The aftermath of the Signa bankruptcy could drag on: “The bankruptcy proceedings could last a few years, that is to say, an exceptionally long time,” the trustee in the bankruptcy proceedings explained. This is not only due to the complexity of the procedure, but mainly because there are many challenges to be explored. The quota also depends on this.
First he had to determine the usable assets, Andreas Grabenweger explained in an interview with the “Oberösterreichische Nachrichten”. For example, it is also about the villa where Benko lives with his family. This is attributed to the Laura Private Foundation, of which Benko himself is not a beneficiary.
“We will also check everything and examine the foundation documents and general possible asset transfers and family relationships. But in principle it can be said: private foundations are their own assets. The beneficiaries, to whom Mr Benko should not formally belong, can ultimately do whatever they want with their assets,” Grabenweger said.
Quantity of recoverable assets “pure speculation”
If there is no agreement with those making claims over past asset transfers, there is a risk that legal proceedings will follow to clarify the matter. These can take a long time and the usable assets also depend on their results. Therefore, any statement about the quota to be achieved is currently “pure speculation”.
No meeting has been scheduled for now, but Grabenweger will submit a report to the bankruptcy court on the state of affairs “in about two months.” The curator has indicated that this will also be accessible to creditors and creditor protectors.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
