Well-known transport company Nothegger is bankrupt

“Our Europe-wide logistics network covers the entire world of transport in multimodal transport. Food transport in refrigerated vehicles and transport with tarpaulin vehicles form our core business. Special transport as well as waste and dangerous goods transport are also handled reliably by us,” it says on the company’s homepage. “After pioneering work in the intermodal sector, we have our own network of block train connections on the main routes between Germany and southern Italy. Every year we shift over 55 million road kilometers to the railway and thereby avoid around 40,000 tons of CO2 emissions. We are making a significant contribution to environmental protection!”

The speech is that Nothegger Transport Logistik GmbH based in St. Ulrich am Pillersee. It employs around 300 people and reportedly has 700 trucks. The Austrian Health Insurance Fund (ÖGK) filed for bankruptcy. Report that Creditreform, AKV and KSV1870.

The causes of bankruptcy

The ÖGK filed for bankruptcy due to arrears in contributions amounting to millions of euros amounting to 3.18 million euros. “The debtor’s efforts to avert insolvency ultimately failed,” said the AKV.

“We currently do not have any verified information about the reasons for this insolvency. The KSV1870 is aware that the insolvency debtor made generous use of the option to defer public charges (taxes and social security contributions) during the Corona pandemic. These deferred amounts must now be repaid and this has placed a heavy burden on the company’s liquidity situation,” said the KSV1870. “Obviously, the insolvent debtor – after overcoming the corona pandemic – was not in a position to make appropriate provisions for the repayment of these deferred amounts. In addition, there was an audit by the Austrian Health Insurance Fund, which revealed an additional claim for social security amounts in the millions.”

Debts and assets

The main liabilities are around 9.25 million euros to banks, to the ÖGK (around 3.18 million euros), and to Finanz (around 1.8 million euros). There are also liabilities to suppliers.

“The debtor’s assets include, among other things, a very extensive vehicle fleet, the operating property EZ 675 in St. Ulrich am Pillersee (estimated total asset value: 1.9 million euros) and investments in affiliated companies, for example in Nothegger Immobilien GmbH, foreign companies and silent partnerships as well as securities,” according to the AKV. The book value of the company’s own vehicles (2024) should be 9.67 million euros and that of the leased vehicles 7.4 million euros.

Future unclear

“It is currently not known whether the debtor is seeking restructuring,” the AKV said. “The insolvency administration will have to decide promptly whether the company can be continued without further disadvantages for the creditors and whether the company can possibly be restructured.”