AutoNews24’s Post

Fisker’s Austrian Unit Files For Bankruptcy, Ocean Looks Sunk (Update) The EV maker said the proceedings will enable it to continue operations, but it appears increasingly likely that the Ocean is dead in the water May 7, 2024 at 11:37 by Brad Anderson • Fisker Inc.’s Austrian unit has filed for insolvency proceedings under Austrian law. This is similar to bankruptcy but with specific legal processes in Austria. • The news comes after Magna Steyr, the contract manufacturer for the Ocean, halted production at their Austrian facility in March with no plans to resume. • While Fisker intends to continue deliveries and service existing vehicles, the long-term production of the Ocean remains uncertain. Update: Fisker Inc.’s Austrian unit announced on Tuesday that it has voluntarily filed for bankruptcy protection through self-administration under the Austrian Insolvency Code. This decision comes after Magna Steyr revealed on Monday that it had halted production of the Ocean in March at its facility in Austria and does not anticipate any further production. “The proceeding will enable Fisker Austria to ensure its operations are able to continue under court protection, including paying employees and selling vehicles,” the company said in a statement. https://lnkd.in/egFKFirz

Administration watch A little while back Motor Transport added an Administration Watch page to its News menu and reported that: “A record 494 British haulage businesses entered insolvency in 2023, nearly double the number two years earlier, according to the latest data from the Department for Business and Trade.”. https://lnkd.in/eB4MM8wa I did a previous post on this topic and a number of people have asked me a) about the significance of these insolvencies and b) what the figures look like for warehousing. Dealing with the second point first, as that is why I created this graph using the same sort of methodology as I did before but adding an extra year to get a longer period of ‘normal’. What the graph shows is the number of insolvency notices (*see important note below). And it shows them as a moving annual total to remove all the ups and downs of individual months. The red line is for road freight and the purple line for storage But the thought that I would have a longer period of normal turned out to be interesting - look at the start of the purple line on the graph and where it’s ended up – although it feels as if there is a high current rate of insolvency notices in the warehousing sector, it is lower than the year ending December 2018. *It’s best to regard my graph as an index made from the number of insolvency notices using the search term ‘road freight’ and ‘storage’. While the demise of some companies results in only one notice, others can result in two or three. I’ve used a combination count of notices for Administration, Creditors' voluntary liquidation, Liquidation by the Court and Members' voluntary liquidation. This method will definitely overstate the number of companies that have become insolvent, and there is a small overlap between the two categories, but the important thing is that the counting method is as consistent as possible across the period. The figures for the graph come from The Gazette, which is based on three editions: London, Edinburgh and Belfast - so my graph is for the whole UK. https://lnkd.in/d3djCVqR Going back to the first point above, how significant are these road freight insolvencies? If you look at the companies reported in Motor Transport, just twenty eight have accounted for over 1700 vehicles. And over 3K staff have either been made redundant or moved with contracts to different companies. These will tend to be the larger ones, but there’s also plenty of businesses not reported on and plenty where detail isn’t available.

