What investors need to know now!
On 20 February 2026, the Local Court of Lingen (Ems) ordered provisional insolvency administration for three companies of the ThomasLloyd Group. Many investors are now feeling uncertain. We explain what this step means and how you should respond now.
Overview of the companies affected
The Local Court of Lingen (Ems) has ordered protective measures for the following companies of the ThomasLloyd Group and appointed Dr Christoph Morgen (law firm Brinkmann & Partner) as provisional insolvency administrator:
- ThomasLloyd Cleantech Infrastructure Holding GmbH (Ref. 18 IN 6/26)
- Cleantech Infrastruktur GmbH (Ref. 18 IN 98/25)
- Vierte Cleantech Infrastrukturgesellschaft mbH (Ref. 18 IN 100/25)
However, there are a few subtleties to note here. For example, lawyer Dr Morgan was appointed as a so-called ‘strong provisional insolvency administrator’ with power of disposal over the assets of ThomasLloyd Cleantech Infrastructure Holding GmbH but only as a so-called ‘weak provisional insolvency administrator’ for the other two companies, which means that the power of disposal still lies with the managing director of the respective company, Matthias Klein. However, decisions require the approval of the provisional insolvency administrator.
Why the law firm AdvoAdvice is setting the tone
After our law firm reported on the latest developments on anwalt.de on Friday, 20 February 2026, reports in the business press followed on Monday, 23 February 2026. Renowned media outlets such as “Handelsblatt” and “Wirtschaftswoche” reported on the decisions of the Lingen (Ems) Local Court and the activities of the law firm AdvoAdvice, quoting lawyer and specialist in banking and capital market law Dr Sven Tintemann in connection with the consistent representation of investor interests.
This media presence reflects our active role: the external insolvency applications for investors in Cleantech Infrastruktur GmbH and the decisive application against the holding company were largely driven forward by our law firm. In this way, we are proactively securing access to the remaining assets for our clients.
Shortly before the decision of the Local Court of Lingen (Ems), the Federal Court of Justice (BGH) had rejected several appeals against non-admission filed by Vierte Cleantech Infrastrukturgesellschaft mbH against judgements of the Higher Regional Court of Oldenburg. These have thus become final. The proceedings for the investors of Vierte Cleantech were fought for the investors by lawyer and specialist in banking and capital market law Kim Oliver Klevenhagen from the law firm AdvoAdvice. Here, too, the next step would have been to file for insolvency. On 29 January 2026, Klevenhagen and his team surprised Matthias Klein, managing director of Vierte Cleantech, with a visit from the bailiff before a lecture event organised by the CDU-CSU’s Swiss Foreign Association in Lörrach, thereby obtaining an order for him to disclose Vierte Cleantech’s assets.
What does provisional insolvency administration mean in concrete terms?
The primary purpose of the provisional insolvency administration order is to secure the assets. The following points are now crucial for you as an investor:
- Prohibition on disposal: The companies can no longer dispose of funds independently. Transactions by Vierte Cleantech Infrastrukturgesellschaft mbH and Cleantech Infrastruktur GmbH require the approval of the provisional insolvency administrator, Dr Christoph Morgen. ThomasLloyd Cleantech Infrastructure Holding GmbH has been placed under a complete prohibition on disposal. Here, the provisional insolvency administrator has been granted sole control.
- Payment freeze: In this phase, there are generally no more distributions or repayments to investors. However, the companies had not paid out to the affected investors even before this, either with or without a legally binding court ruling.
- No registration for the insolvency table yet: Claims can only be registered after the formal opening of the insolvency proceedings. Therefore, there is nothing for investors in the affected companies to do at this time.
- Court proceedings at holding company suspended: Pursuant to Section 240 of the German Code of Civil Procedure (ZPO), ongoing court proceedings are now suspended by law for investors in ThomasLloyd Cleantech Infrastructure Holding GmbH due to the ‘strong provisional insolvency administration’. Investors who have not yet obtained a legally binding judgement against the company concerned must therefore first wait to see whether insolvency proceedings will be opened. It can then be examined and decided whether the ‘frozen proceedings’ will be resumed by or against the insolvency administrator. The court proceedings against Vierte Cleantech Infrastrukturgesellschaft mbH and Cleantech Infrastruktur GmbH have not yet been interrupted by operation of law pursuant to Section 240, sentence 2, of the German Code of Civil Procedure (ZPO) and can or must be continued until a final insolvency proceeding is opened.
- Subordination clause now relevant: Clauses on the subordination of the claim against Cleantech Infrastruktur GmbH could also become important in the further examination of investors‘ claims. These clauses had already been deemed invalid by the Osnabrück Regional Court in court proceedings conducted by the law firm AdvoAdvice. The subordination clause can determine whether an investor can register their claim in the 4th rank of the insolvency proceedings or in the subordination, therefore, the 5th rank of the insolvency proceedings (i.e., after all other creditors).
