The nearest company is smooth on the Vienna real estate market. The Vienna Commercial Court opened a bankruptcy procedure for Brüder Riha Vermödeverswaltungsgmbh on Wednesday. The company, which was founded in 2013, has various subsidiaries.
The debts are around 25 million euros. According to the Loan Protection Association (KSV), the real estate portfolio of the debtor consists of ten interest rates, a house with one family, a real estate and numerous apartment packages. The Alpine Officer Association (AKV) said that a bankruptcy procedure had been requested for a total of 15 companies. The ownership of the daughter Greal would have another 66 property in Vienna, Lower and Upper Austria.
25 creditors are affected, especially banks. Since many other real estate groups are also insolvent, there is currently an upper offer of real estate, the company said. This led to a “massive devaluation of the individual objects”.
The lawyer Ulla Reisch, who is supposed to liquidate the group of companies, was appointed as a mass manager. A continuation is not being sought. The status of the investigation and the report is planned for July 16.
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.
