SER Systeme, a German software company, has filed for insolvency and added to the list of casualties from the Neuer Markt, Deutsche Börse's troubled growth market.

The company was listed on the Neuer Markt until April when it moved to the unlisted securities market. To improve confidence in the market Deutsche Börse introduced new rules last year to delist insolvent companies and firms with a share price of less than €1 and a market capitalisation of less than €20m ($19.4m) for a specified period of time. However, the exchange has been forced to suspend the penny stock delisting rules after some of the affected companies took legal action.