Three Klagenfurt property management firms file for insolvency

Three property management firms in Klagenfurt have filed for insolvency, while prosecutors investigate their owner on suspicion of breach of trust, ORF reported. He is suspected of diverting at least 830,000 euros from accounts he managed for properties.

The accounts held money for operating costs, rents and owners’ reserves. Prosecutors suspect the entrepreneur transferred funds to accounts belonging to his own companies and used some of the money for personal purposes.

After the insolvency proceedings began, the entrepreneur filed a self-report with authorities. Two former employees also submitted a statement of facts to the public prosecutor’s office. Prosecutors have appointed an expert to establish the amount of the alleged loss and the number of people affected.

The entrepreneur was already known to prosecutors: an investigation began in July 2025 after apartment owners filed a complaint.