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Signa Insolvency: Ex-managers to be Liable for One Billion Euros
Insolvency administrator Norbert Abel is stepping up the pace in the case surrounding the spectacular insolvency of Signa Prime Selection AG: 13 months after filing for insolvency at the end of November 2023, letters of liability were sent to former members of the company's Management Board and Supervisory Board shortly before the turn of the year.
“The Icon Vienna”, which houses prominent companies and diplomatic missions, is one of the many Signa properties causing financial difficulties for Rene Benko. / Picture: © Wikimedia Commons; User:Geolina163, CC BY-SA 4.0 DEED (https://creativecommons.org/licenses/by-sa/4.0/deed.en)
The events surrounding the Signa insolvency shed light on the behavior of managers and controllers in crises. Experts also see the case as a reminder to other companies to recognize financial risks early on and deal with them responsibly.
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