This article was created with kind support from Startupdetector and its insolvency analysis tool.
When a company faces payment default, preliminary insolvency administration is typically ordered before the actual proceedings begin (for details on what to watch out for, see this guest contribution). This serves to protect the debtor’s assets from adverse changes. However, the period of preliminary insolvency is also used to find new investors or buyers before the actual proceedings begin. But this doesn’t always succeed.
Solutions for insolvent startups
This succeeded for Samdock, which initiated preliminary insolvency administration at the end of January. The startup offers a cloud-based software-as-a-service solution that enables small and medium-sized enterprises to digitalize and automate business processes in the areas of sales, marketing, and customer service in a unified system. In the second quarter, the startup found a buyer, and the technology, brand, customers, and part of the team were taken over. The new company, Samdock One, based in Bielefeld, now continues the business.
Unsuccessful insolvency proceedings
Things went less smoothly for Laqa. The startup also had to declare preliminary insolvency in the first quarter – mid-February, to be precise. In early April, the main proceedings were opened, and just days later, the insufficiency of assets was determined. The startup had developed a digital solution for care facilities and healthcare institutions to record and process drinking quantities and intervals for care recipients. A smart drinking cup was supposed to detect whether users were drinking enough and remind them if necessary.
Newly opened insolvency proceedings
The insolvency of Xpay has been extended with a new chapter. After insolvency proceedings had already been opened earlier for Xpay Holding AG, the Xpay Solutions GmbH, and Xpay Development GmbH, proceedings for Xpay Card Services GmbH were also opened in May. The intriguing part: as an e-money agent, it stands operationally at the center of Xpay. As in previous cases, attorney Dr. Matthias Hofmann from Munich law firm Pohlmann Hofmann was appointed here as well.
There was also no solution for Insaas. The developer of AI-based market research software focused on insurance and banking companies had to enter preliminary insolvency in mid-March. In June, the insolvency proceedings were opened. The insolvency administrator is attorney Thomas Klöckner from law firm Lecon, who also accompanied Samdock through its insolvency.
Bad news came in the second quarter for Blickfeld as well: Although the startup had just secured growth financing of 7.5 million euros in December 2023 and thereby increased its total financing to over 45 million euros, it slipped into insolvency in June. The company, founded in 2017, is known for its LiDAR sensors and perception software. Attorney Rolf G. Pohlmann from Munich law firm Pohlmann Hofmann was appointed as insolvency administrator. Update from January 2025: Blickfeld has since been successfully released from the self-administration proceedings and the insolvency proceedings have been terminated.
New cases of preliminary insolvency in the Munich scene
In the second quarter of the year, there were also five new cases of preliminary insolvency. In May, Mr Beam, another original pillar of the Munich startup scene, had to file for preliminary insolvency. Mr Beam develops desktop laser cutters that are intended to enable private and commercial users to enter the digital manufacturing of customized series products. In 2021, the startup secured financing in the seven-figure range. Investors at the time included the family office Extorel from Falk Strascheg, BayBG Bavarian Capital Investment Company, and private investors from the Baystartup investor network. On July 1st, which was already in the third quarter, insolvency proceedings were then opened. Attorney Dr. Alexander Fridgen, partner at Baker Tilly, was appointed as insolvency administrator. However, assets were already sold in the course of this: various employees bought out both the online shop and production. This means Mr Beam can continue.
The used car platform Instamotion, founded in 2015, also had to report its payment incapacity. In the past, the startup was able to raise a total of nearly 30 million euros through several financing rounds. However, at the end of May, preliminary insolvency came, followed in the third quarter by the opening of proceedings. The insolvency administrator is attorney Henrik Brandenburg from law firm Müller-Heydenreich Bierbach & Colleagues.
Similar fate befell Holoride. Preliminary insolvency administration at the end of April was followed by the opening of proceedings at the beginning of the third quarter. Shortly thereafter, insolvency administrator attorney Dr. Hubert Ampferl from law firm Dr. Beck & Partner GbR also determined the insufficiency of assets. Holoride develops virtual reality entertainment for car passengers. In 2021, the startup was able to raise 10 million euros, but there have been no further financing rounds for the Munich company since then.
Another case of preliminary insolvency hit Neutron Star Systems. The startup offers high-temperature superconductor spacecraft systems, with its flagship product being an electric propulsion system for orbital spacecraft mobility. So far, it has financed itself through various grants from institutions such as the ESA, the European Innovation Council, or the US Space Force. Attorney Oliver Schartl from law firm Müller-Heydenreich Bierbach & Colleagues was appointed as preliminary insolvency administrator.
Finally, Dock Financial also had to succumb to insolvency. The technology company offers customized financial solutions to various industries and supports the integration of financial features. In recent years, it attracted attention through the acquisitions of Paydora and Compeon. Dock Financial was unable to raise venture capital. Both Dock Financial GmbH and its affiliated Dock Financial Capital GmbH declared preliminary insolvency at the end of May. Attorneys Marlene Scheinert and Ivo-Meinert Willrodt from Pluta Law Firm were appointed as insolvency administrators.
