Remediation proceeding at Connect forwarding (Wels)
Lack of orders, branch-caused price collapse and declines in turnover force Connect forwarding company (Wels) into its knees
On 4 February 2011 remediation proceedings without self-administration about the assets and liabilities of Connect Speditionsgesellschaft m.b.H., active in the special and heavy transport segment, was opened at the regional court Landesgericht Wels. The debtor has filed a remediation plan, stipulating a quota of 20 per cent, payable within two years from acceptance of the plan, as the association for the protection of creditors KSV 1870 reports in a press release. The Landesgericht Wels scheduled the date for the voting about the proposed remediation plan for 7 April 2011. Registration deadline for the around 70 creditors is 25 March 2011. According to the insolvency application the enterprise has assets at the amount of around EUR 581,000, while liabilities total EUR 2.7 million. The management considers lack of orders, declines in turnover and the strained competitive situation as reasons for the insolvency. Fifteen from lately 18 employees have declared their early withdrawal as a consequence of detention of their claim for remuneration. The debtor shows interest in continuing the forwarding segment. The transport segment was abandoned and shut down. Quelle: LogEastics |