Solarmax, a German specialist in inverter and battery storage systems with more than 30 years of experience, is facing bankruptcy. Last week, a German court opened provisional insolvency proceedings against the Bavarian-based company.
The judges of the Neu-Ulm District Court have appointed Michael Pluta of Pluta Rechtsanwalts GmbH as provisional administrator, as his law firm published on Friday. A statement from Pluta said that Solarmax is experiencing financial difficulties due to market conditions.
“Due to the extreme price closure on the market, driven by dumping prices from Chinese manufacturers, the company had to offer its goods below the purchase price,” the curator explained as background to the proceedings.
Despite the procedure, Solarmax’s activities continue. The company currently employs 34 employees, whose salaries for the next three months are assured. According to Pluta, Solarmax customers could now benefit from “the sale of the overstock”.
In addition, negotiations will be conducted with several partners about the continuation of Solarmax. “The process is challenging because the market environment is difficult for the company,” said Pluta. “Our top priority at the moment is maintaining business operations. In the interests of the creditors, we will ensure that the procedure is handled as best as possible.” His law firm is assisted in the proceedings by business economist Reinhard Wünsch.
