Several thousand tons of contaminated soil led to a million-dollar bankruptcy

This speech is about the NG Corrosion Protection GmbH, FN 196280y, based in Wels. Reorganization proceedings without self-administration were opened over their assets. Confirm that Creditreform, AKV and KSV1870 dem KURIER.The NG Corrosion Protection GmbH produces chemical products, technical oils and lubricants, which it trades particularly in Austria.

The background

“The main cause of the economic difficulties lies in the situation of the business premises in Ried im Innkreis. As a result of the insolvency of the previous property owner in 2016, there was a change of ownership. The new owner, the Immo Ried GmbHtook over the property on the basis of a report dated November 26, 2015, in which the market value was significantly reduced due to significant contamination of the soil,” said the AKV. “The report determined that there are around 12,350 tons of contaminated soil on the property, of which around 1,000 tons are hazardous waste. The necessary renovation measures were estimated at around EUR 2,162,300.00. To date, no renovations have been carried out.”

“Production on the company property is no longer possible. The property valuation was preceded by a change in the property owner,” says Creditreform.

Debts and assets

The debts are valued at 2.333 million euros and the assets at 75,500 euros. The accumulated loss for 2025 is 2.387 million euros, the negative equity is 2.164 million euros.

The future

The insolvent debtor offers its creditors a restructuring plan with a quota of 20 percent.