Dispute over Benko’s third guarantee million for Signa Holding
Published: Wednesday, Feb 21st 2024, 10:50
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There is a dispute between the insolvency administrator and Benko's lawyers regarding the 3 million euros promised by René Benko in a guarantee declaration for Signa Holding. This is because the third million has not yet been paid and, if Benko has his way, will not be paid.
The Signa founder's lawyers justify this by stating that the guarantee was only valid as long as Signa Holding was restructured under self-administration. The insolvency administrator Christof Stapf apparently does not see it that way. He wants to have the arguments of Benko's lawyers legally examined, Stapf's spokesman told APA. The "Kronen Zeitung" and "Der Standard" had previously reported on the matter.
In the course of Signa Holding's insolvency at the end of November, Benko had issued a letter of guarantee in which he agreed to pay 3 million euros. Two million of this had already been paid, with only the first million coming from Benko himself. According to reports, the second tranche was paid for him by a third party.
Disagreement also between insolvency administrators
According to a report in the "Standard", there are not only differences between Stapf and Benko's lawyers, but also among the insolvency administrators of the various Signa companies. This is because they do not agree on what information, for example on proceeds from sales, may be passed on to each other - especially across borders between Austria and Germany.
However, an expert opinion by a university professor in Innsbruck came to the conclusion that insolvency administrators would be obliged to cooperate across company law boundaries and across borders, according to the report. The report is known to all insolvency administrators in Austria and Germany, which should secure the flow of information among the various insolvent Signa companies.
In addition to Signa Holding, Signa Prime and Signa Development are also involved in insolvency proceedings in Austria. In Germany, the Galeria and KaDeWe department store chains owned by Signa are also affected by insolvency. In addition, Signa also owns half of the Swiss department store chain Globus.
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