The bankrupt vulture struck mainly in Salzburg’s retail and car repair companies this year. Compared to the other states, Salzburg is not doing badly with an 11 percent increase in business bankruptcies.
The number of company bankruptcies is increasing. In the first three quarters of this year, 150 insolvency proceedings were opened in Salzburg. That is 11.11 percent more than in the same period last year. Only in Lower Austria was the increase lower, namely 10.85 percent.
According to the Alpine Creditors Association, most bankruptcies in Salzburg occurred in the retail and car repair sectors. The construction sector and the catering sector follow in second and third place. Nearly a third of annulled bankruptcies ended with the acceptance of a restructuring proposal. In 18 cases (16.98 percent) no quota was paid out to creditors at all.
Major bankruptcies put hundreds of jobs at risk. Four proceedings were opened in Salzburg, each putting more than a hundred jobs at risk. The four were Windhager Zentralheiz Technik GmbH, Esprit Handelsgesellschaft, Windhager Zentralheiz GmbH and Weiss GmbH.
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.
