Austrian real estate investor René Benko has filed for personal bankruptcy. In doing so, he apparently forestalled an insolvency notice from a court in Innsbruck.
Hundreds of Signa subsidiaries' creditors are now demanding billions of euros from the insolvent companies with which Benko built his real estate empire. According to the Austrian magazine "Der Standard", Benko's current application is, from a strict legal perspective, not a case of personal insolventcy, as the relevant district court would have been responsible.