The District Court of Aachen opened insolvency proceedings against German publishing group Photon Holding GmbH on July 23.
The court listed the reasons for the move as Photon's inability to pay as well as its indebtedness. The German companys assets include industry magazines Photon International and the German Photon Das Solarstrom-Magazin.
The opening of insolvency proceedings followed a request by a creditor filed in December, the court said. The court has appointed attorney Andreas Schmitz as Photon's insolvency administrator; Schmitz also oversaw the preliminary insolvency proceedings that began in June.
Creditors can register their claims with the administrator by September 15. The court has furthermore scheduled a creditors meeting for October 15, in which the progress of the insolvency proceedings will be discussed. A hearing on the possible termination of proceedings is also possible if it is found that Photon has insufficient assets, according to the court statement.
Photon Holding said in June that the assets and operations of its subsidiaries, including Photon Publishing and PV construction division Photon Power AG, were not affected by the preliminary insolvency proceedings.
Photon said the Aachen District Court opened preliminary insolvency proceedings for the company due to a tax obligation to the tax office of Aachen. While the group stressed that it did not dispute the tax obligation, it said it had submitted tax refund claims approximately equal to the amount owed but which have yet to be validated.
Photon added at the time that its management had not requested the opening of proceedings and that it believed the move was "unnecessary."
The court also began insolvency proceedings against the Photon Publishing unit last month but terminated them after the division met its outstanding liabilities.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.