Rowa Automation, based in Neustift im Mühlkreis, is insolvent. The bankruptcy proceedings were opened at the Linz regional court on Monday, as the Alpine Creditors Association (AKV) announced.
The company was founded in 2019 and offers services in the field of automatic data processing and information technology. Around 70 creditors and 21 employees are affected. According to the company’s own insolvency application, the liabilities amount to around 2.6 million euros, the assets (at break-up values) amount to 600,000 euros. There are no plans to continue the company.
The reasons given for the bankruptcy are the costs of expansion in infrastructure and personnel, which “could not be generated to a sufficient extent”, and declines in sales in the last quarter of the previous year.
According to the credit protection association KSV1870, the company was “no longer able to repay its bank loans” due to the significantly increased interest rates. When the sales talks that had been going on since July ultimately failed, bankruptcy arose.