37 creditors

Family business slides into insolvency

There is currently an increasing number of company insolvencies.

(Bild: © Markus Mainka (www.aviation-stock.de))

Another insolvency in Burgenland: the earthworks company Gruber & Söhne from Bad Sauerbrunn has slipped into bankruptcy. The total claims amount to almost 800,000 euros

The company was also active in gardening and landscaping as well as the construction of sewer and house connections, natural pools, chlorine and saltwater pools. At least 37 creditors are affected by the insolvency. The total claims amount to around 768,000 euros.

Consequences of the corona crisis
According to Alpenländische Kreditorenverband, the collapse in assets was due to substantial investments during the coronavirus pandemic, which ultimately proved to be unfinanceable during the period of sharply rising interest rates and the almost complete collapse of one of the debtor's market segments, single-family house construction.

Continuation planned
The aim is to continue the company as a going concern. Debt is to be reduced as part of a restructuring plan. According to the current restructuring plan, creditors are to receive a 20% quota to satisfy their claims, payable within two years. The insolvency administrator is the law firm Kosch & Partner in Eisenstadt.