What does the next bankruptcy at Signa Group have to do with former advisor Kurz?

Liabilities amount to €23.3 million (liquidation value) with assets of €213,000. Four employees and 24 creditors are affected. One of the creditors is likely to be the company of former adviser Sebastian Kurz.

As it became known at the beginning of December, Kors' company called SK Management still has an account receivable with Signa SFS. In 2023, the company, which was still operating under the name Signa Lima, was invoiced approximately €2.4 million for a successful investor search for the Signa group of companies, of which only €750,000 was paid.

According to Creditreform, Signa SFS was only founded in 2022 under the name Signa Lima GmbH and provides financing advice to SIGNA companies with predominantly Austrian credit institutions.

Bankruptcy proceedings were opened at the request of the company itself. The Vienna Commercial Court bears responsibility – even though the company is registered in the commercial registry in Innsbruck – because the company's economic focus is in Vienna, the AKV writes.

“Continuing no longer makes sense.”

According to Creditreform, the insolvency was caused by a “significant decline in new refinancings for Signa companies” following the bankruptcies of Signa Holding, Signa Prime and Signa Development. This led to financial difficulties and uncertainty for Signa SFS.

There are no plans to continue the company. “Based on the company's own assessment, continuation no longer makes sense, so a short-term closure should be discussed with the liquidator,” KSV1870 wrote.

Creditors can register their claims until March 6. The first creditors' meeting as well as the audit and reporting meeting will be held on March 20. Lawyer Clemens Richter has been appointed insolvency administrator.

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