German PV system developer Wirsol's fourth solar subsidiary has entered insolvency with some of the company’s assets now put up for auction.
The group’s solar subsidiaries had entered preliminary proceedings in October 2013.
Papers lodged with Karlsruhe District Court this week confirm that Wirsol Solar Energie GmbH joined four other Wirsol subsidiaries that formally entered insolvency in the first week of the year.
Several Wirsol insolvency auctions have been established selling office furniture, excavators, dumper trucks and generators.
The company had been looking for a new investor to buy the entire group but this process appears to have been unsuccessful.
Wirsol’s debt totals €60 million (US$81.6 million) according to local newspaper reports.
Under German insolvency law the salaries of Wirsol staff are protected for three months.