Photon stresses that it did not request the move by the district court in the western city of Aachen and believes that it was unnecessary.

"A preliminary insolvency administrator was appointed due to a tax obligation to the tax office of Aachen," the company says.

The tax bill is undisputed. However, Photon Holding has submitted tax refund claims approximately equal to the amount owed, but these have not yet been validated.

The