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- Attorney Tobias Wahl appointed as provisional insolvency administrator
- Real estate projects are to be completed in coordination with stakeholders
Weilheim an der Teck, June 4, 2024. Fiwoim GmbH & Co. KG from Weilheim an der Teck filed for insolvency at the Esslingen District Court on May 27, 2024. The court then ordered provisional insolvency administration over the company’s assets on May 28, 2024 and appointed attorney Tobias Wahl from Anchor Rechtsanwaltsgesellschaft mbH as provisional insolvency administrator.
The business operations of Fiwoim GmbH & Co. KG will continue in close coordination between the management and the provisional insolvency administrator. The aim is to complete the ongoing projects in coordination with the stakeholders involved (including financiers/contractors) despite the provisional insolvency proceedings ordered.
Economic developments as the cause of the crisis
Fiwoim GmbH & Co. KG operates in upscale and predominantly commercial residential construction in Baden-Württemberg. After the real estate market ramped up until the beginning of 2022, the market is currently declining. The main driver of the crisis is the short-term decline in demand in commercial residential construction, due to lower rental yields and a related increase in the attractiveness of lower-risk asset classes (e.g. government bonds).
Accompanying challenges include the inflation-related increase in construction costs, the still prevailing shortage of raw materials for preliminary products and the increased financing costs. The predefined crisis drivers and challenges led to the economic difficulties of Fiwoim GmbH & Co. KG.