On 17 April 2012, the Düsseldorf district court commenced insolvency proceedings against Pfleiderer and at the same time ordered self-administration, an application for which had already been filed by the board of Pfleiderer in 2011 after it had moved to Kennedydamm 55 in Düsseldorf on 28 March 2011. The provisional administrator appointed following the filing for bankruptcy, Horst Piepenburg, was appointed as custodian. As part of self-administration, Pfleiderer now aims to draw up an insolvency plan on the basis of which the company can clear its debts and recapitalise. The basis of the plan is the restructuring plan already drawn up in 2011 and also approved at the time by the hybrid-bond creditors' meeting and the extraordinary general meeting, the implementation of which was however prevented at the end of March 2012 by objections from hybrid-bond creditors.