These companies are not directly affected:
The important fund companies of the ThomasLloyd Group, such as Zweite, Dritte and Fünfte Cleantech Infrastrukturgesellschaft mbH & Co. KG, are not currently involved in insolvency proceedings themselves. However, these companies, like ThomasLloyd Cleantech Infrastructure (Liechtenstein) AG, which is also not directly affected by the proceedings, have invested considerable funds in the parent company ThomasLloyd Infrastructure Holding GmbH (CTIH). The insolvency there, therefore, has an indirect massive impact on the value of almost all ThomasLloyd investments.
From the perspective of solicitor Dr Sven Tintemann, the situation is as follows: „CTIH is the spider in the web, where almost all the threads of the ThomasLloyd Group converge. This is where investors‘ funds were pooled and then invested in infrastructure projects in Asia. The provisional insolvency administrator must now examine how much of the investors‘ money is still available and what was actually invested where. We do not consider the statement by the ThomasLloyd Group’s lawyer that the insolvency proceedings would soon vanish into thin air because the holding company had concluded a contract for USD 100 million to be credible.“
Investment advisors in need of explanation – new opportunities for compensation
For years, many investment advisors had reassured concerned investors by pointing to an imminent restructuring. With the current insolvency filings, this line of argument is no longer valid, in the opinion of the law firm AdvoAdvice.
‘Advisors must now face the question of whether they fully informed investors about the risks and the condition of the investment companies,’ says lawyer Dr Sven Tintemann.
AdvoAdvice has already won damages for affected investors in various regional and higher regional courts for misadvice in order to recover the invested capital directly from the investment advisor or the liability insurance behind the advisor, regardless of any quota that may be expected in the insolvency proceedings.
More than seven years of experience and success in ThomasLloyd cases
The law firm AdvoAdvice Partnerschaft von Rechtsanwälten mbB has been representing investors in the ThomasLloyd Group for seven years and can therefore look back on a wealth of experience with the investments of the individual investment companies. We have already advised more than 1,000 investors and even represented many of them in court.
Affected investors are welcome to send their case by post or email. They can contact us at info@advoadvice.de or on 030 921 000 40.
To date, the lawyers at AdvoAdvice have advised investors on the following investments/topics, among others:
- ThomasLloyd Investments GmbH (profit participation rights)
- DKM Global Opportunities Fund 01 GmbH (atypical silent partnership)
- CT Infrastructure Holding Limited (B shares after compulsory conversion)
- Cleantech Infrastrukturgesellschaft mbH & Co. KG (investment)
- Zweite Cleantech Infrastrukturgesellschaft mbH & Co. KG (investment)
- Dritte Cleantech Infrastrukturgesellschaft mbH & Co. KG (investment)
- Vierte Cleantech Infrastrukturgesellschaft mbH (profit-participation rights)
- Fünfte Cleantech Infrastrukturgesellschaft mbH & Co. KG (investment)
- Action against Cleantech Management GmbH as general partner of the fund investments in the Second, Third and Fifth Cleantech
- Action against ThomasLloyd Global Asset Management (Switzerland) AG as limited partner of the fund investments in the Second, Third and Fifth Cleantech
- Action against ThomasLloyd Global Asset Management GmbH as a consulting firm (now operating under the name ThomasLloyd Climate Solutions GmbH)
- ThomasLloyd Cleantech Infrastructure Holding GmbH (private placement/direct investment of type 04/2014, type 02/2015, type 20/2016, type 04/2018, type 02/2020, type 01/2024)
- ThomasLloyd Cleantech Infrastructure Fund SICAV, Luxembourg (registered shares)
- ThomasLloyd Cleantech Infrastructure (Liechtenstein) AG (bond TL 3.075/31 EUR)
- ThomasLloyd Cleantech Infrastructure (Liechtenstein) AG (debentures 3.075/29 EUR and TL 5.175/29 EUR)
- Cleantech Infrastruktur GmbH (registered bonds CTI1 and CTI2)
- Cleantech Infrastruktur GmbH – (partial bonds of the ThomasLloyd fixed interest 6, fixed interest 12 and fixed interest 24 types)
- Cleantech Infrastruktur GmbH (dual-interest bond)
- Asset management ImpactPlus by ThomasLloyd
- Legal action against Cleantech Management Ltd as a limited partner of the fund investments
- ThomasLloyd data leak
- Legal action against advisors/brokers for misadvice
Further information about our investor community can be found at:
https://advoadvice.de/leistungen/thomas-lloyd-anlegergemeinschaft/
We report regularly on our successes, including those relating to ThomasLloyd, in our blog at https://advoadvice.de/blog
