Bitter bankruptcy of a well-known Italian restaurant

Die Radici GmbH has loud Credit reform applied for the opening or implementation of restructuring proceedings with self-administration at the Vienna Commercial Court. She runs a catering and enogastronomy company at Ungargasse 53 in Vienna-Landstrasse. “The restaurant was taken over at the beginning of 2025, with the takeover taking place on favorable terms,” it says in the bankruptcy filing. Four employees are affected by the bankruptcy.

The causes of bankruptcy

“The existing liabilities mainly result from a lost labor court case, which made it considerably more difficult to restart the company. As a result, there were ongoing arrears, especially to the tax office and social security,” the application continues. “These arrears are due to the fact that the deposit required for the takeover had to be pre-financed and the social security payments in connection with the labor court proceedings had to be paid. As a result, other liabilities could not initially be settled.”

The debts

The liabilities are estimated at 88,500 euros.

The renovation

The catering company offers its creditors a restructuring plan with a 40 percent quota. “The requirements for self-administration are met. The management is able to continue the business properly under the supervision of the restructuring administrator and to protect the interests of the creditors,” it continues.

Apparently the restructuring plan is to be financed from current income. There is a concrete catering and event pipeline with planned sales of around 91,500 to 95,500 euros. “According to the management, the projects listed have been confirmed. The pipeline is a central building block for the continuation forecast and the ability to meet the quota.”