Next Bitter Million Dollar Bankruptcy in Upper Austria! The company M-Tron from Bad Leonfelden had to file for bankruptcy with a loss of 26 million euros. After the death of a director, an accountant discovered the problems.
Upper Austrian M-Tron GmbH, an elevator installer active in steel construction, filed for restructuring proceedings without self-administration at the Linz Regional Court on Thursday. At the end of 2022, the Bad Leonfelden-based company still had positive equity of 1.8 million euros, KSV1870 and the Alpine Creditors Association report. After all, assets of 313,000 euros are offset by liabilities of 26.2 million euros.
The accountant has taken action
After the positive annual accounts for 2022, an accountant was called in. There may have been complaints about a number of balance sheet items that were reflected in the annual accounts. The result was a negative equity of 26.2 million euros.
Renovation planned
After the death of one director, the other engaged a restructuring advisor to develop a suitable concept, the credit protectors said. However, it turned out that restructuring could only be achieved through bankruptcy. 73 employees are affected. The plan is to continue the business.
Source: Krone
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