The creditor protection associations AKV and KSV1870 reported this in broadcasts on Thursday. The company, founded in 2019, was active in the field of real estate development and purchased properties, developed projects and sold terraced houses or semi-detached houses.
Some projects were only realized at a loss
The main cause of the insolvency is stated in the company’s own insolvency application: due to several unreliable construction managers, some projects might only be realized at a loss. Expensive multiple planning became necessary, which further worsened the debtor’s already tense financial situation due to the generally difficult situation in the real estate industry.
Loans for new projects were not forthcoming and the house bank made a loan due: This led to insolvency. The liabilities amount to around two million euros, there is no information regarding the assets. The managing director is affected by the bankruptcy; there are no employees. The company is to be closed.
