• Fri. Mar 1st, 2024

Insolvency Application Filed Against René Benko: What You Need to Know About the Meeting Today


Feb 13, 2024
First Meeting Today After Filing Bankruptcy Against Benko

In Austria, the Financial Procuratorate has filed for bankruptcy against Signa founder René Benko. The insolvency opening meeting will take place today at the regional court in Innsbruck. While the meeting is not public and will not be open to media, it is certain that Benko’s financial situation and assets will be discussed. However, a decision on bankruptcy is not guaranteed to be made on this day as the first step is to determine whether insolvency actually exists. If insolvency is not found, the application will be rejected and the decision will be announced through a media broadcast.

The reported insolvency application in January was based on Benko’s failure to fulfill a deposit obligation in the company’s restructuring process, as well as open financial claims against him and his tax advisors applying for a deferral. Tax audits are currently underway in the Signa Group. It remains uncertain whether Benko will appear at the meeting, but it has been stated that he is not required to be present in person according to the law.

In terms of Benko’s guarantee for payment, the first installment was paid by the insolvency administrator, but the remaining amount is uncertain. There is speculation that Signa may not be able to pay the amounts owed. The remainder of the content appears to be unrelated to these topics and includes product listings, gaming, and other unrelated topics.

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