“Stadtbaumeister Wagner + Partner Consulting GmbH” is a traditional Salzburg company. Originally founded in 1902, the company is a fourth-generation family business. Now they were sliding towards bankruptcy.
According to the Credit Protection Association (KSV 1870), the bankruptcy procedure opened on Friday. About 120 creditors are affected. According to KSV, the bankrupt company has accumulated debts of almost 2.83 million euros. Still, the company believes in its survival. “According to the debtor, a restructuring seems realistic at the time of the application. The company is currently active. “We now have to wait and see which application for a composition will be presented to the unsecured creditors,” says the KSV.
The company itself justifies the bankruptcy with “surprising bad debts”. In addition, there were payment arrears on various construction projects.
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.
