The District Court of Aachen opened insolvency proceedings against the Photon Laboratory GmbH on January 9, according to official court documents.
The court, which opened proceedings based on a claim from a creditor received on June 16, has appointed Aachen attorney Andreas Schmitz as the companys insolvency administrator. Creditors have until February 13 to register their claims. The court has set a creditors meeting for March 12.
Schmitz is also administrating the insolvent Photon Holding GmbH. The Aachen court opened insolvency proceedings against Photon Holding in July due to illiquidity and indebtedness, likewise following a creditor petition. A few weeks before the move, creditors had filed requests for insolvency proceedings to be opened against both Photon Publishing GmbH and Photon Holding.
Photon has said the Aachen District Court opened preliminary proceedings for the company due to a tax obligation the company had 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 had yet to be validated.
The German companys assets include industry magazines Photon International and the German Photon Das Solarstrom-Magazin.
A separate but affiliated company, Photon Europe GmbH, filed for insolvency at the end of 2012. In the course of those proceedings, the companys business was transferred to Photon Publishing GmbH, which was headed by virtually the same management as the bankrupt company. Creditor claims at the time totaled more than 9 million, pv magazine reported.