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