Wiesmann has reportedly filed for bankruptcy in the Münster District Court in Germany.

Wiesmann has reportedly filed for bankruptcy in the Münster District Court in Germany.

The company has remained quiet about the proceedings, but the court found Wiesmann insolvent and appointed Dr. Norbert Küpper as the firm's preliminary insolvency administrator.

There's no word on what Küpper plans to do but Artega found itself in a similar situation a little over a year ago. Their court-appointed administrator stopped GT production in September and worked out a deal to sell the company's assets to Paragon AG.

There is no indication that a similar thing could happen to Wiesmann, but co-founders Martin and Friedhelm Wiesmann reportedly left the company last year and things have obviously gone downhill.

Wiesmann files for bankruptcy - report