Overview

• Rene Benko, the founder of Signa Holding, has filed for insolvency in Austria, marking a significant downfall for the once-prominent property tycoon.
• Signa Holding, known for its stakes in iconic properties like Selfridges and the Chrysler Building, collapsed under financial pressure from high interest rates and a multibillion-pound debt.
• The insolvency filing allows Benko to seek reorganization rather than personal bankruptcy, amidst allegations of failing to meet financial commitments and unpaid taxes.
• Creditors have filed a criminal fraud complaint against Signa, calling for an investigation into alleged unlawful transactions.
• Benko's personal wealth, once estimated at around €5.5 billion, is at risk due to his personal liability for the business's debts.