On 2 December, bankruptcy proceedings about the assets of Engljähringer GmbH, 4873 Frankenburg, Neukirchner Straße 17 were opened at the regional court Landesgericht Wels. This was announced in a press release by KSV 1870, the association for the protection of creditors.
The insolvency affects 11 employees and 52 creditors. The liabilities are specified with EUR 286,000. A controlled closure of the company is planned.
The roots of the Upper Austrian traditional company reach back to the year 1951. In 2009 they decided to expand and extend the service range. 50 double-decker semitrailers were purchased, allowing loading on two levels and increasing the cargo capacity by one third. 40 of these special semitrailers were sold subsequently to leasing companies for financing.
Health problems forced the management board to reduce the business volume and the tractor fleet in 2015. The resulting decline in sales could only be offset with cash reserves.
Due to lower sales the monthly lease payments and salaries could no longer be financed from the current operations. Despite a good equity ratio they were no longer able to pay off the debts and had to file for insolvency.
Mag Dominik Maringer, lawyer in 4840 Vöcklabruck was appointed insolvency administrator. The first meeting of creditors and general examination hearing was scheduled for 16 February 2017.