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Zimo temporary insolvency Dec 2017 - Q1 2018


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I've just seen thatZimo is insolvent. Shame as they are good chips.

 

HG Vienna (007), file number 38 S 129 / 17y
bankruptcy proceedings
369200t
Posted on 8 November 2017
Company registration number:
FN 369200t
Debtor:
ZIMO ELEKTRONIK GmbH. 
Schönbrunner Straße 188 
1120 Vienna 
FN 369200t

 

**Update** ZIMO came out of Administration on the 5th of March.

Edited by Andy Y
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I've just seen thatZimo is insolvent. Shame as they are good chips.

 

Yes and no.

 

ZIMO are still in business, still trading and still making decoders.

 

Here's what they say on their website:

 

Insolvency?

Yes, but not in reality. Due to falling behind on payments to our social security company, the latter got us into insolvency, although we had already payed our debts. There would be no problem with other business partners, but obviously this is not the case for social security companies, which we learnt from.

ZIMO had financially the best years in 2016 and 2017, and also our debt ratio is the smallest since 10 years.

 

ZIMO Elektronik GmbH will be under insolvency administration until January 2018, then we will get back to administrating ourselves. There will be (almost) no problems and impairments for clients and suppliers. We hope, you still have trust in us and we are trying to solve the matter as soon as possible.

 

In the model railway business insolvencies are practically usual. And if we are not able to declare real insolvency, we try it this way ;-)

ZIMO is, and always will be, special

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Never mess with the tax authorities!

 

Reading the German text, this has nothing to do with any kind of tax. They accidentally fell behind with payments to their "Krankenkasse" which is an insurance company responsible for helping to finance the Austrian health service. A similar system exists in Germany and is the equivalent of the NHS/National Insurance system in Britain, which means you have to pay into one of the officially recognised "Krankenkassen" if you are not privately insured.

 

As far as Zimo is concerned, it would seem that it is just a storm in a teacup.

 

 

Edited to add the word "accidentally", as some people are obviously determined to read more into this than the facts as stated on the Zimo website.

Edited by Kylestrome
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Reading the German text, this has nothing to do with any kind of tax. They accidentally fell behind with payments to their "Krankenkasse" which is an insurance company responsible for helping to finance the Austrian health service. A similar system exists in Germany and is the equivalent of the NHS/National Insurance system in Britain, which means you have to pay into one of the officially recognised "Krankenkassen" if you are not privately insured.

 

As far as Zimo is concerned, it would seem that it is just a storm in a teacup.

 

 

Edited to add the word "accidentally", as some people are obviously determined to read more into this than the facts as stated on the Zimo website.

 

You are right that payments to the Krankenkasse are not strictly  a tax but it might as well be a payment to a tax authority since these bodies have almost the same powers as the tax authorities in Germany and Austria, and given that shortfalls are usually made up from the state coffers you can see why. 

 

The different constructs of authorities and payments in different countries makes it difficult to make comparisons that are meaningful.  A failure to pay a UK insurance company would result in withdrawal of the policy and demands for arrears due, followed by (if no payment were made) county and high court writs and eventually in the worst case insolvency.

 

Failure to pay the Krankenkesse is likely to lead to near immediate insolvency proceedings - which is where Zimo are now.  Without knowing any details it is difficult to make any reasonable judgement, but it could easily be that a simple screw up of funds between bank accounts, or a failure of a chief executive to authorise payment (illness, international travel, exceptional leave etc) could lead to such a problem.  And banks in Germany and Austria take a much less liberal view of being overdrawn (even for a few hours) than UK banks - even when they know you are good for it.

 

Unless or until there is more information, do not over-read the information given,

Edited by Andy Hayter
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  • 4 weeks later...

From an Austrian news publisher:

 

The full (German) text: https://www.news.at/a/wien-modellbahn-zulieferer-zimo-8524447

1.48 Million Euros is quite a lot of tax!

 

Translation:

Vienna
Tuesday, December 5, 2017 by apa
Model train suppliers Zimo is insolvent
 
Vienna - Model railway supplier Zimo is insolvent © Image: apa / Oliver Berg / dpa
 
The total liabilities amount to 1.48 million euros. Affected are 33 employees and around 80 creditors.
 
The Viennese model railway supplier Zimo Elektronik GmbH is insolvent. According to the credit protection association AKV Europa, a bankruptcy procedure was opened at the Vienna Commercial Court. The total liabilities amount to 1.48 million euros. Affected are 33 employees and around 80 creditors.
 
The company develops or produces digital control systems for model railways. For example, production of control desks or sound decoders. According to AKV, the main customers are European producers of miniature railways.
 
The exact insolvency causes would have to be checked in the procedure, it was said. A continuation of the enterprise is aimed at, besides a rehabilitation plan was announced. According to the debtor, a quota of 100 percent is being considered, reported the AKV.
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...1.48 Million Euros is quite a lot of tax!...

 

..The total liabilities amount to 1.48 million euros....

