Hosiery maker Oelz has filed for insolvency over debts of EUR3.2 million, Austria's investor protection association said on Thursday.

The company, which has assets valued at EUR2.8m, attributed the insolvency to recent high losses and illiquidity.

About 45 investors, including suppliers, tax advisers and the Austrian municipality of Rankweil, have been affected by the insolvency.

Oelz sold its order backlog, warehouse and brand name to Swiss hosiery maker Jacob Rohner AG last year.