The bankruptcy of the textile chain of Palmer has an angry by thousands of Austrians: the famous green voucher coins are now worth almost nothing! But that is not all: the bankruptcy of the traditional company will also be expensive for taxpayers – with more than ten million euros!
“Vouchers can no longer be exchanged until further notice,” Palmers announced. At least during the renovation phase. There are considerations to resume the coins after a restart, but whether this is legally possible is completely open.
Kirstin Grüblinger, consumer protection at the Chamber of Labor, explains: “Vouchers – and the coins are nothing else – are a securitized claim for a company. If this company becomes unashamedly, as in the case of bankruptcy, the voucher owners cannot give any preference to neither disadvantage. It can be assumed that vouchers are no longer exchanged.
What to do with the almost worthless coins?
Gringers advise those affected: “You can only register the vouchers as an insolvency claim.” But be careful: the registration costs 25 euros – and the effort is often not worth it. For example, if you have ten Palmers coins worth ten euros each, ie a total of 100 euros, you will only receive 30 euros for the quota offered. If you withdraw the 25 euros for the claim, stay only five euros. And only if the large creditors such as banks accept the quota.
“Vouchers are very stupid in the case of bankruptcy – whether in a mint form or in paper form,” says Grüblinger. Her tip: “We advise you to exchange vouchers as quickly as possible, because with a voucher you always wear a risk of bankruptcy.”
To register your claims, you will find the form on Justizonline.gv.at. This must then be sent by post to the regional court of Wiener Neustadt.
Taxpayers have to pay!
But not only do the voucher owners lose money due to the bankruptcy of Palmers. The taxpayers are also asked about the cash register. Reason: of the liabilities of around 51 million euros, 14.4 million euros in COFAG loans for which the State must intervene in the case of a failure. With a quota of 30 percent, the Republic remains no less than 10.08 million euros!
The bankruptcy of Palmers is not only a shock for customers, but also an expensive disaster for taxpayers. And the green coins? They are now only memorabilia of better times.
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.
