Rush Factory faces bankruptcy petition from Tax Administration in Turku

The Finnish company Rush Factory is facing another bankruptcy petition, this time initiated by the Tax Administration. The bankruptcy application was submitted to the Turku District Court on Friday. Previously, Rush Factory and its subsidiary Funrun Finland were also subjected to a bankruptcy application by the pension insurance company Ilmarinen due to unpaid TyEL contributions. However, that threat was resolved when the company settled its debts, which amounted to €47,000.

At this stage, it remains unclear how much is at stake following the Tax Administration’s bankruptcy application. The company’s current issue revolves around the sale of its property located in Masku, Varsinais-Suomi, which it is trying to sell for €1.3 million. Additionally, Rush Factory has a loan of over €500,000 taken out for the construction of the facility that it needs to repay along with other debts.

There is also an ongoing dispute regarding the construction work with the Municipality of Masku. The municipality has threatened the company with a €170,000 penalty unless the requisite work demanded by them is completed. Further updates on this situation are awaited.