Bitter bankruptcy of a well-known traditional Heurigen

We’re talking about the Masek Genuss GmbHoperator of the Heuriger restaurants “Wambacher”in Vienna-Hietzing. Reorganization proceedings without self-administration were opened over their assets in February 2024 at the Vienna Commercial Court under reference number 6 S 43/24a. The aim of the procedure was “the sustainable continuation of the company on the basis of a confirmed restructuring plan with proportional satisfaction of the creditors”. The restructuring plan was adopted in June 2024. According to Creditreform, two partial quotas were paid. The company has now filed for bankruptcy. 13 employees are affected by the bankruptcy.

The backgrounds

“In the initial phase of the restructuring process, the company was able to properly make the planned quota payments. From spring 2025, however, the liquidity situation increasingly deteriorated. The quota due in April 2025 could no longer be paid in full on time and was therefore paid to the creditors in installments; full settlement took place by September 2025. The October 2025 quota could subsequently no longer be serviced,” it says Application. “The decisive factor for this was a sustained overtaxing of current liquidity due to structurally high fixed costs, in particular due to significant tax burdens and additional wage costs. In addition, double salary obligations had to be borne at times. Despite ongoing operational adjustments, these burdens could no longer be compensated for from the operational business.”

It also says: “It should be emphasized that the management immediately implemented organizational and economic adjustment measures in ongoing operations at all times in order to stabilize the economic situation. The continuous adjustments and restructuring efforts also result from the ongoing documents and evaluations of the tax representative. There was never any culpable inaction or delay.”

Continuation failed

The economic difficulties are due to the decline in guests and consumption. The taxation of tips was also an additional burden. There was also a burst water pipe during ongoing operations and delays in the transfer of the rent.

“Despite numerous efforts and considerable difficulties, it was not possible to successfully complete the renovation,” it continues. “The cumulative effect of a strained earnings situation, the increased cost structure and the lack of opportunity to generate additional liquidity in the short term meant that the conditions for a successful continuation of the restructuring were no longer met. Due to a lack of sufficient funds to meet the further restructuring plan quotas, it ultimately had to be determined that the restructuring had failed.”