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

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

U.S. Company Claims $ 25m From Andritz

The U.S. company Ovalstrapping accuses the Austrian technology Company Andritz to have copied its technologies. Andritz defends itself.

October 19, 2011

Private Insolvencies on the Rise

The number of private insolvencies rose by 6%, while the number of companies filing for bankruptcy declined by the same rate from January to September.

October 13, 2011

ATB is Optimistic to Find a New Buyer

The subsidiary of the insolvent A-Tec corporation is looking for a new owner. Now, it is important to find a quick solution.

October 10, 2011

Penta Bids for A-Tec Again

The Czech-Slovak group is still interested in an acquisition of the insolvent Austrian conglomerate and has now submitted a new offer.

October 7, 2011

Kneissl Acquired by “Friends of Sports”

The bankrupt Tyrolean ski producer is taken over by a German holding company. The brand name will be retained; the Kufstein production site will be expanded.

October 6, 2011

Kovats Blames Creditors and Penta

Mirko Kovats, CEO of the A-Tec group, makes the Czech investment group Penta and the banks responsible for the failed restructuring plan

October 4, 2011

A-Tec: Investors Call Kovats to Resign

The founder and CEO of the Austrian technology group A-Tec Mirko Kovats comes under fire. Wilhelm Rasinger from the Austrian investor´s representation asks Kovats and the liquidator Matthias Schmidt to step down.

October 3, 2011

Chinese Interest for ATB

After the collapse of the takeover of A-Tec, the subsidiary has to be sold separately. The Chinese Wolong group plans to acquire the Austrian automotive company.

October 1, 2011

A-Tec to be Dissolved

The Austrian technology company, which should have been sold as a whole, could not find a buyer. The remaining assets will now be offered separately.

October 1, 2011

Strong Decline in Company Insolvencies

The number of private insolvencies rose rapidly from January to September, while the number of companies filing for bankruptcy dropped significantly.

September 28, 2011

A-Tec: Kovats Cancels Sale to Contor

The Austrian conglomerate needs another € 90m in order to fulfill the restructuring plan. A new general meeting will be held.

September 28, 2011

Kneissl to Be Taken Over by Foreign Investor

Negotiations about the sale of the bankrupt Tyrolean ski producer are about to be concluded. Three investors from Europe and overseas are still interested in an acquisition.

September 23, 2011

Sale of A-Tec on the Brink of Failure

The Supervisory Board of the insolvent technology group wants to take up negotiations with Penta Investments again after a Pakistani investor pulled out of the deal.

September 22, 2011

FPÖ Claims New Currency Area

The chairman of the Austrian Freedom Party, Heinz-Christian Strache, calls for the creation of a “core Europe” with a new currency.

September 19, 2011

Increasing Equity Quotas of Austrian SME

The average equity quota of Austrian SME in 2009/2010 was 28%. This is an improvement against the previous years. However, 30% of SMEs are overindebted.

September 19, 2011

Austria Considers Lawsuit Against Hungary

The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.

September 12, 2011

Asfinag Pays First Dividend Since 2008

A pending lawsuit might cost the Austrian motorway financing company up to € 37m. Full-year profit is still expected to rise.

September 8, 2011

A-Tec Accepts Offer of Contor Industries

After several months of negotiations a decision has been made: The group will be split up, ATB and Montanwerke Brixlegg will be sold to foreign investors.

September 5, 2011

A-Tec: Kovats to Step Back by Year-End

The CEO of the insolvent Austrian group wants to finalize the deal with an investor before resigning from his position. Negotiations with Penta have been suspended.

September 1, 2011

Kneissl: Decision about Sale to Be Taken in September

Four international investors are interested in taking over the insolvent Austrian ski manufacturer. A purchase price of € 4m is expected.

August 29, 2011
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