22 employees
Tyrolean electrical company slides into insolvency
The electrical installation company Zanolin from Rum has gone bankrupt. Restructuring proceedings are to be opened for the company, which has 22 employees, at the Innsbruck regional court.
The company founder has personally applied to the regional court for the opening of restructuring proceedings without self-administration, and the insolvency court is now examining whether all requirements for the opening of proceedings are met. This was announced by the Kreditschutzverband von 1870 in a press release on Tuesday.
Difficulties due to orders and delays
According to KSV1870, there is still no reliable information on how the bankruptcy came about. According to the application to open insolvency proceedings, however, there were difficulties with the invoicing of a large order. A very large customer is currently not paying and is asserting claims. In addition, the coronavirus pandemic has repeatedly led to project delays, which in turn have led to cost-intensive liquidity bottlenecks.
Debts amounting to 3.7 million euros
The company founder estimates liabilities of around 3.7 million euros. A large part of this is due to banks. KSV1870 explained that it remains to be seen whether an insolvency administrator can continue to run the indebted business without further damage to the creditors. There are plans to bring in an investor.
Creditors can already assert their claims against the company via KSV1870.
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