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Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
Austrian Economic Legal Issues and Insolvencies
Austria: Hypo Managing Board Warns of Losses
Hypo Group’s managers fear that selling the bank precipitately might lead to additional losses up to € 5bn for the bank and federal state.
March 7, 2013
Austria: Elsner Files Lawsuit in US Supreme Court
Former BAWAG CEO Helmut Elsner filed a lawsuit over $ 1.8bn against members of the Austrian Social Democrat party (SPÖ).
March 7, 2013
Austria: New CEO for Alpine
The construction company was saved from bankrupcy and is now looking for a new CEO
March 5, 2013
Austria: Alpine Turns Out a Big Burden For FCC
The construction company has avoided bankrupcy and is save – for the time being.
March 5, 2013
Business Insolvencies Up Again
Last year, Austria has recorded 6,266 business insolvencies. Unlike 2010 and 2011, the number of insolvencies has increased.
January 15, 2013
Hungary: No Mandatory Voter Registration
The Hungarian Constitutional Court rejected the law proposed by the government.
January 5, 2013
Austrian Government Agrees on Bank Restructuring Law
“The agreements at government conference are intended to strengthen financial sector.” Finance Minister Maria Fekter says.
November 9, 2012
A-Tec: Quota Reaches 39%
The insolvent A-Tec Group pays out the insolvency quota next week.
November 7, 2012
FPÖ Files Suit Against ESM
The biggest Austrian opposition party files a legal complaint against the European Stability Mechanism (ESM) at the Austrian Constitutional Court.
October 15, 2012
Private Insolvencies: More than 100,000 Austrians Concerned
This year, 7,000 private insolvencies were registered in Austria. According to KSV (Austrian Association of Creditors), much more people are illiquid, though.
September 28, 2012
Austrian Companies Expect Increase in Lending Costs
Due to Basel III, lending will become more expensive, many Austrian managers and entrepreneurs think.
September 27, 2012
Austrian Business Insolvencies on the Rise
In the first eight months of 2012, the number of insolvencies was up by 8.7% to 2,663.
September 20, 2012
New Airline for Hungary?
After the insolvency of Malev in March 2012, the Hungarian government is said to promote a new airline.
September 6, 2012
270,000 Austrian Households Are Insolvent
The gap between rich and poor households is growing persistently. The number of over-indebted households is still growing.
September 4, 2012
FMA Pushes for Bank Insolvency Law
The Austrian Financial Market Authority increases pressure on the government. Director Helmut Ettl says the Austria needs an insolvency law for banks as soon as possible.
August 7, 2012
Austrian Enterprise Creation Slightly Up
2010: 26 172 start-ups, enterprise creation rate 6.5%; more than 19 000 new employer enterprises.
August 7, 2012
„Dayli“: Up to 20% Yield
With the acquisition of Schlecker Austria, the Austrian investment funds TAP 09 wants to achieve the turnaround soon.
August 2, 2012
Bankruptcy Prevented: Schlecker Austria Becomes „daily“
The Austrian investment funds TAP 09 acquires the financially stricken chemist chain. Schlecker Austria should become a local grocer.
July 31, 2012
Schlecker Austria to be Rescued?
The Austrian subsidiary of the bankrupt German chemist chain and its subsidiaries in Poland, Italy, Belgium and Luxembourg may be continued.
July 30, 2012
Constitutional Court: ESM Examination Takes up to 6 Months
According to the biggest Austrian opposition party FPÖ, the European Stability Mechanism violates the Austrian constitution.
July 25, 2012
Schlecker´s Financial Situation Becomes Critical
Schlecker Austria, the subsidiary of the insolvent German chemist chain, is becoming more and more problematic. The liquidity is said to be used up in a few days.
July 25, 2012
Insolvencies in CESEE on the Rise
In 2011, the number of business insolvencies rose by 25% in the CESEE region. Hungary ranks first.
July 25, 2012
Bank Insolvency Law: No Austrian Solo Run
Austria´s government changed its mind. There will be no national bank insolvency law. Austria will wait for a European solution instead.
July 23, 2012
MTH Takes Over Schlecker´ Subsidiary
MTH, the investment company of the Austrian industrialist Josef Taus acquires 109 branches of IhrPlatz, a subsidiary of the insolvent German chemist chain.
July 20, 2012
Schlecker Austria: Time Pressure Grows
The potential buyers of Schlecker Austria are still highly skeptical. Until August, a decision must be taken.
July 18, 2012
Austrian Opposition Parties Fight Against Fiscal Pact
The three Austrian opposition parties FPÖ, The Greens and BZÖ announced to bring a complaint of unconstitutionality against the Fiscal Pact.
