Kremmel & Schneider enters bankruptcy after restructuring fails

Bankruptcy proceedings have been opened against Kremmel & Schneider GmbH, an electrical installation company in Lustenau, after it failed to meet payments under an approved restructuring plan. ORF reported that 21 employees are affected and that the business is not expected to continue.

The Feldkirch Regional Court opened the proceedings on Monday at the company’s request, according to the Credit Protection Association of 1870 and the Alpine Creditors’ Association. A restructuring process began in late January, and a plan offering creditors a 20 percent quota was legally confirmed on June 16. The company paid the first 5 percent installment but could not pay the next 3.75 percent, due at the end of October, triggering renewed insolvency.

The company’s liabilities are currently estimated at about 800,000 euros, including 450,000 euros in claims revived from the earlier proceedings. Creditors from that case can submit their claims again. The company agreed to close immediately and is expected to be liquidated.

The firm attributed its renewed insolvency to a sharp deterioration in orders and planned revenue that did not materialise. It had sought to secure additional income by completing two larger projects, but the contracts did not go ahead and it could no longer meet operating costs and restructuring payments.

The proceedings affect 131 creditors. The company’s assets include outstanding receivables and business equipment, some of which has already been seized. The value of its assets and creditors’ claims is still being assessed.

Founded in 1999, Kremmel & Schneider worked in electrical installation, electric mobility, smart home systems, and network and security technology. Under the Sontec brand, it also developed and sold custom electronics and control systems for private, public-sector and commercial clients.