Vorarlberg’s MH Elektrotechnik goes bust

An Altach-based electrical engineering company has asked officials to start bankruptcy proceedings in a bid to continue doing business after having its finances restored.The Federal CreditorsÂ’ Protection Association (KSV 1870) announced today (Weds) that authorities in the province of Vorarlberg started checking the finances of MH Elektrotechnik GmbH which has debts of around 1.6 million Euros. Seven employees and 45 creditors are affected, according to KSV 1870.A significant decline in turnover has been identified as the main cause for the negative development of the firm which was founded in 1978.Figures presented by KSV 1870 confirm that the number of Austrian business bankruptcies is in decline.The authority said 4,717 firms went bust in the first three quarters of 2010, down by 9.2 per cent year on year.KSV 1870 added that 17,200 employees were affected by insolvencies reported between January and September 2010, down by 18.9 per cent.