Overview
- The Amtsgericht Köln formally opened insolvency proceedings on August 8 and appointed attorney Mike Westkamp of Kanzlei Görg as insolvency administrator.
- Operations at both the Cologne and Berlin sites remain suspended, leaving 13 employees jobless with wages initially covered by insolvencygeld.
- The administrator has not yet announced a decision on liquidation or a restructuring plan, prolonging uncertainty for creditors and stakeholders.
- Customers face unresolved questions over more than 32,000 vehicles in the dealer’s inventory and the status of existing purchase contracts and warranties.
- The Matthes case reflects a 19.2 percent year-on-year rise in German rule-insolvencies in July, underlining broader financial strains on the auto retail sector.