Signa - Collaboration of Insolvency Administrations - Proceedings to Begin in October

This includes individuals against whom specific claims by the insolvency administrations exist in the bankruptcies of Signa Holding, Signa Prime Selection, and Signa Development. The procedure is set to start in October, with an agreement expected by the end of the year.

The insolvency administrators hope to avoid years of court proceedings with correspondingly high costs. "In contrast, the structured out-of-court procedure offers a practical and creditor-oriented approach and provides those affected by liability or their insurers the opportunity for an efficient resolution of claims," it says in a joint statement by the three insolvency administrators Christof Stapf (Signa Holding), Abel Rechtsanwälte (Signa Prime Selection), and Andrea Fruhstorfer (Signa Development Selection).

Management of Proceedings

The procedure is to be led by Niamh Leinwather, Secretary General of the International Arbitration Institution VIAC, and lawyer Gernot Murko, Professor of Corporate and International Business Law at the Karl-Franzens-University Graz. The procedure has been coordinated with the responsible creditors' committees and insolvency courts. The procedure will be conducted in private.

(APA/Red)

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