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Insolvency of a traditional company: Rostock mechanical engineering company in crisis
The Rostock mechanical engineering company IMG has filed for bankruptcy and salaries have been outstanding since August. The German economy is under pressure.
Insolvency of a traditional company: Rostock mechanical engineering company in crisis
The German mechanical engineering industry is under pressure, and now the traditional company Ingenieurtechnik und Maschinenbau GmbH (IMG) from Rostock is clearly under pressure! On October 29, 2024, the company filed for bankruptcy, immediately following dramatic reports of unpaid salaries. The sobering result? Over 100 employees who have had to wait for their income since August!
What happened? The insolvency was confirmed by the Rostock district court and the experienced lawyer Ulrich Rosenkranz was appointed as the provisional insolvency administrator. A judge expressed concern about the late filing and opinions about the reasons for the financial disaster remain unclear. However, it is rumored that outstanding invoices from an Indian company for unpaid deliveries were the final straw.
Catastrophe in the mechanical engineering industry
The gloomy mood is also shared by the IG Metall union, which will inform employees on Wednesday, October 30th whether they still have a job after November 1st. Now trade unionists are called upon, according to the union's announcement, the employees had to wait for their wages in July and the district heating supply was stopped because bills were not paid - a real alarm call!
A frightening prospect for an industry that has come under increasing pressure in recent years: According to the Leibniz Institute for Economic Research in Halle, the number of corporate bankruptcies in Germany has reached an alarming high. An expert warns of a storm of company bankruptcies in the second half of the year. This is the decline of mechanical engineering, a field that has represented innovation and international business for over 50 years!