Reports of serious financial problems at the German manufacturer Quantron have been confirmed by the action of the Augsburg District Court, which, this week, ordered the preliminary administration of the insolvency estate.
‘The purpose of this measure is to safeguard the company’s assets pending a final decision on the opening of insolvency proceedings. The interim insolvency administration is intended to prevent adverse developments in the company’s financial situation to protect creditors and the company’s economic foundation,’ reports the local news portal Augsburger Presse.
Lawyer Constantin Graf Salm-Hoogstraeten of the law firm BBL Brockhoff has been appointed as interim insolvency administrator.
“We first need to get an accurate picture of the numbers and the situation on the ground before we can make a credible statement about the chances of continuing to run the business,” comments the lawyer in an official communication from the firm.
Quantron, which specializes in converting commercial vehicles of 3.5 tonnes and above to electric drives, has made a name for itself in recent years as an ambitious and growth-oriented electromobility start-up. Last year, it entered the Polish market, and just a few weeks ago, it participated in Europe’s most important transport event, IAA Transportation 2024 in Hannover.
Unfortunately, there have been increasing signs of the company’s financial difficulties in recent weeks. According to German media reports, some employees have not received their salaries for months, and the company has also failed to pay social security contributions for them. Additionally, it is already known that some employees and creditors have filed lawsuits against Quantron in the Augsburg Labour Court.