The construction company Anna-Bud, based in the Świętokrzyskie Voivodeship, has recently declared bankruptcy after more than 25 years of operation, amassing a staggering debt estimated at 240 million PLN. The firm, which has completed hundreds of substantial investments and received numerous prestigious awards, has seen its status deteriorate sharply, as described by the bankruptcy trustee, Tycjan Saltarski, who characterized the situation as “catastrophic.”
Reports of Anna-Bud’s financial troubles surfaced in March, when an arrangement proceeding was initiated to avoid bankruptcy. However, this effort proved ineffective, and on June 9, the District Court in Kielce declared the company’s bankruptcy. Prior to this declaration, several employees and members of management departed the company. Currently, 90 individuals remain employed, but they are without work, and the company has ceased salary payments, having only paid full wages in February, with partial payments in March and minimal subsequent disbursements.
Initial estimates indicate that Anna-Bud owes around 240 million PLN, including over 5 million PLN to its employees.
Challenges for the Company Emerged During the Pandemic
Founded in 1999, Anna-Bud is a large construction enterprise known for executing significant investment projects. Over its 25 years of existence, the firm completed 270 projects valued at 4.5 billion PLN and earned more than 100 awards. This year, however, it became evident that the company faced substantial financial difficulties, leading to non-payments to subcontractors.
Following the bankruptcy announcement, it was revealed that the company’s documentation was in disarray, with accounting staff having left prior to the bankruptcy proceedings. “I assess the company’s state as catastrophic,” trustee Tycjan Saltarski remarked. “I expected that a company that was a showcase for the region would be handed over to the trustee in a more organized manner. That has not happened.”
Saltarski also noted that the company’s financial records had not been closed, making it unclear which contracts had been settled and which remained outstanding. The absence of properly prepared payroll lists from previous months complicates the application process for disbursements from the Guaranteed Employee Benefits Fund.
So, what led to the construction giant’s troubles? According to the trustee, the immediate cause was the termination of credit agreements by banks, which had assessed the company’s financial situation negatively. However, the root causes of the financial decline remain unclear. Former CEO Jarosław Ziętal, who resigned following the bankruptcy declaration, explained to reporters that issues began during the pandemic, exacerbated by the war in Ukraine. Significant fluctuations in the prices of building materials and labor caused payment delays. Ziętal noted that legal proceedings are ongoing, with Anna-Bud seeking more than 80 million PLN from contract adjustments as part of its claims.
