“D2Automation has filed for insolvency. The Insolvency Act states quite clearly when it is necessary to take this step. So far, we cannot outline more specific plans, “says Pavla Kojanová, Operations Director of one of the components of the D2G Group, D2Automation.
In 2014, the group became famous for the construction of a moving statue of Franz Kafka’s head near the Quadrio shopping center in Prague, whose artistic author was the sculptor David Černý. The sculpture was then designed by the Deimos company, which later joined the D2G holding in 2017 after the capital entry of the Genesis Capital investment fund.
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However, the main business of the company then associated with the name of the investor Jan Kislinger was the production of automated technology, especially custom-made robots and industrial vending machines supplied to domestic and foreign carmakers in 17 world markets, including brands such as BMW. “My work at D2G, both managerial and share, ended two years ago. Since then, I have been working on private projects,” Jan Kislinger told the E15 daily. Subsequently, the majority of ownership passed to the Luxembourg company Nobium, whose structure is, however, opaque.
However, it was the intense bet on car manufacturers that proved to be fatal in the company’s business. As the wording of the proposal shows, the whole family of D2G companies got into payment problems as a result of the pandemic.
“D2Manufacturing found itself in secondary insolvency due to a significant downturn in the automotive industry and further restrictions, and its key customer D2Automation to complete work in progress and accept new orders, and thus a decline in sales,” said Roman Hovorka, CEO of D2Manufacturing, another company from the D2G group in insolvency.
Already in April this year, the companies from the group entered the creditor protection regime, which, however, did not bring about a stabilization of the business. During the entry of Genesis funds, the company had ambitious plans, in addition to the production itself, the acquisition of companies from the industry in nearby countries such as Hungary, Slovakia and Poland.
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At the end of June, companies ended the postponement of the obligation to file an insolvency petition, which was made possible by an amendment to the Insolvency Act for pandemic reasons. While some companies could help, others could cause additional problems. “Instead of a real solution, the law to mitigate the effects of the coronavirus epidemic only artificially delayed the real consequences of the coronavirus crisis in certain fields and localities,” emphasizes lawyer Pavel Strnad from the law firm Polverini Strnad.
“It is possible that some of the debtors have decided to wait for the filing of an insolvency petition in the hope of some improvement in the situation. However, this did not have to solve their problem; on the contrary, artificial delay could have caused the secondary insolvency of their creditors, and the whole problem was only transferred to other people, ”says Strnad.
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