Juicy million-dollar bankruptcy of a dazzling real estate developer

“We are players in residential and urban development and implement medium to large projects. Our core competency lies in the development and exploitation of real estate: commercial or residential properties, our own or third-party projects. “We always pursue the goal of finding intelligent and above-average solutions that reflect local conditions and have a positive impact,” says the homepage of the insolvent Stix + Partner Immobilien GmbH.

Bankruptcy proceedings have now been opened against their managing director Reinhard Stix. Stefan Weber from Creditreform confirms this to the KURIER.

“The debtor has interests in numerous companies. “Insolvency proceedings have been pending at the Vienna Commercial Court since the end of July under reference number 3 S 112/24a regarding the assets of Stix + Partner Immobilien GmbH, FN 435679t,” it continues.

Debts and assets

“Insolvency was opened following an application from the Austrian tax office on August 5, 2024 (38 Se 325/24g) due to arrears amounting to 584,200 euros. Receivables amounting to 618,309 euros are currently booked in the debtor’s tax account,” says the first report of the liquidator. “A tax audit is pending. The debtor estimates his liabilities, in particular the liabilities assumed for companies in the group, at approximately 21.95 million euros.”

In addition to a bank balance of around 129,000 euros, “the debtor has works of art, watches and
Furnishings and a (defective) moped”. In addition, properties worth at least 12 million euros. A property worth 11.27 million euros is said to be pledged to a bank. In addition, a property worth 1.8 million euros is said to be in Canada euros are his property.

Valuable investments?

“The debtor’s shares in ST Immobilien Beteiligungs GmbH and the debtor’s (possible) monetary claims against the individual companies (in particular from possible managing director salaries) were settled within the framework of the
Execution proceedings on 3 E 2636/24b were seized by the execution administrator appointed there in July 2024 (and therefore presumably contestable),” it continues. “Payments were not made to the execution administrator according to his report of October 4, 2024. I cannot yet assess in any way whether companies in the group have “value” and, above all, whether their realization can lead to income for the estate in the current insolvency proceedings, but I consider this to be unlikely.”

The renowned lawyer and restructuring expert Stephan Riel was appointed as liquidator. The first creditors’ meeting will take place on November 20, 2024.