Insolvency under self-administration

On 7 December, the management of Karlie Group GmbH submitted an application to the competent court in Paderborn to institute insolvency proceedings under self-administration in accordance with paragraph 270a of the Insolvency Act.
The company is receiving support from the lawyers and restructuring experts Dr Maximilian Pluta and Stefan Meyer of Pluta Rechtsanwalts GmbH. The court has granted the application and appointed lawyer Jan Markus Plathner of Brinkmann & Partner as provisional administrator.
The operating business of the German sub-group Karlie Flamingo is unaffected by this and will continue to operate without restrictions, stressed the Karlie Group. The objective is to secure the business operations of Karlie Flamingo in the long term in close cooperation with financing partners. According to a press release, the company intends to seek a long-term partner "to continue the positive operating development of Karlie Flamingo GmbH".
After the Belgian subsidiary Karlie Flamingo Belgium Holding filed for insolvency a month ago, industry experts expected that it would be only a matter of time before the group filed for insolvency.