insolvency proceedings. Using the Lilium case as an example, Mr Willrodt explained the challenges in securing, accessing and transferring petabytes of data stored across various cloud providers. The presentation also showed the importance of a structured approach to business-critical data for preserving enterprise value in complex proceedings.

Numerous specialist presentations

The agenda also included numerous other specialist presentations covering digital assets and cryptocurrencies, the use of artificial intelligence in restructuring and advisory processes, cross-border M&A transactions, safeguarding assets in complex cases of fraud and more.

Mr Brian Simpson (BTG) and Mr Ben Bathgate (WeirFoulds) highlighted the growing importance of digital assets in insolvency and investigation proceedings. Mr Andy Harper (BTG) and Mr Allan Nackan (GlassRatner) demonstrated in a practical way how AI-powered solutions are already transforming the analysis of financial data, preparation of reports and processing of documents.

Mr Harry Cohen (KTR Partners) illustrated the importance of international collaboration by presenting several cross-border M&A transactions where BTG Global Advisory played a direct role. The event also featured a case study by Mr James Pickering KC (Enterprise Chambers) on a long-standing fraud case before the UK Supreme Court. With over £185 million at stake, it was a vivid illustration of the importance of persistence and the right legal tools for asset recovery in complex fraud cases.

In addition, Ms Sonia Akhtar (BTG) presented BTG’s national key account management programme for the structured development of collaboration with law firms, private equity houses, debt funds and financing partners.

BTG Global Advisory is an international network of independent consultancies that specialise in restructuring, insolvency administration, transactions and financial advisory services. The member companies collaborate globally on cross-border mandates and pool their expertise in different jurisdictions.

AGM participants
BTG (UK and offshore)
GlassRatner (USA and Canada)
Rodgers Reidy (Australia, New Zealand, Tasmania and Asia)
PLUTA (Germany, Spain and Italy)
Zalis (France)
KTR Partners (USA and France)
TCP Partners (Latin America)
Integrated Capital Services (India)

Founder Mr Michael Pluta said, “We are pleased that Dr Jens-Sören Schröder and his team will bring their expertise to us and strengthen our presence in insolvency administration, debtor-in-possession management and pre-insolvency advisory services from Hamburg.”

Dr Jens-Sören Schröder has many years of insolvency administration and restructuring experience. He was previously partner at Johlke Niethammer, and courts in northern Germany have been appointing him insolvency administrator and monitor for the past 25 years and more. He also advises on turnaround matters and supports companies involved in debtor-in-possession proceedings and out-of-court restructuring processes. Among his most notable proceedings as insolvency administrator have been the insolvencies of the Ufa cinema chain, the Max Bahr DIY chain and the holding company of ship operator Rickmers.

Dr Birte Jensen and Mr Markus Lüdtke have also practised as insolvency administrators for more than 15 years and have long-standing experience in insolvency proceedings for companies of various sizes in different industries.

PLUTA attorney Mr Nicolas Konkel will also join the team under attorney Dr Schröder.

PLUTA partner Mr Christian Heim, who is responsible for PLUTA’s Hamburg-Landwehr office, and his team will continue to practise as usual at the insolvency courts in Schleswig-Holstein and Lower Saxony.

Expansion of restructuring advisory services

Together with Mr Bernd Richter and the PLUTA team, Dr Jens-Sören Schröder will expand the restructuring advisory services, especially for debtor-in-possession and protective shield proceedings, restructuring under the German Corporate Stabilisation and Restructuring Act (StaRUG) and pre-insolvency turnarounds.

At the same time, Hamburg will become the second office of PLUTA Management GmbH, which has been developing its advisory business from Munich since 2016. With locations in both northern and southern Germany, the management company will now be even better positioned to act for clients nationwide.

Attorney Mr Marc Selker has joined PLUTA with his team and is now co-managing PLUTA’s Osnabrück office alongside existing managing partner Mr Stefan Meyer. Staff there work closely with their colleagues in Münster and Bielefeld, as well as in other locations in the Westphalia/East Westphalia and Northwest regions.

After several years running his own medium-sized law firm, Mr Marc Selker decided to join PLUTA. The attorney specialising in insolvency law was not alone in taking this step – attorney Ms Alena Pecher, a business lawyer, and six other members of staff have also moved with him to PLUTA.

“PLUTA gives me and my team an exciting opportunity to further establish ourselves and grow within a dynamic market environment. PLUTA’s market position and presence all across Germany in the field of insolvency and restructuring are key factors in this. I am particularly looking forward to engaging with my new colleagues at the other PLUTA locations,” said Mr Marc Selker.

