Two Austrian firms collapse after luxury Vienna hotel project stalls
The causes of the insolvency stem from the client's refusal to pay since January 2026, the resulting liquidity shortfall, the withdrawal of funding by the German parent company, and severe operational disruptions, according to Creditreform.
"The insolvency-related halt in financial support from the German parent company and the subsequent complete cessation of liquidity injections have led to a state of illiquidity, as confirmed by the company's own filing," stated the AKV (Austrian Creditor Protection Association).
Today, the Vienna Commercial Court opened bankruptcy proceedings for both hagenauer Austria GmbH & Co KG and hagenauer Austria GmbH. This was confirmed by Iris Scharitzer of the Austrian Creditreform association. Six employees are affected, according to credit agency KSV1870.
Hagenauer Austria GmbH & Co KG was established in 2021, primarily serving as a project company and general contractor for the construction of a luxury hotel in Vienna. "The complementary company, hagenauer Austria GmbH, is a purely operational entity with no independent assets of its own. It therefore shares the same economic fate as hagenauer Austria GmbH & Co KG," the statement continued.
Assets and Liabilities
Total assets amount to approximately €21.33 million, of which €21.2 million consists of outstanding claims against a limited liability company. Liabilities stand at €18.9 million. "There is currently no balance-sheet insolvency; the crisis is purely a liquidity issue," Creditreform explained.
No Future for the Company
There are no plans to continue operations.