Germany ■ The Autohaus Staffel Group (Hildburghausen, Schleusingen, Sonneberg, Suhl, Coburg and Kronach) has filed for bankruptcy! ■ The Meiningen District Court has ordered the provisional administration of the Autohaus Staffel Group's assets based in Hildburghausen, Thuringia. Lawyers from PLUTA Rechtsanwalts GmbH and FRH Rechtsanwälte have been appointed as provisional insolvency administrators. The group comprises five companies operating car dealerships at seven locations across Thuringia and Bavaria. Source: der-indat ■ The group employs a total of 165 people, whose salaries are secured through insolvency benefits for the months of October to December. The employees have already been informed about the current situation, and business operations continue at all seven locations. Attorney Sebastian Laboga from PLUTA is the provisional insolvency administrator for the leading company, Autohaus M. Staffel GmbH & Co. KG, which has over 80 employees. At Autohaus Galant GmbH, located in Schleusingen, business lawyer Susanne Hesse, who holds a degree in business law (FH), is the provisional insolvency administrator, overseeing four employees there. The local court has appointed lawyer Dirk Götze from FRH Rechtsanwälte as the provisional insolvency administrator for Autohaus Staffel Coburg GmbH, Autohaus Staffel Kronach GmbH, and Autohaus Staffel Suhl GmbH, which operate at their respective locations. These three companies collectively employ around 80 people. ■ Restructuring solutions are being examined The five companies have filed for insolvency due to liquidity issues stemming from declining sales. In light of the current recession in Germany, many consumers are reluctant to purchase new and used cars. Additionally, the automotive industry is facing challenging conditions. As part of the insolvency proceedings, restructuring solutions for the Autohaus Group are now being explored. The provisional insolvency administrators will evaluate a comprehensive solution for the entire group and individual solutions for the different locations. ■ Managing Director Manfred Staffel states, "We have been operating our car dealership since 1990 and have continued to open new locations in recent years. Our company has never faced such a challenging situation. We hope that, together with the insolvency administrators, we can save our group." The Autohaus Staffel Group offers its customers Opel, Ford, and Mitsubishi vehicles at seven locations. Customer satisfaction is the primary goal of this family-run car dealership. Additionally, the professionally trained staff is dedicated to tailoring offers and services specifically to meet each customer's individual wishes. The dealership's locations include Hildburghausen, Schleusingen (with two locations), Sonneberg, Suhl, Coburg, and Kronach. #opel #Ford #Chevrolet #Mitsubishi #Autohaus https://lnkd.in/eUkF2tBb

NCLT Bengaluru Issues Notice in Oppo’s Insolvency Plea Against Byju’s; Two New Petitions Add to Byju’s Legal Woes Read More: https://lnkd.in/dhVviFPR The National Company Law Tribunal (NCLT) in Bengaluru has issued notice regarding an insolvency plea filed by mobile phone manufacturer Oppo against embattled ed-tech company Byju's. This plea is expected to be heard again in the last week of May, as the tribunal will enter a summer break starting May 3. In addition to Oppo, two new insolvency pleas have been lodged against Byju's within the past week. These were filed by the US-based publishing company McGraw Hill Education and end-to-end customer experience solutions company Cogent E-services. With these new filings, the total number of insolvency pleas against Byju's has reached seven. The ed-tech company is also contending with an oppression and mismanagement plea filed by its investors in the NCLT. Cogent E-services submitted its plea as early as February 2024, while McGraw Hill and Oppo filed theirs in March. However, all three pleas were officially registered in the NCLT within the last week. These cases are anticipated to be heard in late May or early June. Under the Insolvency and Bankruptcy Code, 2016, there are two types of creditors: operational creditors (OCs) and financial creditors (FCs). OCs provide goods and services to a business but haven't received payment, while FCs are entities that lend money to the company. A total of six OCs and one FC have taken legal action against Byju's in the NCLT. Other Insolvency Petitions: The Board of Control for Cricket in India (BCCI) filed the initial insolvency plea against Byju's in November 2023, citing a default on a payment of Rs 158 crore. This plea is currently at an advanced stage of hearing in the NCLT. Following BCCI's action, France-based Teleperformance Business Services, Glas Trust Company (lenders), and digital marketing firm Surfer Technologies have also lodged insolvency pleas. Legal Parivar News

