CNC machining specialist IZW continuing to operate

Innovative Zerspanungstechnik Wiebelbach GmbH (IZW) from Kreuzwertheim in the Franconia region has filed for insolvency. Following this, on 14 November 2024, the Local Court of Würzburg ordered provisional insolvency administration for the company’s assets and appointed Mr Patrick Meyerle from PLUTA Rechtsanwalts GmbH as provisional administrator.

The PLUTA attorney and his colleague Mr Holger Christian Buehler informed the 56 employees about the current situation last week. The company is continuing to operate. Customer orders are being met. The PLUTA team has also held initial discussions with the intention of keeping the business operational. The employees’ salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law. With respect to the pre-financing, the provisional insolvency administrator is in close consultation with the competent authority, the Federal Employment Agency.

IZW is an independent company spun out of the Kurtz Ersa Group in 2020. It specialises in manufacturing machine components through machining, welding and surface engineering. The business operates from the Kurtz Ersa factory premises. In addition to Kurtz Ersa, its customers are manufacturers of machines and systems from a wide range of different industries in Germany and neighbouring European countries.

The company has had to file for insolvency due to liquidity problems caused by high energy costs and the poor economic climate. Managing partner Mr Ralf Reich said, “We could not avoid filing for insolvency, but we have the backing of the employees, some of whom have been with the business for decades, previously with Kurtz Ersa and now here as a result of the spin-off. We will work together to support the restructuring over the coming weeks in the interests of preserving the business.”

PLUTA attorney Mr Patrick Meyerle said, “We will now analyse the financial situation and examine the restructuring options that may give the business a viable future. We will find out over the coming weeks whether a long-term solution is possible. I am in close consultation with representatives from the Kurtz Ersa Group regarding this.” Mr Patrick Meyerle is an attorney for general law and a specialist attorney for insolvency and restructuring law. He heads up the PLUTA branch offices in Nuremberg and Würzburg.