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You are here: Home1 / bankruptcy

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The top tyre stories of 2020

Company News, Editorial/Comment, International News, UK News

Even for the best forward-planners, 2020 was a year of surprises. And while the word “unprecedented” has been worn out during the last 12 months, it is difficult to find another more appropriate term. With everything from business closures, to a global pandemic (and with the pandemic resulting in lockdowns, factory closures and spikes in online and mobile tyre business), there certainly has been a lot going on. That’s why in January we crunched the numbers relating to our website traffic in order to find our what exactly were the top 10 stories of 2020.

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Related news:

  1. Michelin temporarily closes some European factories, car tyre demand down 9%
  2. Green restart: Retreaded tyres as a decarbonisation aide
  3. Tyre demand declining 15 to 26 per cent in 2020
  4. Some Fintyre companies operating again in Germany
22nd January 2021/by Chris

Pyrolyx files for insolvency in Germany

Company News

Recycled carbon black compnay Pyrolyx AG has cancelled the extraordinary general meeting it had scheduled for 15 January 2021, and has done so as the company has filed to open insolvency proceedings. The case (number 1507 IN 2125/20) was filed with the Munich District Court on 4 December 2020.

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Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Fintyre insolvency: New month, no pay
  3. Some Fintyre companies operating again in Germany
  4. Wheelmaker BBS insolvent
5th January 2021/by Stephen

Pyrolyx USA Indiana files for liquidation bankruptcy

International News
Recycled Carbon Black

Pyrolyx USA Indiana has filed for Chapter 7 liquidation bankruptcy with the US Bankruptcy Court in Delaware. The 66,000sqft Terre Haute plant had not resumed operations since they were suspended in March, in part leading to its withdrawal from the Australian and German Stock Exchanges in September 2020. The factory cited the Covid-19 pandemic as the reason for its suspension. Upon completion, the company claimed the plant was the largest of its kind in the world.

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Related news:

  1. Pyrolyx signs US plant construction deals
  2. Pyrolyx secures funding for US plant expansion
  3. ATD enter bankruptcy proceedings
  4. Australian tyre recycler expanding into Europe
24th November 2020/by Andrew

BBS wheel manufacturing operations could continue

Company News, International News
BBS

BBS’s provisional administrator, Thomas Oberle, as provisional insolvency administrator, has clarified that there are not “structural problems” at the firms two plants in Schiltach and Herbolzheim. And therefore, that was not the reason for the well-known wheel brand’s recent insolvency our German group publication Reifenpresse.de reported.

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Related news:

  1. Wheelmaker BBS insolvent
  2. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  3. Some Fintyre companies operating again in Germany
  4. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
20th July 2020/by Chris

Wheelmaker BBS insolvent

Company News, International News

Wheel manufacturer BBS applied for bankruptcy protection at the district court in Rottweil, Germany on Monday 13 July 2020. It is the third time in the past 15 years BBS has done so. There were also bankruptcies in 2007 and 2011, our German group publication Neue ReifenZeitung (reifenpresse.de) reported.

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Related news:

  1. BBS wheel manufacturing operations could continue
  2. Spotlight on the Chinese Alloy Wheel Market
  3. BBS waging war against brand pirates
  4. BBS: Handbrake to be released in aftermarket business
17th July 2020/by Chris

Nussbaum Custom Lifts GmbH takes over Otto Nußbaum GmbH & Co. KG

Company News, International News, Product News
Nussbaum

Following the news that Nussbaum had got into financial difficulties due to the costs of restructuring process that had been going on since 2014, high repayment charges, a slump in demand and the effects of the COVID19 pandemic, its future has now apparently been secured. Our German sister publication Neue Reifenzeitung’s online portal reifepresse.de reports that after the bankruptcy of parent company Otto Nußbaum GmbH & Co. KG, the insolvency administrator Dr. Dirk Pehl of Schultze & Braun sold the business to the newly-founded Nussbaum Custom Lifts GmbH effective 1 July 2020, which is also connected to the Nussbaum family. As a result, around 220 employees will be transferred to the new company and the firm’s production sites in Kehl are to be retained.

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Related news:

  1. Maywood Recruits ‘Leader in His Field’
  2. GEA Assesses Lift Engineers
  3. Machine Mart releases Clarke 1 tonne portable gantry crane
  4. E-CUBE introduce a mobile tyre servicing unit for all budget levels
6th July 2020/by Chris

Buyers found for 2 more Fintyre businesses in Germany

International News

A week ago, Bridgestone announced its acquisition of 42 Reiff Reifen und Autotechnik retail outlets in Germany from the now-bankrupt Fintyre Group business. The insolvency administrator handling the Fintyre case reports that buyers have also been found for two further Fintyre businesses, Duro Reifenservice GmbH and Reifen24 GmbH.

