Restructuring fails for Vorarlberg property company with 15 million euros in debts
Tuesday 29th September 2026 on 22:30 in
Austria
ORF reports that the planned restructuring of Leopold Immobilien GmbH has failed. The company, which has around 15 million euros in liabilities, will close and its assets will be sold to repay creditors.
The Feldkirch Regional Court approved the closure and the withdrawal of the company’s self-administration, following an application by restructuring administrator Tobias Gisinger. He said the proposed repayment plan could not be met. Mario Kmenta, the company’s managing director and indirect co-owner, agreed to the closure.
Leopold Immobilien, founded in 2018 and based in Dornbirn, bought, rented, leased and managed properties, and held stakes in several property and development companies. Restructuring proceedings with self-administration began in mid-August 2026. The company initially offered creditors 39 cents for every euro owed, but reduced the offer to 30 cents in a revised plan filed days before the closure was ordered.
Gisinger said rental income that Kmenta had cited as a source of funds for the plan had already been going to a bank to cover its claims. The company therefore had no income available during the restructuring proceedings. Several properties are also subject to liens, leaving the proceeds from any sale uncertain, he said.
Leopold Immobilien also owns half of LeoLu GmbH, which entered insolvency proceedings earlier this week. Gisinger said this added to doubts about how much creditors might recover.
The Association of Credit Protection of 1870, known as KSV1870, said the company’s closure was concerning. Its Vorarlberg head, Nathaniel Heinritz, noted that a revised restructuring plan had been filed on September 25, just days before the company agreed to close. He said the circumstances called for greater scrutiny of all ongoing insolvency proceedings involving Kmenta.
Earlier reports said 49 creditors were affected. The company had cited higher financing costs following interest rate rises, falling property prices, difficulties selling properties at expected prices and liabilities called in by lenders. It also faces lawsuits relating to several construction projects.