Munich Court rejects insolvency filings for GIK companies

The Munich District Court has rejected insolvency applications filed by the Heidelberg-based companies GIK 9 GmbH & Co. KG and GIK 10 GmbH & Co. KG. The court ruled that the companies lack sufficient assets to cover the costs of the insolvency proceedings themselves.

Because the available assets are insufficient to pay for a regular insolvency process, the court declined to open the proceedings. This means there will be no appointed insolvency administrator to manage a regulated distribution of assets to creditors. Both companies, which focus on the management and execution of construction projects, are under the personal liability of XOLARIS Solution GmbH.