The team led by insolvency administrator Tobias Wahl from the law firm Anchor Rechtsanwälte achieved a successful restructuring in the proceedings of Fiwoim GmbH & Co. KG. The new build project "F40" in Stuttgart's Frauenkopfstraße, an established residential area, was fully realised despite the ongoing insolvency proceedings.
Insolvency administrator Tobias Wahl emphasised that the primary goal was to bring the project to a successful conclusion under significant time pressure and despite insolvency law conditions, through negotiations with all stakeholders. A construction standstill or cancellation would, according to his statements, have resulted in significantly higher losses for the creditors. Following completion, the building was handed over to the community of owners (WEG-Verwaltung).
Fiwoim GmbH & Co. KG, a property developer founded in 2017, specialised in the development of residential properties. In May 2024, the company had to file for insolvency due to increased construction costs and an industry-wide liquidity crisis. At the time of the insolvency filing, the F40 project, an apartment building with five residential units in Stuttgart, was approximately half completed. Four of the five units had already been sold before the application was filed. Supplementary agreements regarding possible additional expenses during the proceedings were legally secured.
A decisive factor for the continuation of the construction project was the provision of a debtor-in-possession loan by the original financing bank. This liquidity enabled the continuation of construction work. Technical project and construction management during the proceedings was handled by CPM GmbH, which, through cost controlling and technical management, adhered to the planned cost framework despite the insolvency-related circumstances. Vincenz von Braun, partner at Anchor and lead on this project, highlighted that the completion of the F40 property within budget demonstrates the capability of professional insolvency administration to successfully conclude complex real estate projects even in difficult times. This was the second successful project completion within these proceedings.
The completion in Stuttgart joins a series of successful completions within the proceedings. Previously, the "Polygon" residential quarter in Heilbronn, Fiwoim's largest construction project, had already been completed. This project on Uhland- and Happelstraße comprises 89 residential units and was fully handed over to the buyers in November 2025.
Vincenz von Braun summarised that the consistent continuation strategy had proven effective in both the Polygon project in Heilbronn and in Stuttgart, securing value for the estate and fulfilling buyer trust. Both projects are considered references for future insolvency proceedings in the real estate industry, where a construction stop often poses the greatest risk to creditors.
