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Million Dollar Startup Bankruptcy Known from “2 Minutes 2 Million” » Leadersnet

Million Dollar Startup Bankruptcy Known from “2 Minutes 2 Million” » Leadersnet

| Tobias Seyfried

| May 27, 2024

Scubajet was not only able to convince Hans Peter Haselsteiner, but also secured an order for the Hollywood film “Avatar 2”. However, bankruptcy followed, affecting about 70 creditors.

According to the KSV1870 report and the Alpine Creditors Association (AKV), insolvency proceedings have been opened in the Klagenfurt Regional Court regarding the assets of Scubajet GmbH. This is therefore a bankruptcy procedure. The startup was founded in Klagenfurt by Armin Kundegraber in general 2016.

ScubaJet achieved national fame in 2017 through its participation in the TV show “2 Minutes 2 Million.” At that time, the startup, which developed a portable electric motor for divers and various water sports equipment (see video below), among others. Win Hans Peter Hasselsteiner and Michael Altrichter as investors. However, Scubajet achieved its biggest coup when it commissioned the production of the Hollywood film “Avatar 2”, in which innovative electric motor technology was used.

Bankruptcy of millions

But that did not help in the face of the current bankruptcy. According to credit protectors, the startup's liabilities amount to around 4.16 million euros. If you subtract assets worth €1.62 million, the result is liabilities of about €2.54 million. Twelve employees and approximately 70 creditors are affected by the insolvency. The reasons are not explained in detail in the application, and should only be specified during the procedure, according to the AKV.

Although this is a bankruptcy process that usually leads to closure, Scubagate is not ready to admit defeat just yet. According to the request, the startup plans to achieve debt relief with the help of an investor. The continuation of the company must also be financed by the investor.

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The success of this plan can be determined as early as July 2, 2024. According to KSV1870, the creditors' meeting, audit meeting and reporting meeting are held there. Lawyer Klaus Haslinggelner has been appointed insolvency administrator.