It’s over for the scaffolding builder LG Nord: the company will not survive a financial crisis. The background to the bankruptcy is apparently a large construction site in Hamburg.
The company LG Nord Gerüstbau from Bremerhaven is insolvent – and apparently has to cease operations. This is reported by the “Nordsee-Zeitung”, citing the company’s insolvency administration. Accordingly, the insolvency proceedings were opened on October 1st, and on November 28th, insolvency administrator Gerrit Hölzle from the Görg commercial law firm wants to report on the future of the company, it is said.
But it is already clear: continued existence will not be possible, as Hölzle’s law firm colleague and insolvency administrator Olaf Helmke told the newspaper: “No restructuring solution could be found.” The approximately 20 employees received insolvency benefits for the months of July, August and September, but most of the employees have now left the company voluntarily. The “Nordsee-Zeitung” continues to write that there are currently no orders that can be processed.
Claims are currently coming in and the insolvency administration is getting an overview of the company’s ongoing projects, it is said. The company was founded in 2014 and emerged from Nordsee-System-Gerüstbau GmbH.
According to the insolvency administrator, the reason for the insolvency is the “non-payment of a major project”. According to industry circles from which the “Nordsee-Zeitung” reports, this is the Überseequartier in Hamburg, which is often described as the largest construction site in Germany.
This is intended to become the commercial center of Hamburg’s Hafen-City and, according to insider information, has driven the Bremerhaven company into bankruptcy, the report continues. The Überseequartier covers an area of more than 500,000 square meters with a total of 14 buildings. In addition to a shopping center, office towers, apartments, hotels and a cruise terminal are also being built.
However: The opening dates have been changed several times, the most recent planned date was supposed to be mid-October. The district is now expected to open in the first quarter of 2025. The major project is characterized by several construction bankruptcies, reports of construction defects, technical problems and a serious accident in 2023 in which five construction workers who were allegedly employed illegally died.