PAV Präzisionstechnik files for bankruptcy with €2 million debt

PAV Präzisionstechnik, a Dornbirn-based company, has entered bankruptcy proceedings with around €2 million in debt, ORF reported Wednesday. Eight employees are affected.

The company was active in producing machinery components, according to the Alpenländische Kreditorenverband, an Austrian creditors’ association. Its listed activities included retailing technical products, machinery and tools, as well as CNC manufacturing, turning, milling, grinding, measurement services, fixture construction and machine building.

The bankruptcy proceedings were opened at the Feldkirch Regional Court at the company’s own request and following an application by a creditor. The largest share of the liabilities is owed to an affiliated company, according to the Kreditschutzverband von 1870, another creditor protection association.

The review and reporting hearing is scheduled for November 5 at the Feldkirch Regional Court. The insolvency administrator will decide whether the company can continue operating.

No applications for debt relief have been filed so far. The Alpenländische Kreditorenverband said it was not yet known whether any such applications were planned.