“We are further expanding our presence with Mr Marc Selker and his team. With him, we are gaining an insolvency administrator who has been appointed by various courts in the Westphalia and Northwest regions for many years. I am delighted that we now get to work together,” said PLUTA managing partner Mr Stefan Meyer.

After more than 25 years in medium-sized law firms, the experienced legal expert decided to make the move from BRRS to PLUTA. Prior to that, she had enjoyed many years of successful collaboration with the BRRS partners. In addition to Ms Jutta Rüdlin, attorneys Dr Katrin Schulte and Mr Götz Fuhrmann-Rüdlin have also joined PLUTA.

“This marks the beginning of a new chapter at PLUTA for me and my team. After many years in medium-sized law firms, I am looking forward to bringing my experience to bear in an interdisciplinary environment. I am particularly excited by the opportunity to actively support not only conventional proceedings but also debtor-in-possession restructuring processes,” said Ms Jutta Rüdlin.

The attorney is regularly appointed by the insolvency courts of North Hesse and Thuringia as an expert assessor, insolvency administrator and insolvency monitor. She is a member of the executive board of the Registered Association of Insolvency Administrators of Germany (VID) as well as a member of the corporate restructuring expert committee of the German Association of Management Consultancies (BDU) and of the Distressed Ladies – Women in Restructuring e.V. network. She has co-chaired VID’s business administration committee with PLUTA partner Mr Torsten Gutmann for several years.

Attorney Dr Katrin Schulte has been working in insolvency administration for almost 20 years. She specialises in advising on corporate insolvencies and litigating disputes. Attorney Mr Götz Fuhrmann-Rüdlin has been handling insolvency proceedings for individuals and legal entities for over 15 years.

“Ms Jutta Rüdlin and her team are the ideal addition to our firm. She combines legal expertise with business know-how and has a strong network in the industry. This is a great gain for our restructuring practice. We have known each other for many years. I am delighted that we will work together in the future,” said PLUTA partner Mr Torsten Gutmann.

Restructuring expert Mr Konen has been the manager of the Frankfurt, Aschaffenburg, Darmstadt and Wiesbaden branches since 2023. His activities are focused on restructuring and turning around companies in crisis and insolvency situations. He is regularly appointed insolvency administrator by all courts in the Rhine-Main region and also oversees debtor-in-possession proceedings as a general agent or CRO.

“We are well positioned in the region and will continue to build on this foundation. I welcome this additional responsibility,” said Mr Konen.

Mr Jakob Weyres-von Levetzow is a business management expert with over 20 years of experience in management consulting. He spent more than ten years at EY in Hamburg working on restructurings and several years as Director of EY Parthenon’s Strategy & Transactions service line. Most recently, the 48-year-old was with RSM Ebner Stolz Management Consultants, where he grew its Hamburg operations. Mr Jakob Weyres-von Levetzow has expertise in pre-insolvency management consulting and in debtor-in-possession restructuring proceedings for midsize companies and family businesses. He also specialises in cost-saving and efficiency initiatives, liquidity management and operational implementation of management strategies. His focal areas of industry expertise include the mechanical and plant engineering, automotive and manufacturing sectors. Mr Jakob Weyres-von Levetzow has been with PLUTA Management GmbH since July and is responsible for expanding its operations in Hamburg.

Dr Dominik Doll is a business management expert (Technology and Management) with many years of expertise in leading and restructuring midsize companies, especially in the mechanical engineering and automotive sectors. The 39-year-old worked for more than five years at Roland Berger as Senior Project Manager in the Corporate Performance, Organisational Transformation and Commercial Due Diligence divisions. He was also an Operating Partner at a private equity firm in Düsseldorf and is a founder of and shareholder in a specialist centre for psychotherapy in Munich. Prior to joining PLUTA, Dr Dominik Doll acquired a company out of insolvency, led it as managing partner and implemented restructuring measures before exiting the business almost a year later. He is currently undertaking advanced legal studies (LL.M. corp. restruc.) in Heidelberg, which will be completed by the end of this year. Dr Dominik Doll has been working at PLUTA’s Munich office since August. He will support companies with financial and personnel turnaround management and take charge of restructuring measures.

Mr Wolfram Fünder is an experienced real estate specialist and has been working for PLUTA at its Hamburg office since early July. The real estate economist is helping Mr Sascha Witt to further expand PLUTA’s property segment. Mr Wolfram Fünder has more than 25 years of experience in the industry and has been responsible for numerous complex commercial real estate projects. He worked for more than ten years as Director Asset Management at FREO Financial & Real Estate Operations GmbH. He also spent several years as a real estate asset manager at Allianz Real Estate Germany GmbH and Dresdner Bank AG. Most recently, he was Senior Asset Manager with RFR Management GmbH and Director Asset Management at pure development GmbH. His areas of expertise include asset and inventory management, tenant base analysis and rental management as well as the identification and implementation of restructuring and value enhancement measures and the provision of support for acquisition and sales processes. Mr Wolfram Fünder has acted for both owners and investors and will provide pre-insolvency advisory services to banks and capital providers at PLUTA. He will also manage real estate in insolvency scenarios.

