Annual budget 2023 | St. Vit Enterprises went bankrupt for €42 million

In 2023, 16 insolvency proceedings were opened by companies in the St. Fayette area. These procedures consist of 13 bankruptcy procedures, two restructuring procedures without self-management and one restructuring procedure with self-administration. In addition, six other insolvency applications did not result in the opening of proceedings due to the debtors’ lack of assets. “In total, there are 22 insolvent companies. This roughly corresponds to the previous year’s level,” said Barbara Wiesler Hofer, head of the KSV1870 site in Carinthia. In 2022, 23 companies in the region were insolvent.

“The number of openings increased by seven cases, and the number of rejections due to lack of assets to cover costs decreased by eight cases compared to the previous year,” the insolvency expert analyzes. This is welcome from a creditor protection perspective, as it represents an important step towards greater transparency in the economy. If the number of rejections decreases, this is a good sign because it can be assumed that instead of no opening, there will be an open procedure. “This makes regeneration possible again,” says Fessler Hofer.

The largest insolvency cases in Carinthia

Liabilities of €42.43 million increased significantly compared to the previous year (in 2022 they were €3.7 million). With the bankruptcy of Energetica Industries GmbH from Liebenfels with liabilities of 19 million euros and Peak Power Holding GmbH, also of Liebenfels, with liabilities of ten million euros, the St. Veit insolvency statistics in Carinthia. The second largest bankruptcy case in the region was that of the trading company GHL Vertriebs GmbH from Treibach-Althofen with liabilities of 4.14 million euros.

Prospects

KSV1870 It is assumed that the number of corporate bankruptcies will increase next year. “We are still in the normalization phase of insolvency events, but economic conditions are putting greater pressure on companies than usual,” explains Fiesler-Hofer.