Finance and restructuring expert Gerald Zmuegg from the Financial Ombudsman’s team has been fighting for some time to disburse promised COFAG funds to domestic companies. Many companies now fear bankruptcy due to non-payment, and many companies have already taken COFAG to court. For example, the Fit Fabrik, whose director Michael Zrost is fighting for 1.6 million euros together with the financial ombudsman’s team.
They have been promised for a while, but have still not been paid out. Zrost: “The situation is very stressful. We’ve been chasing our money for almost two years now. The lockdowns have led to many layoffs in the fitness industry; we have lost 40 percent of our members. This entails enormous losses. Because when you unlock it, one hundred percent of the costs immediately start adding up again. But only 60 percent of the revenue is back. That is why we are dependent on the support payments.”
However, increasing turnover and recruiting new members in the fitness industry takes months to years, so as an entrepreneur you have to provide new liquidity: “Because the support payments are not coming, I cannot invest in marketing or advertising. measures. This is very frustrating.”
Finance Minister and Vice Chancellor in court?
Restructuring expert Gerald Zmuegg adds: “It is also a new experience for us that we have to take legal action against the state. Regarding the statements made by Vice Chancellor Kogler and Minister of Finance Brunner in yesterday’s U-Committee, I am somewhat shocked.” Since August 2023, people have been waiting for Brunner and Kogler to reach an agreement and for an EU directive to be implemented into Austrian law. “Because that is why this payout fails. It will certainly be the case that both Kogler and Brunner will be confronted with these statements again by the judge in court at the latest. Because if there is no solution, the lawsuits we have filed will have to be dealt with by the judge accordingly. And it is simple and moving: a contract has been made. And if it now takes two years to implement that, I no longer understand it.”
Watch the entire interview in the video above!
We explain what the whole of Austria is currently dealing with: the latest news conversations with politicians and experts.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
