Hardly any liquidity or realizable assets cause FC Wacker to shake their heads. According to KSV1870, continued operation of the company under existing conditions is out of the question.
After the opening of bankruptcy proceedings last Friday against the FC Wacker Innsbruck GmbH closed its operations on Wednesday. At a works meeting of the remaining staff of the football club together with the insolvency administrator and lawyer Herbert Matzunski, it was announced in the presence of the insolvency judge Hannes Seiser that the company would not continue to operate under the existing conditions.
The decision was published on Thursday by the Regional Court of Innsbruck, as Klaus Schaller sent out from the Credit Protection Association 1870. “In the first few days of his appointment, the bankruptcy administrator was able to establish that the debtor’s company had hardly any liquidity and that there were no assets that could be quickly sold,” explained Schaller. The costs of the proceedings and further claims from the bankruptcy trustee are not covered either.
A detailed examination of the economic processes in the run-up to the opening of insolvency proceedings was not yet able to be carried out by the bankruptcy administration. It remains to be seen to what extent – possibly mutual – claims of FC Wacker Innsbruck GmbH against the club FC Wacker Innsbruck exist. According to the broadcast, all existing assets of the debtor are to be sold in the next few weeks and the proceeds will be added to the general insolvency estate.
Of the KSV1870 expects due to the judicial closure of the company that the insolvency administrator will quickly terminate all existing legal relationships of FC Wacker Innsbruck GmbH. Accordingly, the affected contractual partners of FC Wacker Innsbruck GmbH could assert their claims for damages via KSV1870 in the insolvency proceedings.
Amateur operations, i.e. the women’s team as well as the youngsters and the regional league team, are not affected by the closure of the company. At the end of the season, Wacker had to be relegated from the 2nd soccer league. According to the Tuesday edition of Tyrolean newspaper By the end of the registration period in the Tyrolean Football Association, FC Wacker had registered all of its youth teams, as well as its first team and a reserve team “in the highest possible league”.