Bankruptcy proceedings were opened today, Monday, at the Wels regional court over the assets of iSteel Metalltechnik GmbH from Thalheim near Wels. This is what the creditor protectors KSV1870 and AKV report. Accordingly, 22 employees and 85 creditors are affected. Liabilities of 1.185 million euros are compared to assets of 110,000 euros. The company will not be continued.
iSteel was founded in 2016 and worked almost exclusively as a contract manufacturer for the furniture and metal industries. According to the application, profitability has deteriorated dramatically this year. A laser cutting machine purchased in 2019, which cost around one million euros, had technical problems, which resulted in prolonged production downtimes. This resulted in losses of 500,000 euros this year alone and the equity capital was used up.
