Provisional administrator appointed for Tipster insolvency
Jörg Gollnick has been named as Tipster’s provisional insolvency administrator.
Germany.- Insolvency proceedings are advancing for German sports betting operator Tipster. Jörg Gollnick now appointed as provisional administrator.
Gollnick is a lawyer at the Cologne-based law firm Heidland Werres Diederichs. He is also the provisional insolvency administrator for Tipster’s Tipster Service GmbH. He said Tipster’s restructuring depends on the company’s value.
H3 said: “With the insolvency application for Tipster Ltd. in Germany, the course has been set for the restructuring of the entire Tipster group of companies The group is very valuable: the annual turnover of Tipster Ltd alone was more than €250m.”
“We have set up a structured investor process in order to use a strong partner to support the business operations for the Tipster Group including its franchisees in the long term.”
Heidland Werres Diederichs was approved last month by the District Court of Cologne to oversee the winding up of Tipster Service GMBH after the company submitted an application for provisional insolvency proceedings. The request came after police raided Tipster Group‘s offices.
According to media reports, some 1,000 officers took part in a joint operation between the Rhine-Westphalia financial police and the Federal Criminal Police Office, the Bundeskriminalamt. The raid followed an international investigation into illegal gambling and large-scale money laundering and tax evasion that also involved German anti-corruption units in Bavaria, Berlin, Bremen and Saxony and police in Croatia and Malta.
Tipster Ltd GMBH has held a German sports betting licence since Germany since 2010, initially under a provisional licence from the Regional Council of Darmstadt and now under the federal gambling regime. With its headquarters in Ta’Xbiex, Malta, it also runs Norobet and Kuka.de.
Heidland Werres Diederichs said in a statement that the group’s betting operations “will not be affected by the insolvency filing”. It said that Tipster’s business operations will continue in full and that it will ensure the payment of employees. The management of Tipster has told the court that it will cooperate with authorities in the investigation.
