Bankruptcy of a well-known business park project worth millions

“The cause of the insolvency lies in the standstill of the investment since 2022 due to differences between the initiator, the owner of the debtor and the financing bank,” says Creditreform.

About the company’s assets Real Seven GmbH Reorganization proceedings without self-administration were opened today at the Linz Regional Court based on a self-application. This is confirmed by Iris Scharitzer from Credit reform the COURIER.

“The company based in Wartberg ob der Aist was founded in 2016 and the purpose was the commercial business center “I agree to Vision Park“ to build,” it continues.

The background

“With a purchase agreement dated January 19, 2017, the debtor acquired the property EZ 1171 KG 41116 Wartberg an der Aist, including internal plots 375/1 and 375/8 measuring 4,459 square meters, and built the commercial business center “Consento Vision Park” on it. Thomas R. is the initiator of this project,” it says in the application. “Differences between Thomas R. and the owner of the debtor and the financing bank led to the fact that final completion has been pending since 2022 and Thomas R. left the debtor’s company almost together with Peter W. on March 27, 2023. The completed parts of the business center have been put into operation and are rented, with the rental income being assigned to the financing bank.”

Renovation planned

The liabilities are estimated at 12.5 million euros. “Extensive lien registrations are available. The main tangible assets are valued at 9.8 million euros, which are primarily intended to consist of the property mentioned,” according to the AKV.

The creditors are offered a restructuring plan with a quota of 20 percent, payable within 2 years from the day of acceptance of the restructuring plan. “The restructuring should be implemented through financial support from third parties and through the economic activity of the debtor,” it continues.

Lawyer Wolfgang Kempf in Linz was appointed as insolvency administrator.