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Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. End of the line for German tyre wholesaler RS Exclusiv
  3. Some Fintyre companies operating again in Germany
  4. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
11th May 2020/by Stephen

End of the line for German tyre wholesaler RS Exclusiv

International News

Some ten weeks ago, German tyre wholesaler RS Exclusiv Reifengroßhandel GmbH entered insolvency as part of the Fintyre Group’s operations in Germany. It now seems that the company’s days are numbered. The insolvency administrator’s office confirmed the sale of RS Exclusiv’s headquarters site north of Hamburg to our German partner magazine, Neue Reifenzeitung. The wholesaler has quarter of a year to pack its things and go. But the insolvency administrator also reports another, more cogent reason for winding up the business.

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Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Search for Fintyre investor begins as employees receive insolvency benefits
  3. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  4. Buyers found for 2 more Fintyre businesses in Germany
28th April 2020/by Stephen

Insolvency proceedings begin for 7 Fintyre Group companies in Germany

Company News, International News

Insolvency proceedings begin for 7 Fintyre Group companies in Germany

Read more

Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Search for Fintyre investor begins as employees receive insolvency benefits
  3. Some Fintyre companies operating again in Germany
  4. Fintyre’s insolvent businesses: All unpaid employees now receiving benefits
2nd April 2020/by Stephen

Fintyre insolvency: Investors look at companies

International News

According to Sebastian Brunner, spokesman for the provisional insolvency administrator handling the Fintyre Group case, a number of parties have already expressed interest in acquiring individual companies belonging to Fintyre’s insolvent German operations. These potential investors have already inspected the companies in question or will do so in the near future. “We hope to already have binding offers on the table in April and then be able to enter into negotiations,” said Brunner.

Read more

Related news:

  1. Fintyre insolvency: New month, no pay
  2. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  3. End of the line for German tyre wholesaler RS Exclusiv
  4. Buyers found for 2 more Fintyre businesses in Germany
31st March 2020/by Stephen

Some Fintyre companies operating again in Germany

Company News, International News

The insolvency administrator handling the case of 16 Fintyre Group companies in Germany reports further progress. Miguel Grosser from law and insolvency administration firm JAFFÉ states that 31 TyreXpert, Secura and Duro retail outlets are selling tyres again and providing a full range of customer services. Other centres, including those belonging to Reiff Reifen und Autotechnik, can operate on a “restricted” basis but not sell new products.

Read more

Related news:

  1. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  2. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  3. Fintyre insolvency: New month, no pay
  4. Search for Fintyre investor begins as employees receive insolvency benefits
6th March 2020/by Stephen

Fintyre insolvency: New month, no pay

Company News, International News
Reiff

Hundreds of people employed by Fintyre Group subsidiaries in Germany didn’t receive their wages or salaries for January, and it looks like this unhappy situation occurred again a month later. Disgruntled employees have contacted our German affiliate to confirm the lightness of their bank accounts, but apparently, they’ll soon become weightier.

Read more

Related news:

  1. Some Fintyre companies operating again in Germany
  2. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  3. End of the line for German tyre wholesaler RS Exclusiv
  4. Buyers found for 2 more Fintyre businesses in Germany
3rd March 2020/by Stephen

Fintyre Group employee pay ‘coming’, restarting business operations a priority

Career Tracks, Company News, International News, Premium

All 16 companies in the German Fintyre Group have now applied to open insolvency proceedings. But what lies ahead for the 1300-plus employees awaiting wages and salaries, the affected companies’ creditors, and the companies themselves? Sebastian Brunner, spokesman for Miguel Grosser, the provisional insolvency administrator at law firm Jaffé, told our sister website in Germany, Reifenpresse.de, that approximately 200 Reifen Krieg employees will receive their outstanding January wages and salaries in the coming days. Business at the group’s wholesalers and retailers is largely at a standstill, though the office of the provisional insolvency administrator has some more positive news on this too.

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Related news:

  1. Search for Fintyre investor begins as employees receive insolvency benefits
  2. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  3. Anger amongst Fintyre Group’s workforce in Germany: “They’re dealing with people, not numbers”
  4. End of the line for German tyre wholesaler RS Exclusiv
14th February 2020/by Andrew

German Fintyre Group almost completely in bankruptcy

Company News, International News
German Fintyre Group bankruptcy

Just a few days after bankruptcy proceedings were initiated by Reifen Krieg GmbH, several other companies under the umbrella of the German Fintyre Group are now bankrupt, including almost all of the companies relevant to the operating business.

Read more

Related news:

  1. Search for Fintyre investor begins as employees receive insolvency benefits
  2. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  3. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  4. Buyers found for 2 more Fintyre businesses in Germany
12th February 2020/by Chris

Fintyre Group’s Reifen Krieg files for bankruptcy

Company News, International News

German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.

Read more

Related news:

  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Insolvency proceedings begin for 7 Fintyre Group companies in Germany
  3. German Fintyre Group almost completely in bankruptcy
  4. Anger amongst Fintyre Group’s workforce in Germany: “They’re dealing with people, not numbers”
7th February 2020/by Andrew
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