ETW Scam - The Real Estate Developer Company Dissolution Scheme

They are playing for time to get through with liquid funds by paying salaries.
This certainly won’t work with our case, but maybe in the overall structure you can somehow get to the mastermind?
I just find it crazy that this is so easily possible; in my view, it’s a loophole in the law.

In the event of insolvency, it is also examined whether the insolvency was filed on time. If the insolvency examiner determines that the insolvency filing was delayed, the wages between the actual and filed insolvency date are treated as if the managing director had embezzled these funds – unfortunately, I know this topic better than one would wish. I believe we have already discussed this issue once in – the homeowners’ association should seek advice on whether it would be sensible to file an external petition for insolvency proceedings.

Not sure if it is delaying insolvency proceedings when insolvency only threatens due to a pending procedure...

My thought regarding the fraud case would now be more in the direction that if the person can be personally targeted, they should also be held personally liable. The millions went somewhere, I think he pocketed enough cash to fix some defects. If he then has to file for personal bankruptcy, then everyone gets a piece of the pie – that's good. Above all, he gets what's coming to him and can't just carry on like that. But well, it might be that he actually owns nothing and everything belongs to his life partner.

I'm not sure if it is delayed insolvency filing when insolvency only threatens due to a pending procedure... [...] If he then has to file for private insolvency, then everyone gets a piece of the pie - that's good. Above all, he at least gets a slap on the wrist and can't just carry on like that.
But sure, it could be that he actually owns nothing and everything belongs to his partner.

You spoke of the company's assets, which could meanwhile be reduced by salary payments. I can (unfortunately) tell you that it can be worthwhile to discuss the timing of insolvency. And also that it can be advisable to initiate the clarification of this question through a third-party application. Debts from so-called "offensive acts" (such as delayed insolvency filing, if it were to be legally proven) are not includable in private insolvency proceedings in Germany. However, with some detective work, it is indeed possible to determine when someone is the actual economic owner of alleged straw persons' possessions. To the extent that suspicious money laundering circumstances arise (or even "only" suspicion of tax evasion, because funds are declared as allegedly belonging to his girlfriend to be taxed at a lower rate), the public prosecutor can certainly be encouraged to conduct such investigations. Regarding friends one sometimes doesn't directly have on the radar, I have already commented here:

You are free to go directly to your local fraud department at the criminal police (and ONLY there—and at best in the next larger city) to present your case. They constantly deal with bankruptcies in construction, etc., and usually have direct contact with a prosecutor who is specifically responsible for bankruptcies to receive direct information from there. You at least have a suspicion or feel that you have been treated unfairly, which is why they will give you competent information or initiate proceedings if appropriate. However, this has nothing directly to do with a compensation issue; initially, it is only about the option of prosecuting the perpetrators criminally. Such an appointment does not cost you any money, and afterwards, you will be informed (criminally!). The further context has already been explained by [USER=32750]@11ant.

Do you want to keep and rent out the [ETW] or sell it?

It is currently part of my overall financing and is therefore intended to be held and rented out for at least the next 10 years. Renting it out is presumably relatively low-risk to good acquaintances or colleagues, which is why I’m less worried about rental defaults and the like.
Putting aside what this changes on an interpersonal level.

But yes, I have already thought about how this list of defects and the presumably hopeless process (hopeless in terms of defect rectification or receiving financial compensation) affects the purchase price. On the other hand, several apartments have already been sold profitably under this situation (which is on record).