The Financial Procuratorate in Austria has filed for bankruptcy against Signa founder René Benko in the insolvency court at the Innsbruck regional court. The insolvency opening meeting is set to take place today, Tuesday. It is important to note that the court has emphasized that the meeting is not public and is not open to the media. According to the law, Benko is not required to be present in person.
During the meeting, the situation and the financial situation will be discussed, and the Benko side will make a confession of assets. The decision regarding the insolvency application may be made quickly after the meeting. However, it is not guaranteed that the insolvency judge will make a decision on Tuesday. It must first be determined whether insolvency actually exists. If there is no insolvency, the insolvency application will be rejected.
The insolvency application from the end of January is based on the fact that Benko had not fully met his obligation to make a deposit of 3 million euros in the holding company’s restructuring process. There are also open financial claims against him, and his tax advisors have submitted an application for a deferral.
Significant financial tax audits have been conducted in connection with Benko’s Signa, which were also discussed in the parliamentary U-committee. It is widely suspected that the Signa founder will not be able to pay the required amounts, as Signa Holding currently only has 6 million euros in its cash register.
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