Keep up to date with Insol Europe news on our LinkedIn profile page...

 

Administrators chase project bank account funds to pay fees

Administrators in a UK construction insolvency case are attempting to access project bank account (PBA) funds to recover money for their fees, prompting debate over the protection of ring-fenced payments…

UK EV company collapses into administration – ‘world leaders’

A UK-based EV charging and battery firm, ZPN Energy, has collapsed into administration despite considering itself a ‘global leader’ in constrained grid EV infrastructure. The company focused on providing…

European hyperloop sector suffers second major collapse in 2026

Spanish startup Zeleros was declared insolvent by a Valencia court in late March, following the bankruptcy of Dutch developer Hardt Hyperloop on 4 March. Together, they represented two of the sector's…

EIT Manufacturing files for liquidation

EU-funded innovation body, EIT Manufacturing, headquartered in Paris-Saclay, filed for liquidation on March 25, 2026, following a massive fraud investigation. The collapse stems from ‘serious irregularities’…

News

A single ransomware attack has pushed this business into insolvency
German mobile phone insurance, repair, and logistics provider Einhaus Group has disclosed the devastating impact of a 2023 ransomware attack. Once employing 170 staff and generating €70 million annually, the company is now reduced to just eight workers. 

The "Royal" ransomware group encrypted contracts, billing, and communication systems, halting operations. Hackers even sent warnings via office printers. Einhaus paid a €200,000 Bitcoin ransom, but although investigators later seized the funds, they were never returned. 

The company suffered damages in the mid-seven-figure range forcing job losses, property sales, and insolvency filings for subsidiaries including 24logistics. Once partnered with giants such as Deutsche Telekom and 1&1 across 5,000 stores, Einhaus has effectively collapsed.

Read more on this at Tech Radar
  BENCHMARKS  
Loading Time: Base Classes  0.0008
Controller Execution Time ( News / News Details )  0.0101
Total Execution Time  0.0111
  GET DATA  
No GET data exists
  MEMORY USAGE  
792,504 bytes
  POST DATA  
No POST data exists
  URI STRING  
news/details/a-single-ransomware-attack-has-pushed-this-business-into-insolvency
  CLASS/METHOD  
news/news_details
  DATABASE:  insoleur_main   QUERIES: 45  (Show)
  HTTP HEADERS  (Show)
  SESSION DATA  (Show)
  CONFIG VARIABLES  (Show)