Two companies in the construction sector in Upper Austria are insolvent, as reported by the creditor protection associations KSV1870 and AKV: MA-Bau in Gallspach and Mareiner Altholz in Schlierbach. In both cases, the debtors themselves filed for bankruptcy on Monday.
At the construction company MA-Bau, 18 employees and around 100 creditors are affected. Assets of around 103,000 euros are offset by liabilities of 3.1 million euros. The company only changed its name from my home to MA-Bau at the beginning of September, and the headquarters were moved from Marchtrenk to Gallspach. The reasons for the bankruptcy are said to be the poor development in single-family home construction and the lack of publicly announced support.
Nine employees and around 60 creditors are affected at the building materials dealer Mareiner Altholz. Assets of around 780,000 euros are offset by liabilities of 2.8 million euros. The company is part of the Styrian Mareiner Group. Bankruptcy proceedings have been filed in Leoben for two other companies in the group. The reasons for the bankruptcy are said to be massive increases in wage costs, start-up difficulties with a new three-layer panel production facility and negative market developments.
Both companies are to be closed and liquidated by the insolvency administrator.
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What are the main reasons behind the insolvency of MA-Bau and Mareiner Altholz in Upper Austria’s construction sector?
Upper Austria Construction Sector Hit by Insolvency: Two Companies File for Bankruptcy
The construction sector in Upper Austria has been dealt a significant blow with the insolvency of two companies, MA-Bau in Gallspach and Mareiner Altholz in Schlierbach. According to reports from creditor protection associations KSV1870 and AKV, both companies filed for bankruptcy on Monday, citing various reasons for their financial difficulties.
MA-Bau: Poor Single-Family Home Construction and Lack of Public Support
MA-Bau, a construction company that changed its name from “My Home” to MA-Bau at the beginning of September, has been hit hard by the poor development in single-family home construction and the lack of publicly announced support. The company, which has its headquarters in Gallspach, has assets of around €103,000 but liabilities of a staggering €3.1 million. This has resulted in 18 employees and approximately 100 creditors being affected by the bankruptcy.
Mareiner Altholz: Wage Cost Increases, Start-Up Difficulties, and Negative Market Developments
Mareiner Altholz, a building materials dealer in Schlierbach, has also fallen victim to insolvency. The company, which is part of the Styrian Mareiner Group, has assets of around €780,000 but liabilities of €2.8 million. The reasons for the bankruptcy are said to be massive increases in wage costs, start-up difficulties with a new three-layer panel production facility, and negative market developments. Nine employees and around 60 creditors are affected by the insolvency.
Closure and Liquidation of Both Companies
Both MA-Bau and Mareiner Altholz are set to be closed and liquidated by the insolvency administrator. This comes as a blow to the construction sector in Upper Austria, which has already been experiencing difficulties in recent times.
Impact on the Construction Sector in Upper Austria
The insolvency of these two companies is likely to have a significant impact on the construction sector in Upper Austria. The sector is already facing challenges such as a shortage of skilled workers, rising material costs, and increasing competition. The loss of two major players in the sector is likely to exacerbate these challenges and lead to further consolidation in the industry.
Conclusion
The insolvency of MA-Bau and Mareiner Altholz is a significant blow to the construction sector in Upper Austria. The reasons for the bankruptcy, including poor single-family home construction, lack of public support, wage cost increases, start-up difficulties, and negative market developments, highlight the challenges facing the sector. As the industry navigates these challenges, it is essential for companies to adapt and innovate to remain competitive.
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Liquidation
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Two companies in the construction sector in Upper Austria, MA-Bau and Mareiner Altholz, have filed for bankruptcy citing various reasons for their financial difficulties. The insolvency is set to have a significant impact on the sector, exacerbating existing challenges and leading to further consolidation.
– What are the economic impacts of the recent bankruptcies of MA-Bau and Mareiner Altholz on Upper Austria’s construction industry?
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Insolvency in Upper Austria’s Construction Sector: Two Companies Go Bankrupt
The construction industry in Upper Austria has been hit by a wave of insolvency, with two companies, MA-Bau and Mareiner Altholz, filing for bankruptcy on Monday. This news comes as a shock to the sector, which has been struggling with various challenges in recent months.
MA-Bau: A Victim of Poor Single-Family Home Construction and Lack of Support
MA-Bau, a construction company based in Gallspach, has been forced to close its doors due to financial difficulties. The company, which was previously known as “Mein Zuhause” (My Home), had changed its name to MA-Bau just a few months ago, in September. Unfortunately, the rebranding efforts were not enough to save the company from bankruptcy.
According to reports, MA-Bau has liabilities of approximately 3.1 million euros, with assets of only around 103,000 euros. The main reasons behind the company’s insolvency are attributed to the poor development in single-family home construction and the lack of publicly announced support.
Mareiner Altholz: Wage Costs and Start-up Difficulties Prove Fatal
Mareiner Altholz, a building materials dealer based in Schlierbach, has also filed for bankruptcy. The company, which is part of the Styrian Mareiner Group, has been struggling with massive increases in wage costs, start-up difficulties with a new three-layer panel production facility, and negative market developments.
The company has liabilities of around 2.8 million euros, with assets of approximately 780,000 euros. Bankruptcy proceedings have been filed in Leoben for two other companies in the Mareiner Group.
Consequences for Employees and Creditors
The insolvency of both companies will have significant consequences for employees and creditors. At MA-Bau, 18 employees will be affected, while Mareiner Altholz has nine employees who will be impacted by the bankruptcy. In addition, around 100 creditors are affected by MA-Bau’s insolvency, while Mareiner Altholz has around 60 creditors.
Insolvency Administrator to Liquidate Assets
The insolvency administrator will be responsible for liquidating the assets of both companies in an effort to pay off creditors. Unfortunately, this will likely involve the closure of both businesses, leading to further job losses and economic instability in the region.
What are the main reasons behind the insolvency of MA-Bau and Mareiner Altholz in Upper Austria’s construction sector?
The insolvency of MA-Bau and Mareiner Altholz is a stark reminder of the challenges facing the construction industry in Upper Austria. The main reasons behind their insolvency include:
Poor development in single-family home construction
Lack of publicly announced support
Massive increases in wage costs
Start-up difficulties with new production facilities
Negative market developments
These challenges highlight the need for the construction industry to adapt to changing market conditions and to find new ways to stay competitive in a rapidly changing market.
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