The Credit Protection Association of 1870 has now officially reported what has been clear for days: the illustrious Kitzbüheler company kitzVenture is insolvent. How the company will continue is still in the stars.
Just a few days ago, the Kitzbüheler company kitzVenture itself filed for bankruptcy. The Credit Protection Association of 1870 has now reported that insolvency proceedings have actually been opened against the company founded in 2015 with 90,000 euros. That was decided by the responsible judge on Thursday.
The commitments of EUR 2.9 million already mentioned have been confirmed. The Alpine Association of Creditors (AKV) speaks of about 140 creditors. Four employees were also affected.
Connections to Wacker Innsbruck and President
According to KSV, the debtor holds shares in Baron von Modrach GmbH (35 percent) and in kitzTrust GmbH (85 percent). Wacker president Hannes Rauch appears in the commercial register as a director of both companies in which the debtor holds shares. As is known, kitzVenture was presented on October 20 last year as the main sponsor of the traditional Tyrolean football club (3 years each 100,000 euros).
According to KSV, the 2021 annual accounts did not show any dramatic development. On the contrary: Officially there was even a “considerable surplus”.
Continue or will the final end follow?
What’s next? In such cases, the question now is whether the bankruptcy board can continue its activities without further disadvantages for the creditors. “This decision must be taken quickly,” said Klaus Schaller from KSV in Tyrol. Comprehensible plans are needed on how to stand on economically sound feet in the coming weeks and months.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
