Now a "transparent person"
The private bankruptcy of René Benko
Entrepreneur René Benko has filed for insolvency at the Innsbruck regional court. The property speculator has now become a "transparent person", with the insolvency administrator gaining access to his accounts and assets.
In 2019, René Benko received almost 26 million euros from his opaque Signa Group. Although the financial juggler had not held any managing director positions in his conglomerate since 2013, following a criminal conviction.
Nothing was decided without a "numbers master"
Officially, Benko was merely an advisory board member. De facto, however, it was clear to everyone at Signa that nothing was decided without the great "numbers master". The lawyers call him a de facto managing director. They have been investigating Benko's possible liability since the beginning of an insolvency tsunami that has affected more and more Signa companies and now also its founder.
The immediate impact on the Signa bankruptcies that have already been opened is minimal: Benko's shares in the group are stashed away in discreet private foundations in Austria and Liechtenstein. However, Benko's creditors will be watching closely to see what steps the insolvency administrator in Innsbruck will take in the coming weeks and months to access the assets of the Benko foundations.
All assets fall into the insolvency estate
The bombshell came on Thursday, March 7, when it was announced via krone.at that the 46-year-old Tyrolean had filed for insolvency at the Innsbruck regional court. This means that Benko is insolvent and the official opening of insolvency proceedings is now only a formality. The opening of insolvency proceedings would affect all his business and private assets. All of Benko's assets would be included in the insolvency estate.
The Tyrolean has already had to hand over luxury goods
From supposed billionaire to real bankrupt? According to the law, Benko is only allowed to keep as much of his total income as is "essential for a modest lifestyle" for him, his wife and his children.
A real low blow after the insolvency administrator of Signa Holding had already taken away the yacht, jet, hunts and other luxury goods from the future ex-financial juggler, which Benko was allowed to use to "represent himself and attract investors". At the expense of Signa Holding.
Sheikhs are now keeping a wary eye on bankruptcy
Now Benko is also dealing with an insolvency administrator in his private life. The real estate speculator becomes a "transparent person" for this overseer. The insolvency administrator has access to all of Benko's assets and accounts, he can scrutinize past payment flows and question all financial activities. These questions could be as follows: Were there large cash withdrawals? Were there any unusual outflows of assets? Were family, friends or acquaintances given preferential treatment?
Some sheikhs from Abu Dhabi will also be keeping a wary eye on Benko's bankruptcy: The sovereign wealth fund Mubadala had already sued Signa Holding and Benko privately in December for the repayment of 713 million euros. The Signa creator now also wants to get rid of most of this legacy debt through insolvency proceedings.
As reported, the stone for Benko's personal bankruptcy was set rolling at the beginning of the year by the Financial Procurator's Office, which filed an insolvency petition against Benko as an individual in its capacity as attorney for the Republic. Due to debts to the financial authorities - amounting to around two million euros.
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