Fwd by CA Parveen Jain Insolvency Professional Founder APAAR Insolvency Professionals Pre-Insolvency/ Preventive restructuring – a rescue for entrepreneurs in difficulties Share article: Preventive restructuring – a rescue for entrepreneurs in difficulties Entrepreneurs will soon have a new tool to solve their financial problems. The long-prepared law on preventive restructuring was signed by the President last week and will soon be published in the Collection of Laws. What is preventive restructuring Preventive restructuring is intended to be a procedure aimed at preventing bankruptcy and preserving or restoring the viability of an entrepreneur’s business. It is therefore a way of solving the financial problems of an entrepreneur in a timely manner with the aim of economic recovery of the commercial establishment. Time is a key element in the entire process. Preventive restructuring is not meant to be a tool for solving bankruptcy, but a solution that the entrepreneur reaches for in a timely, preventive manner. Meaning at the moment when the entrepreneur starts to have certain financial problems, which, however, do not reach such intensity that they would have to be solved through insolvency proceedings. Who is it intended for Preventive restructuring will be reserved only for entrepreneurs – business corporations. In order to successfully enter into preventive restructuring, an entrepreneur must not be insolvent or in liquidation. At the same time, however, his financial difficulties must be of such severity that, if the proposed restructuring measures were not adopted, he would go bankrupt. How to start it Preventive restructuring can be initiated by a written invitation to start negotiations on a restructuring plan to the so-called affected parties. These are the creditors or shareholders whose rights will be directly affected by the restructuring plan. Together with the invitation, the entrepreneur will be obliged to send a so-called remediation project to the affected parties. In this document, the entrepreneur presents, at least in outline, the measures to be taken to maintain or restore the viability of his commercial establishment, his business plan for the future and other basic information. The entrepreneur shall also notify the restructuring court of the commencement of the preventive restructuring. However, in the event of a smooth and conflict-free restructuring, the role of the court will be significantly smaller than, for example, in insolvency proceedings. How to perform the restructuring In principle, the entrepreneur is not limited in the restructuring measures and it is entirely up to the entrepreneur what form of restructuring he chooses. The entrepreneur will be obliged to describe all prepared measures in detail in the so-called restructuring plan. The plan will then be submitted to the creditors for approval.

Protecting Employees is one of the 3 main pillars of our focus when helping your business, along with Stabilising Trading and Recovering Value. Insolvency can be a very distressing time for everyone involved. Employees need to know exactly how they are protected throughout an insolvency process and what rights they are entitled to should the company be liquidated. When an insolvency event occurs, a company has several options open to them. The route they take can have a huge bearing on employees. Once insolvency is announced an insolvency practitioner will be brought in to take the next steps. What happens to employees depends on whether they are made redundant, kept on or TUPE transferred to a new employer. If there are to be redundancies, employers must carry out a consultation about the reasons for making redundancies and whether any alternatives exist. The three main insolvency procedures that may be initiated by an insolvency practitioner to either rescue the business or close it down are: ✅ Administration ✅ Company Voluntary Arrangement ✅ Liquidation In Administration the insolvency practitioner is placed in control of the company and will be looking to rescue the business. If administration fails, the business will be liquidated. A Company Voluntary Arrangement (CVA) is an agreement between the business and its creditors, which results in a compromise with creditors and repayment plan aimed at saving the business. In this instance, day to day control remains with the directors and the process is supervised by an Insolvency Practitioner. Again, if a CVA fails liquidation will follow. Liquidation occurs when the debts are too high, and the company needs to be cease trading altogether. Employees lose their jobs and company assets are sold off to pay creditors. There are two types of Liquidation it may be voluntary, or it can be forced by creditors through a Court process. What happens to employees depends on what course of action is taken. If the Insolvency Practitioner appointed is trying to rescue the company, then the employees may be asked by an Administrator to continue working. They may also be asked to take a pay cut short term to help the Company’s finances. The same can happen in a Company Voluntary Arrangement. When insolvency occurs an employee’s job isn’t protected even if the company is being saved. If the company is saved, this can be a good position for the employee. If a business is sold to new owners, then all employee rights are automatically transferred over. However, as part of a restructuring plan, employees may still be let go. If the company goes into liquidation and the company is closed entirely, this means that all employees will lose their jobs and it is important employees are advised what they are entitled to. The biggest concern for employees is financial. For more information on protecting employees, contact me direct ☎️ 07876 790 563 ✉️ [email protected] 💬 or message me on here

