Int. Transporte Kriechbaum files for insolvency

Creditors to decide upon the destiny of Int. Transporte Kriechbaum based in Perg by the end of September
 
The self-administered remediation process about the assets and liabilities of Int. Transporte Erika e.U., based in the municipality Perg, Upper Austria, was opened at the regional court Landesgericht Linz on 5 July. The insolvency affects about 40 creditors. The reasons stated are high external financing costs and too small profit margins. According to the Austrian association for the protection of creditors Gläubigerschutzorganisation KSV 1870 the company’s liabilities amount to about EUR 548,700, while assets amount to EUR 294,800.
 
The Perg-based family enterprise can look back on a 30 years, colourful company history. In 2005 the company had to file for insolvency at the Landesgericht Linz due to increasing fuel and vehicle costs, and the resulting losses. In 2007 this was repealed after a quota of about 11 per cent was paid to the creditors.
 
Since the loss of a longstanding customer in 2008, the company was concentrating on providing transport services for the chemicals and building materials industry. Profits were moderate and continuously declining as a result of high fuel prices.
 
In the course of the process creditors will be offered a 30% remediation plan, payable in 3 partial quotas of 10 per cent within one month, one year and 2 years from acceptation of the plan. Financial means required to fulfil this quota shall be generated through continuation of business. The creditors will decide upon this proposal on 28 September 2012 at the Landesgericht Linz.

Quelle: LogEastics

Portal: www.logistik-express.com