July 13, 2012
Schlecker Austria Sees High Probability of Takeover
The insolvency manager of the German chemist chain Schlecker sees a favorized potential buyer for Schlecker Austria.
July 9, 2012
Alpbach Legal Symposium 2012
Under the motto “Acceptance of Law in Rapid Decline?”, the Alpbach Legal Symposium 2012 will be held from Monday, August 27, 3:00 pm to Tuesday, August 28, 12:45 pm in the Congress Centrum Alpbach.
July 7, 2012
„Good Prospects“ For Schlecker Austria
The insolvency manager of the bankrupt German chemist chain views „promising talks with potential investors“.
June 30, 2012
Austria Appreciates Opening of Accession Negotiations
After the beginning of the accession negotiations with the EU, the Austrian government congratulates Montenegro.
June 26, 2012
Dismal Prospects for Schlecker Austria
An insolvency of Schlecker Austria seems likely. A sale to MTH is still uncertain.
June 25, 2012
Government´s Plans on Bank Insolvency Law Failed
The Austrian government initially planned to initiate a bank insolvency law in order to liquidate financially stricken banks without major difficulties. Now, the plan has failed.
June 22, 2012
Schlecker Austria Threatened by Insolvency
The Austrian subsidiary of the insolvent German chemist chain must find a buyer in order to prevent its own bankruptcy.
June 19, 2012
Last Financial Statement at A-Tec
The Austrian insolvent A-Tec Industries AG published its last financial statement. In 2011, A-Tec´s net income reached minus € 344m.
June 18, 2012
Business Involvencies on the Rise Again
There is a trend reversal in the Austrian economy. In the first half of 2012, business insolvencies will be up by 1.2%, Creditreform forecasts.
June 16, 2012
„Shotdown of Hypo Group Would Cost € 6.0bn“
The management of the nationalized Austrian Hypo Group Alpe Adria asserts that the shutdown would be more expensive than the continuation of the business.
June 15, 2012
Vienna International Airport Cancels Leases with Sardana
VIA filed legal proceedings against the Indian company. The bankruptcy proceedings should begin soon.
June 13, 2012
MTH Group Considers Taking Over Schlecker Austria
The industrial holding group MTH may acquire the Austrian subsidiary of the insolvent German Schlecker Group.
June 12, 2012
Insolvencies: Stable Development Expected
In 2012, the number of Austrian business insolvencies is expected to remain stable. Whereas in Germany and the U.S. insolvencies are decreasing, Southern Europe faces a vast increase.
June 5, 2012
„Schlecker Austria is Solvent“
The spokesman of Schlecker Austria is optimistic to find a buyer for the Austrian subsidiary of the insolvent German chemist chain.
June 4, 2012
No Future for Schlecker
The insolvent German chemist chain will be closed. Fort he Austrian subsidiary, the search for a buyer goes on.
June 1, 2012
Schlecker Austria: Sale Seems Likely
The Austrian subsidiary of the German chemist retail chain is said to be sold.
May 30, 2012
Croatian Subsidiary of Alpine Said to be Insolvent
Osijek Koteks, the Croatian subsidiary of the Austrian construction group faces severe problems. According to rumors, Osijek Kotekts is illiquid.
May 8, 2012
Business Insolvencies Expected to Increase
After two years of decreasing business insolvencies, the Austrian economy faces a rising number of business insolvencies again.
April 26, 2012
Former GDR Funds: Bank Austria Has to Pay € 245m
Bank Austria lost a Zurich retrial over German demands for repayment of more than € 245m linked to the former East German Communist Party.
April 21, 2012
Slight Decrease in Business Insolvencies
In the first quarter of 2012, Austrian business insolvencies went down by 0.6% against the first quarter of 2011. Private insolvencies are rising further.
April 14, 2012
Schlecker: „Jobs in Austria are in Safety“
The Austrian subsidiary of the insolvent German chemist chain Schlecker is not affected by the shut-down program. Jobs are “relatively safe”.
March 30, 2012
Austrian Insolvencies Decreasing
In the first quarter of 2012, the number of Austrian insolvent enterprises is declining. Against the first quarter of 2011, the figure was down by 1.2%.
March 28, 2012
Rothensteiner Against Bank Insolvencies
Raiffeisen Zentralbank´s CEO Walter Rothensteiner is against the discussion about bank insolvencies.
March 24, 2012
Orange Takeover Threatens to Fail
The takeover of Austria´s third-largest telecommunication service supplier Orange by the Hong Kong-based Hutchison Group may be postponed. Orange´s creditors are increasingly nervous.
March 22, 2012
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