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Insolvency proceedings opened for metal technology company from St. Stefan
Bankruptcy proceedings were opened in Klagenfurt for ESS GmbH, which was founded in 2021. Financial difficulties due to poor execution of orders affect 36 creditors.
Insolvency proceedings opened for metal technology company from St. Stefan
In Klagenfurt, the regional court has opened bankruptcy proceedings over ESS GmbH, a company that was founded at the end of 2021 in the metal technology sector. The company with managing director Damir Salihovic, based in St. Stefan, mainly worked on work orders and relied on subcontractors for the execution. However, extensive payments were not made due to significant deficiencies in order execution, which placed a heavy burden on the company's financial stability.
The situation escalated when a significant order worth 125,000 euros from Germany was not paid due to poor performance. There was also another order in Völkermarkt to build a production hall, which was worth 450,000 euros. Here the payment was also not made due to quality defects. These defaults resulted in an enormous financial burden, particularly in relation to VAT obligations, which the company was unable to cover. The Austrian tax office is one of the main creditors in this procedure.
Insolvency details and creditor protection
A total of 36 creditors and one employee are affected by the bankruptcy. The company's liabilities amount to approximately 369,500 euros, while its assets are only 260,500 euros. This leads to financial over-indebtedness of around 109,000 euros. Herbert Juri, a lawyer from Wolfsberg, was appointed as insolvency administrator. ESS GmbH's operations are already closed, and the first creditors' meeting and the audit meeting are scheduled for January 21st at the Klagenfurt Regional Court.
The initiation of bankruptcy proceedings highlights the challenges that new businesses can face, particularly when contract performance does not meet expectations, thereby jeopardizing financial obligations. Developments in this case require careful monitoring as they could impact the affected parties while the legal steps to wind up the company are initiated.