The Credit Protection Association from 1870 has now officially reported what has been apparent for days: The illustrious Kitzbühel company kitzVenture is insolvent. How the company will continue is still in the stars.
Just a few days ago, the Kitzbühel company kitzVenture itself filed for insolvency. The Credit Protection Association of 1870 has now reported that insolvency proceedings have actually been opened against the company founded in 2015 with EUR 90,000. This was decided by the responsible judge on Thursday. The liabilities already mentioned in the amount of 2.9 million euros were confirmed. The Alpine Association of Creditors (AKV) speaks of around 140 creditors. Four employees are also affected. Connections to Wacker Innsbruck and President According to KSV, the debtor holds shares in Baron von Modrach GmbH (35 percent) and in kitzTrust GmbH (85 percent). Wacker President Hannes Rauch appears in the company register as managing director of both companies in which the debtor holds shares. As is well known, kitzVenture was presented on October 20th of the previous year as the main sponsor of the traditional Tyrolean football club (three years each 100,000 euros). According to KSV, the 2021 annual financial statements showed no signs of dramatic development. On the contrary: Officially, there was even a “considerable surplus”. In such cases, the question now is whether the insolvency administration can continue operations without further disadvantages for the creditors. “This decision must be made promptly,” said Klaus Schaller from KSV in Tirol. Comprehensible plans are needed as to how one can stand on economically solid grounds in the coming weeks and months.
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