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The Ravensburg Local Court yesterday initiated provisional insolvency proceedings in respect of Volz Gruppe AG and its subsidiary, Volz Vertriebsservice GmbH. The court appointed two experts in restructuring, Mr Michael Pluta and Mr Michael Wahl from PLUTA Rechtsanwalts GmbH, as provisional insolvency administrators. Michael Wahl will take charge of Volz Gruppe AG while Michael Pluta has responsibility for the subsidiary company. Provisional insolvency proceedings for Volz Software GmbH, another Volz Group subsidiary, had already been initiated by Hamburg Local Court, on 22 June. In that case, Mr Dominik Montag from the KÜBLER law firm was appointed as the provisional insolvency administrator; he, too, has long experience in the field of corporate restructuring.
The Volz Group is a financial logistics specialist for insurers, large-scale distributors and commercial companies. The three companies within the group employ a total of more than 70 people at their Hamburg and Weingarten locations. The insolvency administrators have already been able to gain an initial overview of the situation. Business operations are continuing without any restrictions at the company’s offices. Furthermore, all orders and services are being supplied as usual. Insolvency fund pre-financing has already been arranged for the benefit of the employees, so that their salary payments are guaranteed for three months.
The insolvency was caused by the loss of a major customer. The provisional administrators are optimistic about the prospects for successfully restructuring the companies. “Over the coming weeks, we will closely examine the restructuring options and undertake measures to ensure that the companies have good prospects for the future,” says Mr Michael Pluta in his role as provisional administrator. Dominik Montag adds, “The Volz Group enjoys an excellent reputation in the sector. If all of those involved pull together, there are realistic opportunities for the future.”
The companies within the Volz Group help insurers, financial service providers as well as finance and insurance brokers to enhance their productivity by offering, for example, intelligent solutions for optimising sales and distribution. To that end, Volz Software supplies effective programmes to support the back-office and sales functions, including applications for inventory management and calculation of commissions. Volz Vertriebsservice GmbH takes charge of a variety of back-office activities and administrative tasks to reduce its clients’ workloads. Volz stands for high-quality support for the financial services sales process. Its customers include a number of reputable insurance firms.