3.75 million in debt

Styrian construction company files for insolvency

The Graz-based company H2 Hochbau GmbH has to file for insolvency due to financial difficulties. 107 creditors are affected. However, the company is seeking to continue as a going concern, which is why a restructuring procedure has been applied for.

In Styria, one company insolvency follows another. This time it has hit H2 Hochbau GmbH. The Graz-based company was founded in 2010 and was primarily involved in the construction of apartment buildings and residential complexes. But then the ongoing crises and high outstanding revenues caused it to falter. It had to file for insolvency, as announced by KSV1870.

Restructuring proceedings planned
Debts of 3.75 million euros are now offset by assets of 1.14 million euros. A total of 14 employees and 107 creditors are affected by the economic crisis. However, restructuring proceedings are being sought. "The restructuring administrator to be appointed will now have to examine whether continuation is in the interests of the creditors and whether the restructuring plan submitted can be adhered to," says Brigitte Peißl-Schickmair, Head of Corporate Insolvency Graz.