PLUTA partner Steffen Beck appointed provisional administrator for interior decorator TTL

TTL OP GmbH has filed for insolvency. Yesterday, the Local Court of Aalen then ordered provisional insolvency administration for the assets of the interior decorator with its 27 branches in southern Germany and appointed Mr Steffen Beck from PLUTA Rechtsanwalts GmbH as provisional administrator.

“Together with my team, I now intend to obtain a comprehensive overview of the company’s current business and financial situation. We will also quickly move to hold talks with suppliers, landlords and other business partners. The company’s operations will be maintained during this period. Another important step will be to analyse the possible options for the company’s future,” said restructuring expert Mr Beck. He is currently in the process of clarifying which branches can remain open to customers and continue to offer their full range of services despite the application for insolvency.

TTL has a workforce of approximately 400, whose salaries are guaranteed for a period of up to three months thanks to specific substitute benefits provided under German insolvency law. The provisional insolvency administrator and his PLUTA team are currently working with the Federal Employment Agency to examine the possibility of pre-financing these substitute benefits. Mr Beck is being supported in the proceedings by Dr Matthias Lehr and Mr Achran Hagos, among others.

TTL OP GmbH is one of the largest interior decorators in southern Germany. Its employees in the company’s 27 specialist stores in the federal states of Baden-Württemberg, Bavaria and Rhineland-Palatinate offer expert advice on interior decoration, floor coverings, curtains, wallpaper, home accessories and DIY projects.