“A significant proportion of the liabilities are likely to be due to tax arrears (mineral oil tax),” explained Jürgen Gebauer from KSV1870 in a broadcast on Tuesday. In addition, at the beginning of the corona pandemic in March 2020, there was a dramatic collapse in the world oil market price.
According to the commercial register (“Wirtschafts-Compass”), Luca Saracino is the sole shareholder of LU & NO Aktiengesellschaft. On Tuesday, the Vienna Commercial Court opened bankruptcy proceedings over the assets of LU & NO AG. 46 creditors and 5 employees are affected by the insolvency.
With sales of 1.78 billion euros in the 2021/22 financial year, LU & NO AG’s loss amounted to 138.4 million euros, according to the annual financial statements filed in the commercial register. The company had been active in wholesale since 2016, trading in diesel oil purchased internationally. According to the Kreditschutzverband von 1870 (KSV), the sale of mineral oil to Austrian companies was stopped in January 2022. Since then, LU & NO AG has only traded through its branch in Hamburg. In the meantime, however, the company’s business activities were completely stopped.
The Viennese lawyer Helmut Platzgummer was appointed as the company’s insolvency administrator. The reporting and audit meeting will take place on February 14, 2024. Affected creditors can register their claims at the Vienna Commercial Court by January 31, 2024.
