Signa bankruptcy Lawyer: Signa managers should be liable for at least 1 billion euros
The insolvency administrator of René Benko's luxury real estate company Signa Prime Selection is stepping up the pace in favor of the creditors. He wants to hold four former management members and twelve former board members liable for at least 1 billion euros.
08.01.2025, 20:28
SDA
Specifically, the insolvency administrator, lawyer Norbert Abel, is accusing the former managers Manuel Pirolt, Timo Herzberg, Tobias Sauerbier and Claus Stadler as well as the former board members of serious misconduct, breach of duty and delay in filing for insolvency.
The management had thereby caused Signa Prime's operating loss to increase at the expense of the creditors and the insolvency estate to be reduced. As a result, the insolvency quota was reduced accordingly and a quota loss was incurred.
It can be assumed that Austrian Benko's Signa Prime had been materially insolvent since the end of March 2022 at the latest. This should have been known to both the board members and the members of the management, according to a lawyer's letter obtained by the Austrian news agency APA. An insolvency petition should therefore have been filed.
This concerns managers who held their position in the period from January 1, 2022 to the opening of insolvency proceedings on December 29, 2023. The insolvency administrator called on the former executive bodies of Signa Prime to "recognize their liability in principle".
According to the information provided, the damage of around EUR 1 billion was caused by "unlawful payments, intercompany loans and unclaimed repayments". The deadline for receipt of the acknowledgement of liability is January 20, 2025.
