125 jobs affected

KSV: Market for photovoltaic systems collapsed

Several photovoltaic companies in Lower Austria are insolvent. Reorganization proceedings without self-administration have now been opened for suntastic.solar Holding GmbH and Suntastic.Solar Handels GmbH at the Korneuburg Regional Court.

The market for photovoltaic systems had "surprisingly collapsed" in the previous year, KSV1870 announced in a press release on Monday. The business situation had deteriorated further in 2024.

The bankruptcy currently affects 125 employees and around 400 creditors of suntastic.solar Holding GmbH and Suntastic.Solar Handels GmbH. According to the creditor protectors, the liabilities amount to EUR 13 million (Holding) and EUR 26 million at Handels GmbH. suntastic.solar Installations GmbH and Pvk.solar Montage GmbH are in bankruptcy.

According to the company, sales revenues at Suntastic.solar Handels GmbH have risen from EUR 16 million in 2020 to around EUR 125 million in 2023. The warehouse can now only be valued at a discount of around 75 percent, according to the Alpenländische Kreditorenverband (AKV). The coronavirus pandemic and supply bottlenecks are also considered to be causes of insolvency.

Partial closure expected
The company employs 80 people. According to AKV, a partial closure is to be expected, in the course of which 42 employment contracts are to be terminated. More than 330 creditors are affected by the insolvency. The assets were valued at 3.3 million euros. Founded in 2004 as Monitors & More IT Handels GmbH, the company was renamed Suntastic.Solar Handels GmbH in 2015. The photovoltaic wholesaler implements projects including consulting and commissioning for companies and private individuals. It offers around ten product groups and over 1,400 items.

Enormous bad debts
The holding company - also based in Bisamberg (Korneuburg district) - administers and manages the investments in companies belonging to the suntastic.solar Group. In the course of the bankruptcy of suntastic.solar Handels GmbH, the company was confronted with high bad debt losses and an associated value adjustment. The holding insolvency affects 45 employees, 22 of whom are reportedly to remain with the company. According to KSV1870, 60 creditors are also affected. According to the AKV, the assets were valued at around EUR 1.22 million.

In both cases, the restructuring plan provides for a minimum quota of 20 percent, payable within two years of acceptance. The report and audit hearing will take place on July 10, the restructuring plan hearing is scheduled for August 28. According to AKV, the proceedings concerning Pvk.solar Montage GmbH with 28 employees have already been opened, with liabilities amounting to just under EUR 1.4 million. Bankruptcy proceedings were filed for suntastic.solar Installations GmbH on Monday.