Several photovoltaic companies in Lower Austria are bankrupt. Non-self-administration reorganization proceedings have now been opened at the Korneuburg Regional Court through suntastic.solar Holding GmbH and Suntastic.Solar Handels GmbH.
Last year, the market for photovoltaic systems “surprisingly collapsed,” KSV1870 said in a press release on Monday. In 2024, the business situation deteriorated further.
The bankruptcy currently affects 125 employees and approximately 400 creditors of suntastic.solar Holding GmbH and Suntastic.Solar Handels GmbH. According to creditor protectors, the debts amount to 13 million euros (Holding) and 26 million euros at Handels GmbH. suntastic.solar Installations GmbH and Pvk.solar Montage GmbH are bankrupt.
According to the company, the turnover of Suntastic.Solar Handels GmbH has increased from 16 million euros in 2020 to approximately 125 million euros in 2023. The Alpine Creditors Association (AKV) reports that the warehouse is now only available at a discount of around 75 percent can be appreciated. Other causes of insolvency are the corona pandemic and supply bottlenecks.
Partial closure expected
There are 80 employees working there. According to AKV, a partial area closure is expected, resulting in the termination of 42 employment relationships. More than 330 creditors are affected by the bankruptcy. The assets were valued at 3.3 million euros. Founded in 2004 as Monitors & More IT Handels GmbH, the company was renamed Suntastic.Solar Handels GmbH in 2015. The photovoltaic wholesaler carries out projects including advice and commissioning for companies and private individuals. Approximately ten product groups and more than 1,400 items are offered.
Huge bad debts
The holding company – also located in Bisamberg (Korneuburg district) – manages and manages investments in companies of the suntastic.solar group. In the aftermath of the bankruptcy of suntastic.solar Handels GmbH, the company was confronted with high bad debts and an associated value adjustment. 45 employees are affected by the holding company’s bankruptcy, 22 of whom will remain with the company. According to KSV1870, 60 creditors are also affected. According to the AKV, the assets were valued at approximately 1.22 million euros.
In both cases, the restructuring plan provides for a minimum quota of 20 percent, payable within two years of acceptance. The reporting and audit meeting will take place on July 10, the renovation plan meeting is scheduled for August 28. According to AKV, the procedure against Pvk.solar Montage GmbH with 28 employees has already been opened; the debts amount to almost 1.4 million euros. Bankruptcy proceedings for suntastic.solar Installations GmbH were filed on Monday.
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.