Protecting Employees is one of the 3 main pillars of our focus when helping your business, along with Stabilising Trading and Recovering Value. Insolvency can be a very distressing time for everyone involved. Employees need to know exactly how they are protected throughout an insolvency process and what rights they are entitled to should the company be liquidated. When an insolvency event occurs, a company has several options open to them. The route they take can have a huge bearing on employees. Once insolvency is announced an insolvency practitioner will be brought in to take the next steps. What happens to employees depends on whether they are made redundant, kept on or TUPE transferred to a new employer. If there are to be redundancies, employers must carry out a consultation about the reasons for making redundancies and whether any alternatives exist. The three main insolvency procedures that may be initiated by an insolvency practitioner to either rescue the business or close it down are: ✅ Administration ✅ Company Voluntary Arrangement ✅ Liquidation In Administration the insolvency practitioner is placed in control of the company and will be looking to rescue the business. If administration fails, the business will be liquidated. A Company Voluntary Arrangement (CVA) is an agreement between the business and its creditors, which results in a compromise with creditors and repayment plan aimed at saving the business. In this instance, day to day control remains with the directors and the process is supervised by an Insolvency Practitioner. Again, if a CVA fails liquidation will follow. Liquidation occurs when the debts are too high, and the company needs to be cease trading altogether. Employees lose their jobs and company assets are sold off to pay creditors. There are two types of Liquidation it may be voluntary, or it can be forced by creditors through a Court process. What happens to employees depends on what course of action is taken. If the Insolvency Practitioner appointed is trying to rescue the company, then the employees may be asked by an Administrator to continue working. They may also be asked to take a pay cut short term to help the Company’s finances. The same can happen in a Company Voluntary Arrangement. When insolvency occurs an employee’s job isn’t protected even if the company is being saved. If the company is saved, this can be a good position for the employee. If a business is sold to new owners, then all employee rights are automatically transferred over. However, as part of a restructuring plan, employees may still be let go. If the company goes into liquidation and the company is closed entirely, this means that all employees will lose their jobs and it is important employees are advised what they are entitled to. The biggest concern for employees is financial. For more information on protecting employees, contact me direct ☎️ 07876 790 563 ✉️ [email protected] 💬 or message me on here

Protecting Employees is one of the 3 main pillars of our focus when helping your business, along with Stabilising Trading and Recovering Value. Insolvency can be a very distressing time for everyone involved. Employees need to know exactly how they are protected throughout an insolvency process and what rights they are entitled to should the company be liquidated. When an insolvency event occurs, a company has several options open to them. The route they take can have a huge bearing on employees. Once insolvency is announced an insolvency practitioner will be brought in to take the next steps. What happens to employees depends on whether they are made redundant, kept on or TUPE transferred to a new employer. If there are to be redundancies, employers must carry out a consultation about the reasons for making redundancies and whether any alternatives exist. The three main insolvency procedures that may be initiated by an insolvency practitioner to either rescue the business or close it down are: ✅ Administration ✅ Company Voluntary Arrangement ✅ Liquidation In Administration the insolvency practitioner is placed in control of the company and will be looking to rescue the business. If administration fails, the business will be liquidated. A Company Voluntary Arrangement (CVA) is an agreement between the business and its creditors, which results in a compromise with creditors and repayment plan aimed at saving the business. In this instance, day to day control remains with the directors and the process is supervised by an Insolvency Practitioner. Again, if a CVA fails liquidation will follow. Liquidation occurs when the debts are too high, and the company needs to be cease trading altogether. Employees lose their jobs and company assets are sold off to pay creditors. There are two types of Liquidation it may be voluntary, or it can be forced by creditors through a Court process. What happens to employees depends on what course of action is taken. If the Insolvency Practitioner appointed is trying to rescue the company, then the employees may be asked by an Administrator to continue working. They may also be asked to take a pay cut short term to help the Company’s finances. The same can happen in a Company Voluntary Arrangement. When insolvency occurs an employee’s job isn’t protected even if the company is being saved. If the company is saved, this can be a good position for the employee. If a business is sold to new owners, then all employee rights are automatically transferred over. However, as part of a restructuring plan, employees may still be let go. If the company goes into liquidation and the company is closed entirely, this means that all employees will lose their jobs and it is important employees are advised what they are entitled to. The biggest concern for employees is financial. For more information on protecting employees, contact me direct ☎️ 07876 790 563 ✉️ [email protected] 💬 or message me on here

