Several construction managers were hired as dependents to oversee ongoing projects simultaneously and ensure their technical processing. However, the debtor stated that these construction managers were unreliable, resulting in complaints from buyers and cases of damage. Legal proceedings were initiated against one construction manager, and he was convicted. Rectifying the resulting deficiencies required significant effort, and some projects could only be completed at a loss.
Bankruptcy proceedings have been initiated for CREA Erehrungs GmbH, based in Linz, according to AKV and KSV1870. The company, founded in 2019, focused on real estate development, purchasing properties, developing projects, and selling terraced or semi-detached houses. Despite initial high demand, the company invested in a wide range of products and multiple projects. However, restructuring efforts were unsuccessful, leading to insolvency. The liabilities amount to 2.06 million euros, while the assets are 1.97 million euros.
The debtor currently has open or completed construction projects that have not been sold, totaling around 1.97 million euros in assets. The liquidator, Dr. Mooseder, will assess the extent to which these assets can be realized. There are no plans to continue business operations, as per the opening application.
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