Million dollar bankruptcy of a property development company

“The applicant has already agreed to close the company in its own application,” says Creditreform.

“Management takes the following position on the question of whether there is over-indebtedness within the meaning of the Bankruptcy Code: There is no over-indebtedness. Hidden balances in assets exceed negative equity. Also, there is a positive earnings expectation. This results in a positive value when calculating liquidation values. For the preparer of the balance sheet under the Bankruptcy Code, The order to revise the over-indebtedness is not issued in the sense of Section 225 paragraph 1 UGB,” it says in an appendix to the 2022 balance sheet. SEG Urban Renovation and Condominium Company mbH

Now it was About assets SEG Urban Renovation and Condominium Company mbH Weiner initiated bankruptcy proceedings based on Neudorf. Venka Stojnik from the association confirms this Debt reform Courier.

The company was established in 1957 and is active in the property development sector, among others. According to the company's own application, the liabilities are around 2.95 million euros. In 2022, the accumulated loss is 3.92 million euros

Background

“In 2006, bankruptcy proceedings were initiated against the company's assets, which were legally removed after the adoption of a compulsory settlement in 2008. Since then, no new projects have been implemented. Only existing projects have been completed,” it continues. Payments are permanently suspended due to the uncertainty of whether the loan can be repaid.

The company does not employ any employees. According to the List of Creditors, five debtors are affected by bankruptcy. “The applicant has already agreed to close the company in its own application,” says Creditreform.

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Prominent lawyer turned bankruptcy administrator Michael Lentsch ordered.

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