Insolvency in Graz

Graz company goes bankrupt: 120 employees laid off

Insolvency proceedings are opened (symbolic image).

(Bild: Marco2811 - stock.adobe.com)

The Graz-based employer PHP Management has filed for bankruptcy proceedings at the regional court. The civil engineering, road renovation and pipe-laying company had to register 120 employees with the AMS and is also facing debts of 4.1 million euros.

The series of insolvencies continues: this time it is a company in Grabenstraße in Graz - PHP Management. The debtor, a master builder, has filed for bankruptcy proceedings itself.

On its website, the company describes itself as a "partner for civil engineering projects, the rapid laying of a wide variety of pipes and the renovation of roads, verges and paths". The focus was on laying fiber optic cables and the associated excavations.

Over four million euros for schools
According to the managing director, the main client changed its terms and conditions in the spring of this year, which caused the business to falter. "It can be assumed that the company will be closed as part of the forthcoming insolvency proceedings. There are probably no plans to restructure this company," writes the Kreditschutzverband von 1870.

A hard blow for the 120 or so employees who are now being registered with the AMS. In addition, debts amounting to around 4.1 million euros are outstanding. This compares to assets of just over 500,000 euros. Creditors can now assert their claims.