Insolvency of Logistiksysteme Ylog GmbH
Specialist for goods storage managment Ylog not able to implement facilities in China and Russia due to excessive debts
On August 19 bankruptcy proceedings about the assets and liabilities of Ylog GmbH based in Dobl were opened at the regional court Landesgericht Graz, due to excessive debts and the failure of out-of-court rehabilitation efforts. Liabilities of EUR 5.7 million are opposed to assets of EUR 93,000 (excluding proprietary rights), informs the Austrian association for the protection of creditors KSV 1870. Established in 2007 the company developed a new technology for efficient and flexible goods storage management.
The reason for the insolvency is too rapid growth and insufficient adaptation of the organisational structures. According to the company management delays in the start of operation of new facilities was another reason for liquidity problems. Apart from orders from Germany, they also wanted to implement projects in Sweden, Russia and China.
The insolvency affects 30 employees and 166 creditors. The company shall be closed and turned to account the best way possible. Registration period for creditors ends on October 3, 2013. The first meeting of the creditors is scheduled for September 5, 2013, hearing was scheduled for October 17, 2013.
Quelle: LogEastics
Portal: www.logistik-express.com