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One million internationally known fashion designers go bankrupt

One million internationally known fashion designers go bankrupt

The applicant aims to continue working.

“The slide into the current insolvency status is primarily due to a decrease in sales in connection with COVID-19. In addition, the applicant entered into an agency contract with an English agency company some time ago, and invoices were confirmed by this company at the beginning of 2023, which, according to the applicant’s own data, did not match the appropriate services. Since no agreement with the agency was found, the company submitted the application.”

The applicant is the company established in 2018 Petar Petrov Ltd Based in Vienna. She has a loud voice AKV And credit repair I applied for a reorganization procedure with the Autonomous Administration. Dealing with the design, production and trade of garments and textiles. The company itself has been active since 2017 and shareholder and managing director Petar Petrov contributed his sole ownership to the current applicant.

famous designer

Born in Bulgaria, Petrov came to Vienna in 1999, where he studied at the Polytechnic University. Like his masters, whose designs often push the boundaries of traditional understanding of fashion, the designer is also a representative of the ‘Blurring’ genre, to blur the boundaries between the utilitarian and the production and free of posts art. During his studies, he designed costumes for advertising campaigns and music videos such as Be a good girl And Peruzzi. He founded his own label “Petar Petrov, One of Some” with men’s fashion, which has been presented in Paris every year since 2003. Later, he switched exclusively to women’s fashion. In 2020, Petar Petrov presented his women’s collection V.I London Fashion WeekAs reported on as of February 26, 2021.

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debt and wealth

According to the available documents, the applicant currently employs ten employees, and wages and salaries have been opened since June 2023.

241 creditors were affected, with claims totaling around €3.633 million. According to Credireform, the assets are composed as follows: fixed assets have a book value of €77,600, current assets include inventories (€1.437 million) and outstanding receivables (€754,800). These amounts and fixed assets were reduced to €13,500, inventories to €196,000 and receivables to €300,000. The cash balance is 13,400 euros.

“Even before the application was submitted, the debtor company had initiated restructuring and resizing procedures. According to its own data, the advertising budget has been reduced to a minimum, but no staff reduction is planned.”

the future

“The applicant is striving to continue in business and subsequently plans to reduce its debt as part of the restructuring plan,” she says. Feasibility depends on current applications, but it depends on the amount that the UK Agency will claim in the procedure. “So fulfillment should be based on the company’s results,” the app says.

Insolvency creditors are offered a share of 30 percent, to be paid within two years of acceptance of the restructuring plan.

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