Last Wednesday, the Hamburg-based sustainability online platform enyway GmbH filed for insolvency with the Hamburg District Court. Justus von Buchwaldt, a partner in the insolvency and restructuring law firm BBL Brockdorff, has been appointed as provisional insolvency administrator.
As part of its platform, enyway enables private electricity producers to sell electricity directly to end customers and end consumers to participate directly in crowd-funding projects in the sustainability sector. The explosive increase in wholesale electricity prices at the end of 2021 has economically overwhelmed enyway, so that the supply service for electricity customers currently had to be discontinued. However, the supply of electricity to customers is still ensured: The so-called substitute supply is carried out by the electricity provider who is responsible for the basic supply in the respective region.
“Our electricity customers do not have to fear any economic losses, as the current basic supply tariffs are generally even below the current enyway tariff,” explains company founder Heiko von Tschischwitz. Customers had also been contacted directly about this. The insolvency of enyway also has no influence on the value of the loans paid in by customers as part of the crowdfunding for a solar plant and a forest project in Borneo, emphasizes von Tschischwitz. Enyway acted here only as an intermediary, and the repayment of the loans,including interest, was made by the issuers at the scheduled time.
“Regrettably, the record level of wholesale electricity prices is leading to an increasing number of insolvencies among, of all people, green power suppliers,” Justus von Buchwaldt said. He hopes to be able to continue enyway’s business operations in some areas and has already filed an application for insolvency benefits prefinancing for the 30 employees.
About BBL Brockdorff
For many years, BBL has been one of the leading law firms nationwide with a clear focus on special situations – restructuring, reorganization and insolvency. With more than 200 employees, including 50 lawyers, the firm is present throughout Germany and also has an office in London. BBL stands for the support of restructuring projects for crisis management and for the support of insolvency proceedings in self-administration.