Million dollar bankruptcy of a well-known dentist

And it goes on to say: “The suppliers that are essential to the operation of my practice have assured me that they will continue to supply me, so that the continuation of the practice is secured. The financial plan shows that over a period of 90 days, both the ongoing costs and expenses as well as the costs of the restructuring process can be generated through ongoing income.”

The Viennese dentist Dr. Tomasz Pawlowski said loudly Credit reform applied for restructuring proceedings after the Austrian tax office filed for insolvency at the Vienna Commercial Court. “I have been running a dental practice in Vienna with a focus on implantology since 2010. The location of the practice is 1010 Vienna, Tuchlauben 7/4. The practice is run as a sole proprietorship,” the application further states. Four employees and two apprentices are affected by the bankruptcy.

Debts and assets

The assets are valued at 380,366.79 euros and the liabilities at around 2.56 million euros.

The renovation

“The financing requirement for the fulfillment of the restructuring plan should be generated by the current income from my practice, my pension income from the dentists’ pension scheme, my imminent pension from the SVS and (until the sale of my condominium in Germany) my rental income,” it says in the application. “The condominium in Dinslaken, Germany, which has been pledged to the Austrian tax office, is to be sold, and I am currently assuming that the proceeds will be at least 250,000 euros.” He intends “to exploit this property in agreement with the tax office as a segregation creditor during the ongoing restructuring process”.