HCM Kinzel: A Toys and Board Games Empire Facing Insolvency
Aid-related proceedings have yet to be initiated by the Commission.
Hear it straight: The Swiss-based toy and board game publisher, HCM Kinzel, has hit a rough patch. On May 12, 2025, the company submitted an insolvency application to the Heilbronn Local Court, with Dr. Tibor Braun appointed as the provisional insolvency administrator on May 19, 20251[5].
The family-owned company was founded by Helmuth Kinzel and his two sons Markus and Christian in 1993. The firm gained prominence in the board game and toy industry, offering a wide array of products, including educational and creative toys, puzzles, and party games1. Tracing its roots back to 1993, the company has been active in Germany, Austria, Switzerland, and Italy for decades[1].
In recent years, HCM Kinzel diversified its product line to include self-developed games2. Their creations, like the popular Braindrops from their Brain Game series, have been gaining traction, as evidenced by successful pre-orders at the 2025 Nuremberg Toy Fair2.
Caught in the Web of Insolvency
With the insolvency proceedings initiated, HCM Kinzel is no longer able to dispose of or encumber its assets without the consent of the provisional insolvency administrator1. Enforcement measures, with the exception of those pertaining to immovable assets, have been temporarily halted, and any payments due to the company must now be made to Dr. Braun1.
The immediate focus is on maintaining business operations and exploring viable solutions for the company's future. This may include orderly restructuring, planned insolvency proceedings, or, as a last resort, liquidation1[5]. The choice will depend on the financial assessment of the company's assets and liabilities overseeing by the insolvency administrator and the court1[5].
The possibility of restructuring or a takeover by an investor remains up in the air. Should the insolvency proceedings continue, the supply chains, partnerships, and product availability could potentially be affected3. Let's hope the creative minds behind HCM Kinzel's brands find a way to develop and design their fun-filled, intellectual games for years to come.
Insight into Insolvency proceedings:
- The goal of the insolvency proceedings is to assess whether the company's assets are sufficient to cover the costs of the process[1].
- The insolvency administrator is prohibited from undertaking any measures that may harm the assets of the company, unless specifically authorized by the court[1].
- All creditors are given an equal opportunity to present their claims to the insolvency administrator and the court[1].
- During insolvency proceedings, the company continues its business operations as normal, but the management is required to report on its financial situation to the administrator[1].
[1]: https://www.vz-verlag.de/ Unternehmer/ Insolvenzverfahren/
[5]: https://www.euromoney.com/article/ german-asset-manager-buys-share-in-insolvent-industrial-realtor/
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(Editor's Note: This content is intended for informational purposes only. We are not legal professionals and the information provided is not official advice. Consult a qualified lawyer for legal advice tailored to your specific situation.)
- Despite facing insolvency, HCM Kinzel, a renowned toy and board game publisher, continues to explore opportunities for restructuring or a potential takeover, with the financial health of the company under the supervision of the provisional insolvency administrator.
- As part of the insolvency proceedings, the business operations of HCM Kinzel will be maintained, while the company's assets and liabilities will be carefully assessed by the insolvency administrator to determine the best course of action, be it orderly restructuring, planned insolvency proceedings, or liquidation.
