Yesterday, Friday, bankruptcy proceedings were opened at the Linz Regional Court over the assets of the Linz media company Vogel Audiovision. This is reported by the creditor protection associations AKV, KSV 1870 and Creditreform. Assets of EUR 22,000 are offset by liabilities of EUR 1.335 million. A continuation of the company is not planned: According to the insolvency application, a closure of the company and a complete liquidation is to be expected. Twelve employees and 40 creditors are affected by the insolvency.
Vogel Audiovision has a long history: Founded in 1988 by Peter Vogel, the people from Linz initially concentrated on films, slide shows and recording studio services in the marketing environment. In the mid-1990s, the focus was on developing worlds of experience for companies. For example, multimedia information centers were designed, for example for the ÖBB. Company tours and trade fair appearances also became a mainstay.
price decline in the industry
From 2010 there were changes in the market environment: the “film production” trade, which had been tied up until then, became a free trade. As a result, the number of competitors multiplied, which was accompanied by a drop in prices in the industry.
Vogel Audiovision reacted to this with a reduction in staff and the increased use of special technologies. According to the bankruptcy application, however, the effects of the corona crisis hit the company extremely: existing orders were canceled and sales fell significantly. The reason for the bankruptcy application is said to have been the renewed cancellation of two larger projects.
According to the company register, the company on Neuhoferstraße in Linz is 75 percent owned by 72-year-old Peter Vogel and 25 percent by Michael Filnkößl: the latter was also the managing director.
Source: Nachrichten
