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GT Restructuring advises Berlin-based start-up Weissmaler on insolvency

Berlin, 9 July 2019 – GT Restructuring, the restructuring unit of Greenberg Traurig in Germany, has advised the Berlin based craftsman start-up Weissmaler on its insolvency. The insolvency proceedings initiated at Charlottenburg Local Court will continue to be conducted under its own administration even after the insolvency opened on 1 July 2019. Christian Köhler-Ma, GT Restructuring, advised the start-up together with the company’s trustee, Oliver Sietz, of law firm VOIGT SALUS.

Weissmaler GmbH, founded in 2015, had to file for insolvency at the end of April 2019. In the context of its growth strategy, particularly in the business customer segment, inadequate prices were calculated in some cases. At the same time, the company’s further development of software products required additional investments, which ultimately led to insolvency. A planned new anchor investor had withdrawn its willingness to invest immediately before the start-up had filed for insolvency. GT Restructuring advised Weissmaler GmbH particularly on the restructuring of various business units.

As a result, the majority of employed craftsmen and software developers have already entered into new employment contracts. Additionally, package solutions for two locations were found, avoiding disadvantages for both clients and employees.

About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: Twitter: @GT_Law.