 

 I doubt that they owe 1.48M in tax: total outstanding liabilities would normally include all transactions, including regular invoices from their suppliers under whatever terms they operate, and whatever loans they may have. The real question is their ability to service those liabilities: provided that income and assets exceed liabilities they are a going concern.

 

The closing paragraph implies that the initial assessment of the business by a credit agency is that they can meet their obligations in full, and thus will continue trading albeit under a rehabilitation plan. Or in plain English, it's not quite as rosy as 'we accidentally got into debt', rehabilitation means there was something that needed fixing...

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  • RMweb Gold

There very good decoders and if im honest i cant really see how an Loksound is superior, a number of my class 47s and 20s are fitted with zimos and ive never had an issue with them. However my loksounds still outnumber them by a Large margin..

 

If your thinking of buying a sound decoder give them a shot...

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There very good decoders and if im honest i cant really see how an Loksound is superior, a number of my class 47s and 20s are fitted with zimos and ive never had an issue with them. However my loksounds still outnumber them by a Large margin..

 

If your thinking of buying a sound decoder give them a shot...

Got my second Zimo sound decoder a couple of weeks ago from Digitrains.  Recorded sounds were good, but found the decoder buzzed loudly.  At first I thought it was the loco mechanism but tried in another loco and was the same.  Both those locos ran silently on cheap Hattons decoders!

 

Never had that trouble with 15 Loksounds or 3 Hornby TTSs.

 

So not that bothered about buying more Zimos TBH.

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Got my second Zimo sound decoder a couple of weeks ago from Digitrains.  Recorded sounds were good, but found the decoder buzzed loudly.  At first I thought it was the loco mechanism but tried in another loco and was the same.  Both those locos ran silently on cheap Hattons decoders!

 

Never had that trouble with 15 Loksounds or 3 Hornby TTSs.

 

So not that bothered about buying more Zimos TBH.

 

And what did Digitrains have to say when you reported this unusual phenomenon to them?.

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  • RMweb Gold

Got my second Zimo sound decoder a couple of weeks ago from Digitrains.  Recorded sounds were good, but found the decoder buzzed loudly.  At first I thought it was the loco mechanism but tried in another loco and was the same.  Both those locos ran silently on cheap Hattons decoders!

 

Never had that trouble with 15 Loksounds or 3 Hornby TTSs.

 

So not that bothered about buying more Zimos TBH

 

Not disagreeing but then ive also had 4 loksounds blow up on me, does that mean im saying loksounds are bad no, but every  so often you may well find a dud......what speaker did you use out of interest?

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  • RMweb Gold

I would be sorry to see Zimo fold. The tiny Next 18 decoders I’ve recently installed in a couple of HOm 2-10-2s are simply excellent - and much cheaper than I would have expected. I hope survival is quickly sorted for all our sakes.

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Got my second Zimo sound decoder a couple of weeks ago from Digitrains.  Recorded sounds were good, but found the decoder buzzed loudly.  At first I thought it was the loco mechanism but tried in another loco and was the same.  Both those locos ran silently on cheap Hattons decoders!

 

Never had that trouble with 15 Loksounds or 3 Hornby TTSs.

 

So not that bothered about buying more Zimos TBH.

 

Zimo has an extremely good customer service. so there should be no problem to send the decoder in and get a replacement. Of course the first address for you is the shop where you bought it. They should do it for you. 

Tried some cheap Hattons decoders - no comparison with a Zimo I am afraid. You get what you pay for.

Edited by Vecchio
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Not disagreeing but then ive also had 4 loksounds blow up on me, does that mean im saying loksounds are bad no, but every  so often you may well find a dud......what speaker did you use out of interest?

That's terrible you lost 4 Loksounds. You have been more than unlucky.

 

My latest Zimo controls the motor very well but I get a strange buzzing sound which fluctuates (almost like a bee or a wasp! - no I'm not going mad!).  This sound still happens when I disconnect the speaker.  It's definitely not the loco mechanism as I tried it in a couple of other locos that I know to be silent runners.

 

I have a small layout room so operate my sound locos at a low volume - the Zimo decoder is the only one which buzzes so loudly I can hear it in addition to the loco sound!

 

Using a Zimo speaker LS40x20x09 sold to me by Digitrains with the decoder, but the problem is definitely not the speaker.

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Zimo has an extremely good customer service. so there should be no problem to send the decoder in and get a replacement. Of course the first address for you is the shop where you bought it. They should do it for you. 

Tried some cheap Hattons decoders - no comparison with a Zimo I am afraid. You get what you pay for.

 

And what did Digitrains have to say when you reported this unusual phenomenon to them?.

Haven't had a chance to go see them in Lincoln yet, but will take loco in next time I'm there.

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  • 3 months later...

Just to close this - I found an article in the local newspaper in Meidling (The district of Vienna where Zimo is manufacturing) - and as it looks all has been solved.

