The fuss about the Bankruptcy of the online charter start-up Zizoothat many Embezzled client fundshas taken a surprising, if not unusual, turn. As the insolvency administrators from the law firm Münzel & Böhm announced, the company was sold to its British competitor Borrow a Boat in a bidding process. According to the insolvency administrators, it would not have been possible to continue the business without a sale due to the costs involved. Basically, such transactions involve the addresses of customers, and in Zizoo's case perhaps also the brand name and website.
The buyers are British competitors
Borrow a Boat issued a press release on the acquisition:
The acquisition of Zizoo is part of Borrow a Boat's growth strategy as the company expands globally (...). Borrow a boat has acquired various online platforms over the years to cater for the growing and increasingly digitalised market." CEO and founder Matt Ovenden said: "The charter market is one of the fastest growing travel segments and we are on a mission to make boating more accessible to all customers worldwide. (...). We understand that this process raises questions for some customers, especially those who have already made bookings with Zizoo for 2024 and beyond. However, we want to reassure all those that we are doing everything in our power to minimise any issues for existing bookings and we will have a dedicated team in place to deal with any queries.
The Zizoo website is still online, but the new owner cannot yet be found in the legal notice.
Customers whose down payments were not forwarded by Zizoo in 2023 must now take action by attempting to at least partially repay their losses via the insolvency administrator from the insolvency estate now created by the sale. However, this is often only partially successful, as the available sum is divided by the number of creditors. A second option would be to try to reach an amicable settlement with the new owner.
Investigations by the public prosecutor's office continue
Irrespective of the outcome of the insolvency proceedings, it remains to be seen how the Berlin public prosecutor's office investigates Zizoo founder and managing director Anna Banicevic for fraud and delay in filing for insolvency. If she is charged and convicted, the creditors would also have the opportunity to hold her financially liable privately. In this way, they would not be stuck with the claims, which presumably cannot all be met from the insolvency estate. However, this will certainly take a long time and will require patience and perseverance from the creditors. You should speak to the public prosecutor's office about this
It is difficult to assess the extent of the damage, as the insolvency administrators have so far been unavailable for further enquiries.
