Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
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Austrian Economic Legal Issues and Insolvencies

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

Private Insolvencies on the Rise

Long-term studies show that the number of private insolvencies is increasing in Austria. Since 2002, their number has tripled.

March 12, 2012

AUA´s Insolvency Becomes More Probable

German newspapers report that Lufthansa could establish a new Austrian airline company. AUA could be left then.

March 2, 2012

Schlecker Closes Branches

The insolvent German chemist chain shuts down the half of its branches in Germany. In Austria, inprofitable shops will be closed.

March 1, 2012

AUA Attempts to Prevent FlyNiki to Approach Tel Aviv

Austrian Airlines files a complaint against FlyNiki at the Austrian

February 18, 2012

A-Tec´s Quota to Reach 30%

In July, the insolvency quota of A-Tec will be paid to creditors. The quota will range from 30% to 35%.

February 10, 2012

Sale of Brixlegg Concluded

The former copper-division of the insolvent Austrian A-Tec Group has been sold to the Swiss Umcor AG.

February 10, 2012

AUA to be Re-Sold?

Rumors on Austrian Airlines do not end. A sale by Lufhansa is discussed, even the insolvency is not excluded.

February 9, 2012

Schlecker: „Austria Remains Independent“

The insolvent German chemist chain underlines that ist Austrian subsidiary is „definitively not affected“ by the insolvency proceedings.

February 9, 2012

Trade Unions: „Schlecker Austria Depends from Germany“

For the Austrian trade unions, talks with Schlecker Austria´s management are “acceptable”. An all-clear would be difficult.

February 2, 2012

No Further Rise in Insolvencies Expected

The bad debt insurers Euler Hermes and Prisma expect business insolvencies to stagnate in 2012.

February 2, 2012

Schlecker Austria Will Not Be Sold

The German chemist chain gives the all-clear. The Austrian subsidiary is not affected by the insolvency of the group.

February 1, 2012

Uncertain Future of Schlecker Austria

After the insolvency of the German chemist chain, experts consider that the Austrian subsidiary could be sold.

January 31, 2012

Al Jaber Owns Kneissl Again

The insolvent ski manufacturer Kneissl will be owned by the Arab investor Al Jaber again. Creditors approved to a 20% quota.

January 28, 2012

Schlecker Insolvency: 3,000 Jobs Endangered

The German chemist chain today filed for insolvency. In Austria, Schlecker employs 3,000 workers.

January 23, 2012

Bank Austria Lost Madoff Case

Bank Austria distributed Primeo Funds, issued by the U.S. former investment banker Bernard Madoff. The prospectus did not contain sufficient information, a Viennese court decided.

January 13, 2012

Rise in Private Insolvencies in 2011

Austrian private insolvencies rose by 4.0% in 2011. 9,600 persons were concerned.

January 5, 2012

Palmers-Subsidiary Lejaby Under Pressure

A French court opened insolvency proceedings on the subsidiary of the Austrian clothing company.

December 22, 2011

Kuhn Holding Buys Emco

A purely Austrian solution was found for the former A-Tec subsidiary. The Austrian mechanical engineering company is acquired by Kuhn Holding.

December 21, 2011

Business Insolvencies Declining

In spite of the economic cool-down, private as well as business insolvencies were going down in 2011.

December 20, 2011

Many Applicants in Emco Sale

The Austrian mechanical engineering company, which is a subsidiary of the insolvent A-Tec group, is highly sought-after. The sale price is estimated to reach € 30m.

December 19, 2011

Rising Number of Private Insolvencies

Mobile phone and car expenses are causing most private insolvencies in Austria.

December 15, 2011

Legal Success for Bank Austria

A Swiss court granted the bank’s appeal against an obligation to pay € 245m to a German public body.

December 2, 2011

Interest for A-Tec Subsidiary Brixlegg

The copper segment of the insolvent Austrian A-Tec group could find a new owner soon. An Austrian aluminum trader intends to purchase Brixlegg.

November 26, 2011

A-Tec: Investigations Against Kovats

Investigations by the Austrian Public Prosecution Authority against the CEO of A-Tec, Mirko Kovats, proceed. The suspicions are massive.

November 19, 2011

Bawag Sues Linz For € 418m

The U.S.-owned bank now sues the Upper-Austrian capital. Linz has terminated a swap contract based on Swiss Francs.

November 8, 2011

Kovats Complains against Court Order

A-Tec’s outgoing CEO challenges a court decision as he sees an infringement of his property rights.

November 3, 2011

Linz Believes in Victory Over BAWAG

The capital of the province of Upper Austria filed a lawsuit against Bawag, which is held by the U.S. investment funds Cerberus.

November 2, 2011

Sale of A-Tec Problematic

The insolvent Austrian A-Tec corporation, which is currently being dissolved, faces several problems. The sale of the remaining subsidiaries Brixlegg and Emco could be delayed.

November 2, 2011

A-Tec: Kovats to be Replaced

Mirko Kovats, CEO of the Austrian A-Tec, will be replaced from his positions in order to avoid further “disturbances”.

October 22, 2011

ATB Sold to Chinese Wolong Group

The Austrian ATB company, a former subsidiary of the insolvent A-Tec Group, goes to the Chinese engineering corporation Wolong.

October 19, 2011