Parzermair RFE strands with EUR 3.46 million excessive debts
Major insolvency in Upper Austria: Parzermair RFE – special transport and logistics company strikes its sails
At the regional court Landesgericht Wels the bankruptcy proceedings about the assets and liabilities of the Parzermair RFE – Sondertransport und Logistik GmbH company (headquartered in Schwanenstadt) was opened on 1 March 2011. The insolvency of the specialist for heavy and special transportations affects 35 employees and around 190 creditors. According to the association for the protection of creditors KSV 1870 liabilities amount to EUR 4.3 million, while assets amount to about EUR 823,300. The trigger of the insolvency were massive losses in turnover resulting from the general economic crisis. Demand declined particularly in the technical engineering, facility engineering and building material industry. Thus turnover for the business year 2009/10 slumped 35 per cent and they generated a loss for the first time. KSV 1870 describes the breakdown of the company as follows: „Caused by an extremely fierce competition, which led to a price collapse in the branch as a whole, they took several measures in summer 2010 supported by an external consulter, to secure the further positive existence of the indebted company. In spite of a considerable reduction of the staff it was not possible to increase turnover, which resulted in an excessive debt of around EUR 3.46 million.“ Quelle: LogEastics |