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Austrian Economic Legal Issues and Insolvencies

A-Tec: Bad News from China

Because of a joint venture gone insolvent in China in 2008, there are unpaid claims for about € 15m against the Austrian A-Tec.

February 8, 2011

Atrium Terminates Trust Agreements with Meinl

The US-American/Israeli fund Atrium terminates trust agreements with the Austrian Meinl Bank AG under the 2003 and 2005 bonds due to “important reasons”.

February 3, 2011

Austria's Credit Industry Appeals to the Constitutional Court

The price gains tax introduced as of January 1, 2011 encounters legal resistance. The Banking Division of the Chamber of Commerce announced a complaint of unconstitutionality.

February 2, 2011

AvW Trial: Eight Years in Prison

An 8 years imprisonment sentence was imposed on the founder and CEO of AvW Group, Wolfgang Auer-Welsbach,

February 1, 2011

Skylink: Judicial Investigations are Presently being Conducted

The final report of the Audit Court on the Vienna International Airport Skylink project has been submitted. Criticism is devastating. Criminal investigations are starting.

February 1, 2011

Atrium: "Meinl Exploited its Position as a Trustee”

After the repayment of the convertible bond to the Austrian Meinl Bank, the real estate funds considers the calling as "blatant unlawfulness."

February 1, 2011

Meinl Bank to Cancel Previously Scheduled Bondholder Meeting

According to Atrium, a US/Israeli real estate company, circumstances causing a cross-default event do not subsist anymore.

January 29, 2011

Meinl Bank Continues to Claim Default of Atrium

Meinl Bank: „Atrium zahlt Meinl Bank states: "Contrary to their own announcement Atrium is not paying back the 10.75% convertible bond". Cross default risk remains upright

January 28, 2011

Atrium Repays Convertible Bond to Meinl

The American-Israeli real estate fund Atrium repays the 10.75% 2008 convertible bond to the Austrian Meinl Bank.

January 25, 2011

Ruttenstorfer Fine Confirmed

The fine imposed to the CEO of Austrian OMV, Wolfgang Ruttenstorfer, for market manipulation, remains standing.

January 22, 2011

Atrium Intends to Clarify Purported Event of Default

After the statement of the Austrian Meinl Bank to sue the real estate fund Atrium because of a “default of payment”, Atrium announces its point of view.

January 22, 2011

Meinl Bank: New Attacks Against Atrium

The dispute between the Austrian bank and the American-Israeli real estate fund is getting fiercer. Meinl is calling a bond.

January 21, 2011

Tax Treaty between Austria and Germany

Austria and Germany sign a revision protocol on double taxation agreements to implement the OECD standards of transparency and effective exchange of information.

January 19, 2011

Bank Taxes: „Job Cuts or Price Increase”

According to Michael Ikrath, bank representative of the “Sparkassen”, the new charges for Austrian banks are the highest in Europe.

January 17, 2011

Auer-Welsbach Pleads Not Guilty

The former CEO of the Austrian AvW stays by his actions on the first day of his trial.

January 12, 2011

AvW: Big Lawsuit because of Investment Fraud

One of the largest proceedings in Austrian economic history is being conducted against the former financial services provider AvW.

January 10, 2011

JoWood Sues Former Shareholder

Vienna Stock Exchange listed JoWooD Entertainment AG today filed a law suit demanding payment of an amount of € 2.36m plus interest.

January 5, 2011

MEL: Demand for Higher Quota against Meinl

A lawyer representing the investors calls for an increase of the quota on the occasion of the compromise between Meinl Bank and former MEL investors from 35% to 70%.

January 5, 2011

Atrium Reacts Sharply to Meinl´s Lawsuit

Atrium European Real Estate Ltd comments the recent lawsuit by Meinl Bank: “A desperate response.”

December 31, 2010

Meinl Starts New Actions against Atrium

The exchange of blows between Meinl Bank and Atrium is getting more violent. Meinl Bank is presently filing a claim before the Arbitration Court of the Economic Chamber.

December 29, 2010

Meinl Bank Shows Losses

Due to the elimination of investments, Meinl Bank slips into the red zone. The loss amounts to € 37m.

December 28, 2010

Foundations: Greater Legal Certainty for Founders

A new amendment to Austrian private foundations law allows more clarity for private founders.

December 22, 2010

Meinl against Atrium: Up to 7,000 Lawsuits

The Austrian bank files lawsuits against the successor company of her former real-estate funds MEL.

December 20, 2010

Controversies About S&T Personnel

The chairman of the Vienna-based IT services provider, Thomas Streimelweger sues the supervisory board because of his dismissal, which he allegedly offered.

December 16, 2010

OMV CEO: Insider-process on January27

While the trial date for the CEO of OMV has already been set, many leading personalities express their trust in an open letter.

December 2, 2010

Kneissl: Bankruptcy Application Possible Despite Capital Increase

The traditional Tyrolean ski manufacturer Kneissl is possibly facing lawsuits and bankruptcy applications.

November 25, 2010

Meinl Bank Sues Atrium for € 1.2 billion

After Atrium instituted proceedings for damages against Meinl Bank before the High Court of Justice in London, Meinl Bank responded with a countersuit.

November 23, 2010

AUA Flights to Russia Secured

While the problem of AUA landing rights in Russia has been solved for Lufthansa until March, Austria is being accused of breach of contract by the European Commission.

October 29, 2010

Hypo Group: Dramatic Losses Expected for 2010

The bank has to downsize, and will therefore have to part with many assets, according to the chairman of the board. For 2012, prrofits are expected again.

October 27, 2010

Justice: Powerless Against Accounting Frauds?

A poorly equipped Justice is facing an increasingly complex subject, aggravated by insufficient legal regulation.

October 21, 2010

Insolvencies: Declining Trend for Both Companies and Individuals

KSV expects 10% less insolvencies for 2010, but warns about the consequences of fiscal budget adjustment.

September 28, 2010