Bankruptcy filed: End for Ritter & Stark?

On Friday, at the request of a creditor, a bankruptcy procedure was opened for Ritter & Stark GmbH. The newspaper "Kurier" reported: "According to the Gläubigerschutzverband AKV, the company is said to be the successor of the insolvent FMF Tactical GmbH and employed 26 people at its peak. They have been released from duty. The insolvency administrator is Philip Tschernitz."

The company was founded in 2015 and produces sniper rifles using an innovative process – we have reported on it repeatedly. The owners are Michael Paul Boettcher residing in Switzerland and Ritter & Stark GmbH based in Frankfurt am Main. "The amount of liabilities cannot currently be assessed as the bankruptcy procedure was opened upon request of a creditor," according to the AKV.

However, the newspaper believes this is only half the truth: "According to the Gläubigerschutzverband Creditreform, the company has at least submitted a balance sheet for the fiscal year 2015/16 to the commercial court. At that time, the balance sheet loss was already €3.33 million and liabilities were estimated at €1.383 million. The capital reserves in 2015/16 were estimated at €3.454 million and fixed assets at €1.377 million. Creditreform states regarding creditworthiness: 'Do not engage in business relationships, loans will be rejected.'"

RITTER & STARK on the internet: www.ritterstark.com