Insolvency shock: MGLASS GmbH submits a bankruptcy application - 69 employees!

Insolvency shock: MGLASS GmbH submits a bankruptcy application - 69 employees!

The "MGLASS GmbH", a construction company with three locations in Austria, has again submitted bankruptcy. This is the second time that the company is insolvent. The bankruptcy proceedings were requested at the Linz regional court because the company's financial situation is assessed as unsustainable. The bankruptcy is due to the persistently inadequate recovery of the construction industry and a lack of sales. "MGLASS GmbH" currently employs 69 employees, including 39 workers and 30 employees who have received their wages and salaries up to and including February 2025, but have to wait for the salary for March. According to 5min.at it is also unclear whether applications are made in this context.

The "MGLASS GmbH" was founded on July 2, 2018 and offers services in the areas of solid construction, timber construction, roofing and facade construction. Holzhaider Verwaltungs-GmbH has been responsible as a sole shareholder since December 2024. A previous insolvency proceedings had ended with a 20 percent renovation plan, of which 5 percent were already paid. However, the company would have had to apply around six million euros for a second, 15 percent sub-quota by December 2025. While the company's assets are around 2.1 million euros, the liabilities amount to around 40 million euros. According to the application, a continuation of the company cannot be represented and a closure is planned.

bankruptcies as an increasing phenomenon

The situation of "MGLASS GmbH" is part of a larger trend in the company sector. In 2024, 21,812 companies registered bankruptcy in Germany, which represents an increase of around 4,000 compared to the previous year. The bankruptcy number rose by 22.4%, similar to in 2023. As reasons for the increase in bankruptcies, current and earlier crises are cited that many companies have hit hard. According to ifm bonn , especially companies that have been on the market for at least three or eight years, an increasing number of insolvency applications.

A total of around 270,000 commercial companies and an estimated 90,000 freelance activities were hired in 2024. While some of these closures are due to bankruptcies, dead density itself is the bankruptcy itself a frequent form of corporate closure, which does not make up the majority of the cancellations. Only about 6% of all corporate closures are caused by bankruptcies, a share that doubles when the insolvency proceedings of former self -employed are included.