No Continuation

Millions in Bankruptcy for Innviertel Window Manufacturer

Operations have already been shut down, and most of the machinery has been sold.(Bild: Christof Birbaumer)

The bankruptcy of a business partner is now having serious consequences for a long-established carpentry business in Franking (Upper Austria). Bankruptcy proceedings were initiated on Monday at the Ried Regional Court against Huber-Fenster Bau- und Möbeltischlerei GmbH. Six employees and twelve creditors are affected.

According to KSV1870, the company’s liabilities amount to approximately 1.014 million euros. This is offset by assets of approximately 600,000 euros. According to the debtor, about 400,000 euros of this amount is attributable to a piece of real estate, with another 200,000 euros representing outstanding customer receivables.

Bankruptcy of Another Window Manufacturer as the Trigger
The trigger for the bankruptcy is said to have been, of all things, the insolvency of another window manufacturer. The company cites the bankruptcy of IPM Schober Fenster GmbH as the main reason for its own bankruptcy filing. As a result, Huber Fenster had to write off approximately 400,000 euros—a loss that the company apparently could no longer absorb. 

Operations Have Already Been Shut Down
There is likely no future left for the company, which was founded in late 1998. Operations have already been shut down, and most of the machinery has been sold. “Since there is neither a positive prognosis for the company’s continued existence nor sufficient liquid assets for a reopening, it is to be assumed that the company will be closed and its assets liquidated by the bankruptcy trustee,” explains KSV1870 expert Alexander Meinschad.

Creditors can still file their claims until November 4. The first creditors’ meeting, as well as the reporting and audit meeting, are scheduled for November 18 at the Ried Regional Court.