The article is of course in German, find here a link

https://www.meinbezirk.at/meidling/lokales/alles-auf-schiene-heisst-es-von-zimo-chef-peter-ziegler-der-konkurs-sei-abgewendet-die-finanzen-seien-in-ordnung-m13909086,2355970.html

 

As these articles are normally not accessible for a long time find the text below.

 

05.01.2018, 14:22 Uhr

Wien-Meidling: Zimo entkam dem Pleitegeier

4 BildeAlles auf Schiene, heißt es von Zimo-Chef Peter Ziegler: Der Konkurs sei abgewendet, die Finanzen seien in Ordnung. (Foto: R. Hübner)

Meidlinger Betrieb für Steuerungssysteme musste kurzfristig Konkurs anmelden.

MEIDLING. In der Schönbrunner Straße 188 werden digitale Steuerungssysteme für Modelleisenbahnen entwickelt und auch produziert. Groß war der Schock unter Modelleisenbahnern, als es hieß, dass die Zimo Elektronik GmbH pleite sei.

Der Pleitegeier kreist aber gar nicht so tief über der traditionsreichen Firma, wie man anfangs angenommen hat. Die Firma unter Geschäftsführer Peter Ziegler wies die Gerüchteküche in die Schranken und stellte mit einem Pleite-Report die Fakten klar: „Aufgrund eines versehentlich entstandenen Rückstandes und versäumten Terminen bei der Wiener Gebietskrankenkasse wurde von dieser im November 2017 ein Insolvenzantrag gestellt, obwohl der aushaftende Betrag mittlerweile beglichen war“, heißt es in besagter Klarstellung.

 

Betrieb im Hoch

„Das passierte ausgerechnet im besten Geschäftsjahr der Zimo-Firmengeschichte und kurz nach Fertigstellung der Bilanz für 2016, welche die beste seit der Gründung ist“, zeigt der Report auch auf, dass es wirtschaftlich alles andere als schlecht um das Elektronikunternehmen steht.

Die Firma wird zurzeit unter Aufsicht eines Insolvenzverwalters fortgeführt, der Betrieb läuft in allen Bereichen planmäßig weiter. Die Hausbank spielt mit, mit den Lieferanten wurden Einigungen zur Materialversorgung getroffen. Noch im Jänner soll dem Gericht ein Sanierungsplan vorgelegt werden, bei dem es aber gar nicht viel zu sanieren geben sollte.

Im Laufe der ersten Monate des Jahres 2018 ist geplant, dass die Normalität wieder völlig in die Firma einkehrt. Für Kunden sollten in dieser Zeit keine nennenswerten Probleme und Komplikationen entstehen.

Lieferung bis Australien

Bereits 1980 wurde der Betrieb Zimo von Peter Ziegler gegründet.

Hier werden digitale Steuerungssysteme für Modelleisenbahnen entwickelt und produziert. Seit der Gründung hat sich die Produktionsfläche auf satte 600 Quadratmeter ausgedehnt. Die Firma bietet zurzeit Arbeitsplätze für 28 Mitarbeiter.

Die Digitalsysteme und Decoder aus Meidling werden in fast ganz Europa vertrieben und teilweise auch in Nordamerika sowie Australien an den Modelleisenbahner gebracht. Und das wird, wie es scheint, auch weiterhin passieren.

 

 

Vecchio, a ZIMO fan...

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And for those that don't read German (courtesy of Google)

 

Meidlinger control systems business had to declare bankruptcy at short notice.

 

MEIDLING. In the Schönbrunner Straße 188, digital control systems for model trains are being developed and also produced. Great was the shock among model railroaders when it was said that Zimo Elektronik GmbH was broke.

 

The bankrupt vulture does not revolve so deeply over the traditional company, as one has initially assumed. The company under managing director Peter Ziegler had the rumor mill in the barriers and presented with a bankruptcy report, the facts: "Due to an accidental backlog and missed appointments at the Vienna Regional Health Insurance Fund of this was in November 2017 filed for bankruptcy, although the outstanding amount was settled in the meantime, "it said in said clarification.

Operation in high

 

"This happened just in the best financial year of the Zimo company history and shortly after completion of the balance sheet for 2016, which is the best since the founding," the report also shows that economically it is anything but bad for the electronics company.

 

The company is currently being continued under the supervision of a bankruptcy administrator, and operations are continuing as planned in all areas. The house bank plays along, agreements were reached with the suppliers for the supply of materials. In January, the court is to be presented with a recovery plan, but in which there should not be much to renovate.

 

During the first months of 2018 it is planned that normality will return to the company completely. For customers, no significant problems and complications should arise during this time.

Delivery to Australia

 

Already in 1980 the Zimo company was founded by Peter Ziegler.

 

Here, digital control systems for model trains are developed and produced. Since its foundation, the production area has expanded to a whopping 600 square meters. The company currently offers jobs for 28 employees.

 

The digital systems and decoders from Meidling are distributed in almost all of Europe and sometimes brought to the model railroaders in North America and Australia. And that will, it seems, continue to happen.

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