When payment default occurs, a provisional insolvency administration is usually ordered before the actual proceedings begin. This serves to protect the debtor’s assets from detrimental changes. However, this time is also used to find new investors or buyers before the actual proceedings begin.
This happened, among other cases, with Franka Emika. A provisional insolvency administration was already ordered for the robotics startup in August. In November, the actual insolvency proceedings were opened. Shortly after, the negotiations conducted by the provisional insolvency administrator bore fruit. Agile Robots, another Munich-based provider of robotics solutions, took over Franka Emika.
New developments have also emerged in the Xpay insolvency. Founded in 2016, the payment card startup wanted to become a leading provider in the embedded finance sector with its prepaid credit cards and accompanying data analysis. In August, however, several parts of the corporate group had to file for provisional insolvency: Xpay Holding AG, Xpay Solutions GmbH, and Xpay Development GmbH. Xpay Card Services GmbH, which operates as an e-money agent at the operational center, was not affected by the insolvency. In November, insufficient assets were determined for Xpay Holding and the insolvency proceedings were opened.
New cases of provisional insolvency in the Munich scene
In the fourth quarter of the year, further cases of provisional insolvency emerged among Munich startups. In November, Noyes Technologies entered provisional insolvency administration. The startup develops automated mini warehouses for quick commerce and e-commerce providers, parcel delivery services, and many other applications. The nano warehouses are designed for use in major cities and can be flexibly expanded. With Viessmann, Noyes had also secured an important customer and partner. Attorney Rolf G. Pohlmann was appointed provisional insolvency administrator. His Munich law firm Pohlmann Hofmann also handled the insolvency of Franka Emika.
In the same month, Cesonia also faced insolvency. Founded in 2018 with support from LMU EC and SCE, the startup brought a collaboration solution in product development to market. Dr. Max Liebig from the Munich law firm Liebig Insolvenzverwaltung Restrukturierung took over the provisional insolvency administration. Some may remember him from the Kuchentratsch insolvency case from the previous year.
In early December, edtech Heytimi was hit. Since 2020, the startup has offered online tutoring. Students can choose from numerous tutors and tutoring teachers in various subjects through the platform. Now the edtech is relying on the expertise of attorney Marc-André Kuhne. His law firm Dingolfinger Kanzlei DKR Kuhne Dr. Raith Rechtsanwälte handled, among other things, the sale of Munich startup Print2Taste in late 2021.
Just before Christmas, Smart4Diagnostics also had to file with the insolvency court. The medtech is working to digitalize the blood draw process. Through this, the Munich startup aims to ensure seamless quality control of blood samples between collection and laboratory processing. Recently, the startup was celebrating its deployment on three continents, but now it appears to have run out of funds. Attorney Dr. Elske Fehl-Weileder was appointed provisional insolvency administrator. She works for the Aachen law firm Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung.
