Bitter news for the employees of a Tyrolean building company at the start of the new week. As the Credit Protection Association announced from 1870 on Monday, an insolvency procedure at the Regional Court of Innsbruck was opened via the assets of the company “BAU + Stahl GmbH” based in Kirchbichl.
“The debtor works in the construction sector and with iron displacement and iron trade,” the KSV1870 reported in a broadcast. 19 employees are currently employed by the company.
Slide -orders situation, raised prices
According to the company, the cause of the bankruptcy is due to the falling order situation and the increased prices on the purchasing market. “Whether the bankruptcy administration can continue the debtor company without further disadvantages for the creditors will be shown,” the credit protection association continued.
Can the operation continue?
This decision will be taken quickly. In particular, it is still to be seen “whether the debtor can clearly present that continuing with economically solid legs can be continued.”
The KSV1870 concludes that there is currently no renowned information about the amount of the outstanding obligations.
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.
