CREA Erehrungs GmbH, a real estate development company based in Linz, has filed for bankruptcy due to insolvency. The company was founded in 2019 and focused on purchasing properties, developing projects, and selling terraced or semi-detached houses. Despite initial success, the company invested in a variety of products and projects, leading to restructuring efforts that ultimately failed. The debtor currently has open or completed construction projects worth around 1.97 million euros in assets, and the liquidator will assess their value. There are no plans to continue business operations.
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In another context, several construction managers were hired as dependents to oversee ongoing projects simultaneously and ensure technical processing. However, complaints from buyers and cases of damage prompted legal proceedings against one construction manager. He was convicted for his unreliability, resulting in additional deficiencies that required significant effort to rectify. Some projects had to be completed at a loss.
CREA Erehrungs GmbH’s liabilities amount to 2.06 million euros while its assets are valued at 1.97 million euros. The debtor currently has open or completed construction projects worth around the same amount in assets. The liquidator will assess the value of these assets before deciding how they can be realized.
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Despite these developments, several construction managers were found unreliable by their employer CREA Erehrungs GmbH due to complaints from buyers and cases of damage caused by their workmanship. Legal proceedings were initiated against one such manager who was eventually convicted for his mistakes.
The resulting deficiencies required significant effort to rectify before CREA Erehrungs GmbH could move forward with its business operations again. Some projects had to be completed at a loss due to the unreliability of these managers.
Overall, it’s clear that businesses need reliable employees who can deliver quality workmanship consistently if they want to succeed in today’s competitive marketplace
