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The insolvent company in the 1st district belongs to the Sveta Group and purchases, converts, manages and sells properties. According to Creditreform, there are eight real estate projects. “The causes of insolvency lie in the general crisis on the real estate market,” explained the association.
A total of 15 creditors are affected by the bankruptcy. With almost 70 million euros in liabilities, creditors are offered a quota of 20% payable within two years. The Viennese lawyer Ulla Reisch was appointed as insolvency administrator.