Protecting Employees is one of the 3 main pillars of our focus when helping your business, along with Stabilising Trading and Recovering Value. Insolvency can be a very distressing time for everyone involved. Employees need to know exactly how they are protected throughout an insolvency process and what rights they are entitled to should the company be liquidated. When an insolvency event occurs, a company has several options open to them. The route they take can have a huge bearing on employees. Once insolvency is announced an insolvency practitioner will be brought in to take the next steps. What happens to employees depends on whether they are made redundant, kept on or TUPE transferred to a new employer. If there are to be redundancies, employers must carry out a consultation about the reasons for making redundancies and whether any alternatives exist. The three main insolvency procedures that may be initiated by an insolvency practitioner to either rescue the business or close it down are: ✅ Administration ✅ Company Voluntary Arrangement ✅ Liquidation In Administration the insolvency practitioner is placed in control of the company and will be looking to rescue the business. If administration fails, the business will be liquidated. A Company Voluntary Arrangement (CVA) is an agreement between the business and its creditors, which results in a compromise with creditors and repayment plan aimed at saving the business. In this instance, day to day control remains with the directors and the process is supervised by an Insolvency Practitioner. Again, if a CVA fails liquidation will follow. Liquidation occurs when the debts are too high, and the company needs to be cease trading altogether. Employees lose their jobs and company assets are sold off to pay creditors. There are two types of Liquidation it may be voluntary, or it can be forced by creditors through a Court process. What happens to employees depends on what course of action is taken. If the Insolvency Practitioner appointed is trying to rescue the company, then the employees may be asked by an Administrator to continue working. They may also be asked to take a pay cut short term to help the Company’s finances. The same can happen in a Company Voluntary Arrangement. When insolvency occurs an employee’s job isn’t protected even if the company is being saved. If the company is saved, this can be a good position for the employee. If a business is sold to new owners, then all employee rights are automatically transferred over. However, as part of a restructuring plan, employees may still be let go. If the company goes into liquidation and the company is closed entirely, this means that all employees will lose their jobs and it is important employees are advised what they are entitled to. The biggest concern for employees is financial. For more information on protecting employees, contact me direct ☎️ 07876 790 563 ✉️ [email protected] 💬 or message me on here

Burned EUR 1,500, 000,000 (EUR 1.5 BILLION) on a 5 passenger eVTOL aircraft? NUTS! AND STILL NOT NEAR CERTIFICATION? and what do they have, now many eVTOL programs are in trouble the BS has caught up to firms that hyped massive sales, when no one identified viable sustainable markets. Hope is NOT a Strategy! The emperor has no clothes! ------------------- Shares in eVTOL developer Lilium N.V. have crashed on the Nasdaq exchange following the company’s filing with the Securities & Exchange Commission (SEC) that following a failure to raise sufficient funds, its subsidiaries Lilium GmbH and Lilium eAircraft GmbH “determined that they are overindebted … and are or will become unable to pay their existing liabilities due … within the next few days, and therefore would be filing for insolvency in accordance with German Law.” Critically, the company also said, “The management of Lilium N.V. is continuously reviewing whether there are grounds for its own insolvency as well, and the result of any such review may be that Lilium N.V. files for regular insolvency proceedings.” It should be noted that in German law, self-declared insolvency is in some way akin to Chapter 11 of the US bankruptcy code in that it affords some protection from creditors while further finance or a buyer is found. However, it is not intended to be used as a restructuring tool; rather, it is more terminal than its US counterpart. Prompting the question of why a potential investor would be interested in a purchase when waiting for full bankruptcy would allow assets to be acquired at a greater discount. In trading, news of the filing resulted in a 61% fall in the share price, with the company’s shares trading at US$0.21 at the close. They fell a further two cents in after-hours trading. Many commentators believe that this will make a delisting inevitable.