Further Developments in the BUDAMAR WEST Insolvency: What Legal Action Could Be Taken Against the German Partners?

RAILTARGET brings new details on the ongoing insolvency proceedings involving BUDAMAR WEST (BW).

On 28 May 2025 at noon, the insolvency court in Gera, Germany, issued a decision imposing preliminary insolvency administration in order to safeguard the assets of BUDAMAR WEST GmbH (BW). Attorney Rolf Rombach was appointed as preliminary insolvency administrator. From this point forward, any legal actions undertaken by BW without his approval are deemed ineffective. Appeals against this decision were permitted until 9 June 2025.

According to Rombach, he immediately began negotiations with all relevant parties and initiated measures aimed at laying a solid foundation for restructuring efforts, with the goal of securing BW’s future. If no appeal is lodged, he will begin preparing a Preliminary Administrator’s Report for the court, assessing BW’s insolvency status, whether sufficient assets exist to cover legal costs, and whether the case shows potential for reorganisation. A decision to open formal insolvency proceedings could follow in approximately two to three months.

BW is part of the BUDAMAR GROUP, established by BUDAMAR LOGISTICS a.s., one of the largest rail logistics providers in Central and Eastern Europe, which holds a 50% stake in BW. The remaining shares are held by three German partners—Steffen Pötzscher, Martin Anschütz, and Janosch Richter—each owning 16.67%. BW’s core business is rail freight transport services.

The insolvency petition was filed by BW itself, citing over-indebtedness and an inability to meet financial obligations. The triggering factor was a shareholder dispute that resulted in declining revenue. It emerged that the German partners had violated the joint venture agreement by founding several parallel companies, through which they allegedly diverted BW’s business. These companies include Traktion4Rent GmbH, MoveMaint GmbH, and Anschütz & Richter GbR. This activity is estimated to have caused damage of up to €3 million to BW.

According to a representative of BUDAMAR LOGISTICS, the German partners breached non-compete clauses, an offence that could carry criminal liability under German law. It is further alleged that they burdened BW with questionable fixed costs, which effectively channelled funds from BW to their company, Traktion4Rent GmbH.

The German side disputes these claims. Steffen Pötzscher denies any causal link between BW, Traktion4Rent GmbH, and the insolvency proceedings. Janosch Richter adds that Anschütz & Richter GbR was founded to develop BW’s services.

BUDAMAR LOGISTICS is expected to have a strong interest in maintaining its presence on the German market. In addition, separate legal proceedings are likely to follow, as BUDAMAR LOGISTICS prepares to file individual lawsuits under Slovak and German law. These may seek compensation for damages resulting from the minority shareholders’ unlawful conduct, or restitution of unfair competitive advantages. Another possible course of action is a court-imposed business ban against the German partners.