The provisional insolvency administrator is focusing on restructuring and continuing business operations. Bosswerk has operated the Green Akku online shop since 2010, through which it sells photovoltaic systems and home storage systems.
From pv magazine Germany
German PV and storage system provider Bosswerk GmbH & Co. KG is insolvent.
The company, which has operated the GreenAkku online shop since 2010, filed for insolvency at the Krefeld District Court on July 24. The judges appointed Joachim C. Mohlitz, partner at the Düsseldorf-based law firm Görg Partner, which specializes in restructuring, as the provisional insolvency administrator.
Bosswerk justifies the need to file for insolvency with the “turbulence in the solar market” that would also affect large companies. “The insolvency application is due to a drop in sales that can be traced back to the enormous drop in the price of solar technology,” it continued. Measures to increase efficiency were not implemented quickly or consistently enough. “This structural imbalance ultimately caused the established business operations of Bosswerk GmbH & Co. KG to get into trouble.”
Business operations are to be maintained during the preliminary insolvency proceedings. The wages and salaries of the approximately 100 employees are secured for three months by the insolvency benefit. Bosswerk sells PV and storage systems to private and commercial customers via its online platform GreenAkku. The restructuring measures already initiated are to be continued in order to achieve financial stabilization of the company and to find a viable solution for the future.
The common goal of the preliminary insolvency administrator and the management is now to continue business operations smoothly and to secure the restructuring measures already initiated in order to achieve sustainable financial stabilization and find a viable solution for the future.