Albert Ziegler GMBH declared bankrupt, “but has good chances to continue”
Published: 23 August, 2011
Albert Ziegler GMBH has been declared insolvent by a German court. Sollicitor Bruno M Kuebler has been appointed as the provisional liquidator, and the wages of the 1,000 employees are guaranteed by the insolvency fund for the next three months.
Together with several other vehicle manufacturers, the company was recently fined a total 20m euros for price fixing by the German Federal Cartel Office. The 8m euro fine Ziegler was ordered to pay, caused severe cash flow problems within the company, despite building and delivering all of its orders insolvency was unavoidable. However, the liquidator Bruno M Kuebler explained that there is a good chance for sustainable redevelopment of the company. “At first review, the debtor has good chances to continue as a trading company in the future, and therefore it is tentatively continuing business. It is therefore essential that clients and suppliers are prepared to continue to co-operate with the company. They will be paid for all services and goods.”