In welcoming these new additions, PLUTA is expanding its real estate expertise for special situations and strengthening its restructuring business in Munich and for northern Germany from its Hamburg office. PLUTA Management GmbH is a steadily growing firm focused on the challenges facing SMEs and on current industry hotspots, including the automotive, real estate and health sectors. With its new employees, PLUTA has added established experts with a hands-on mentality who are committed to supporting companies in a responsible role.

Managing director Dr Maximilian Pluta said, “We are strengthening our team with experienced experts. Restructuring consulting is a growing business and we can further expand our offering in this area in a targeted manner with Mr Jakob Weyres-von Levetzow and Dr Dominik Doll. We also see great potential in the real estate segment and have brought Mr Wolfram Fünder on board as a specialist in this. Together with our offices in Hanover, Bremen and Hamburg, we are building our restructuring expertise in the northern German market. All of this means we are very well positioned for the future.”

The new address is: Kröpeliner Straße 64, 18055 Rostock.

The telephone and fax numbers remain the same. The branch manager is attorney Mr Michael Bohnhoff, who is delighted with the modern office in the heart of Rostock.

PLUTA celebrates 25 years in Munich

In addition to the relocation, the Munich branch is also celebrating its 25th anniversary. It has seen continuous developments since its official opening in spring 2000. Originally located in the outskirts of Munich, the team already moved to Barthstraße 16 back in 2002. Now it is set to relocate to modern office premises.

The Munich team has chalked up numerous successes over the years, including many restructurings of medium-sized businesses. Most recently, it succeeded in achieving an insolvency plan solution for the MARO housing cooperative. It is currently involved in a number of high-profile proceedings, including those of solar technology company Sono Motors, insurer FWU, management consultancy Achtzig20, communications agency Olando, fashion house Ted Baker and online retailer windeln.de SE.

The branch employees offer a full range of services, from insolvency administration and legal consulting through to restructuring. PLUTA Management GmbH under managing director Dr Maximilian Pluta has its headquarters in Munich, from where the PLUTA International Desk also coordinates international activities.

Mr Ivo-Meinert Willrodt, branch manager and managing partner, is looking confidently to the future. “The new premises will give us the opportunity to continue our growth trajectory in Munich and Bavaria. The new location also offers excellent amenities and can be very easily reached by our clients and business partners.”

Mr Perna has been appointed branch manager jointly with Mr Vittorio Cardano and will be responsible for the development of PLUTA’s business in the Italian market. The duo will also leverage synergies with PLUTA’s international network.

Managing partner Dr Maximilian Pluta said, “Our strategy at PLUTA is to strengthen our team with attorneys that can assist national and international companies. Mr Perna is the perfect addition thanks to his legal and language skills as well as his network in Italy. We are delighted to welcome him to PLUTA. He will contribute in an important way to the success of our clients.”

Mr Vittorio Cardano said, “PLUTA is growing in Italy – also thanks to the collaboration with Germany. With Mr Perna, we have an excellent colleague with international experience who will assist our clients in the corporate and restructuring sectors. We are looking forward to the collaboration.”

Mr Armando Perna said, “I am delighted to be joining the PLUTA team. The Italian branch office has an impressive growth plan that we will implement going forward. Restructuring and insolvency are not only a national matter anymore: an international approach is key to supporting our clients and to the development of their business in Italy and further afield. With its locations in Germany and Italy as well as its international network, PLUTA is excellently positioned to meet its targets.”

These fraudulent emails were sent to third parties via the domain pluta.berlin, which was registered on 26 February 2025 as far as is currently known. The fraudsters used PLUTA’s brand name, logo and business address for these.

Such emails tend to be sent en masse to SMEs and industrial companies, advertising a supposed advance sale of insolvency goods. With this type of fraud, payment is typically requested up front but the goods are never delivered.

PLUTA wishes to point out that its attorneys and insolvency administrators do not send mass mailings or advertise stock sales in insolvency proceedings.

This scam is not new. PLUTA already issued a warning about such emails in late 2023.

As is standard in these circumstances, PLUTA has filed a criminal complaint against unknown persons. In parallel to this, the operator of the domain was immediately instructed to suspend the account without delay and to save all stored data for the police investigation. The operator has already blocked the domain. Anyone affected should report these incidents to the police.

