The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41 - Construction of buildings
400 jobs Number of planned job losses
Announcement Date
9 November 2004
Employment effect (start)
Foreseen end date
Description
Instal Rzeszów, a construction contractor with worldwide outreach, was in liquidation in 2004; 800 employees have received end of contract notices. Instal Rzeszów's difficulties were brought about by poor management by the Second National Investment Fund; Instal Rzeszów became insolvent, and was deeply indebted towards its business partners, the social insurance institution, and the tax authorities.
In 2005, Instal's liquidator hired half of the previous workforce, as new orders were obtained. Most of the people got one-year employment contracts. The company will be put on sale on the turn of February and March 2005.
Sources
11 November 2004: Rzeczpospolita
Citation
Eurofound (2004), Instal Rzeszów, Bankruptcy in Poland, factsheet number 60769, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60769.
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