Overview
- The Munich local court opened a preliminary insolvency proceeding over Govecs AG’s assets and named lawyer Michael Jaffé as provisional administrator.
- Jaffé now controls cash flow, with all expenditures requiring approval, while he assesses continuation, sale options, or potential wind-down.
- The administrator has begun seeking investors and is highlighting Govecs’ exclusive rights to the Schwalbe brand as an asset.
- Production is based in Poland with about 35 workers, a restructuring filing has been made there, and the Munich office employs roughly eight staff.
- Govecs’ late-filed 2022 report showed 2,250 units sold, €7.6 million in revenue, a €12.5 million loss, and PwC raised going‑concern doubts.