Branch manager Mr Patrick Meyerle said, “Relocating to our new premises gives us more space and means we can continue to expand. The central location, modern infrastructure and ease of access make the tower the ideal spot.”

The Business Tower in Ostendstrasse is a city landmark and offers a spectacular view as Nuremberg’s tallest building. Standing 135 metres high, the office tower is as much a part of the city’s skyline as Nuremberg Castle and the Telecommunications Tower.

PLUTA’s team in Nuremberg has worked on numerous proceedings to date and has achieved investor solutions for transformer specialist TRAMAG and for the sole proprietorship feiermeier, for example. The PLUTA team was recently involved in the debtor-in-possession proceedings for transport company Maibach Logistik, with the insolvency monitor being appointed from among their ranks. The insolvency proceedings for kitchen design firm Küchen Quelle are among the biggest in the region. Some 4,000 creditors have filed their claims for registration in the insolvency schedule and the team is continuing to review the registered claims and other options involving the assertion of legal rights.

The new address is: Berliner Strasse 3, 32052 Herford. The telephone and fax numbers remain the same. The branch manager is attorney Mr Frank Schorisch, who is delighted with the new premises in the heart of Herford.

His areas of expertise include overall financial and operational management, in specific the implementation of restructuring measures, drafting and reviewing of integrated business plans and restructuring concepts, as well as direct cashflow forecasts. The 34-year-old financial advisor also helps corporates to execute sell-side and buy-side M&A transactions, whereby he, among others, conducts Financial Due Diligence assessments and guides his clients through transaction processes. As managing director of the newly established PLUTA Digital, he is implementing the digitalisation strategy for PLUTA’s advisory services.

In addition to his nationwide activities, he also leads international projects and gained in-depth insights into the U.S. restructuring practice during a one-year secondment with network partner B. Riley Financial in Atlanta and New York.

Expansion and international project work

PLUTA’s Managing Director Dr Maximilian Pluta said, “Simon has been a very important part of our team for many years, taking on responsibility in our projects and within our organization. His promotion to Partner is a logical step to continue our successful path together and to strategically advance our restructuring and transaction advisory services.”

Simon commented, “I am very excited about this next phase of my path at PLUTA and the opportunity to continue to actively shape the company’s ongoing successful development. By fostering and expanding our national and international network, I aim to contribute to our future growth. Additionally, I am highly motivated to take on the responsibility of strategically developing our ever-growing team.”

Simon studied Business Administration in Bayreuth, Beijing and Hamburg, majoring in finance, accounting and controlling. He serves as member of the International Committee at ABI (American Bankruptcy Institute) and is part of the NextGen cohort 2023 of AmCham Germany (American Chamber of Commerce in Germany). The restructuring expert is also member of TMA (Turnaround Management Association, Atlanta) and lectures at IDLO (International Development Law Organization).

These fraudsters are contacting businesses by email to notify them of stock being sold at highly attractive prices in the context of insolvency proceedings. The insolvent companies and the products offered do not actually exist. The fraudsters secure payment up front and then never deliver the goods. The perpetrators take very deliberate steps in order to appear credible. For example, they may forge local court orders and add the logo of a fake law firm to their email signatures. Their websites and content also appear very professional.

In the past week, PLUTA has learned that fraudsters have copied the content of its website almost word for word to a fake website in order to give the impression that they are running a legitimate operation. PLUTA has filed a criminal complaint in response. A similar website had already been previously taken offline after PLUTA reported it to the relevant hosting company and the authorities.

Companies and individuals can suffer considerable financial damage as a result of such fraud. Anyone affected should report these incidents to the police. PLUTA wishes to point out that attorneys and insolvency administrators do not send unsolicited mass mailings or advertise stock sales in insolvency proceedings. When anything of this nature arises, it is important to investigate whether the law firm in question actually exists and engages in insolvency proceedings. One useful resource for this is the Official Nationwide Register of Lawyers compiled by the German Federal Bar (BRAK): https://bravsearch.bea-brak.de/bravsearch/index.brak

Attorney Mr Michael Pluta, managing partner at PLUTA, said, “The fraudsters are very clever in their approach and forge all of the documents. We immediately wanted to raise this issue publicly in order to alert businesses. We cannot allow criminals to profit from a supposed insolvency or abuse the integrity of our profession.”

Attorney Heinz-Joachim Hombach is jointly responsible for cybersecurity at PLUTA. He is also PLUTA's data protection coordinator and is responsible for the PLUTA’s internal IT infrastructure together with the IT department.