Consequence of the crisis

Multi-million bankruptcy in the construction industry

Restructuring proceedings with self-administration have been opened for the assets of Rankweil-based property developer and real estate agent "Inside96" GmbH. 

Restructuring proceedings with self-administration have been opened at the Feldkirch regional court for the property developer and real estate agent "Inside96" GmbH in Rankweil. According to the company, debts of 15.3 million euros are offset by assets of 14.6 million euros, as reported by KSV1870 on Tuesday. Five employees are affected.

According to Managing Director Josef Welte, the insolvency is due to the fact that the effects of the economic crisis have intensified considerably. The company has been hit particularly hard by the KIM regulation and has suffered a sharp drop in orders. This was compounded by the high interest burden and the sharp rise in construction prices.

The company was founded in spring 2017 with a focus on real estate project development in urban areas. In 2021, it expanded to include construction management for its own projects. This required the purchase of properties and the assumption of total takeover orders.

30 percent is planned
The company's restructuring plan provides for 30 percent, payable within two years of acceptance of the restructuring plan. This is to be generated through the continuation of the company, which owns numerous properties.

Restructuring plan under review
KSV1870 is currently reviewing the appropriateness and feasibility of this restructuring plan. Creditor claims can be filed via KSV1870 until 20.06.2024. The bankruptcy hearing will take place on July 4 at the regional court.