63 Million Euros in Claims Recognized After Kika/Leiner Bankruptcy

After the bankruptcy application, the furniture chain Kika/Leiner closed the remaining 17 locations in Austria in January, affecting 1,350 employees. Employees with longer notice periods will be without salary only in the summer. According to the GPA union, about two-thirds of Kika/Leiner employees have been with the company for over five years. Claims from employees whose employment recently ended are not yet included in the current status. Therefore, it is expected that the total liabilities will increase significantly in the coming weeks, according to the AKV.

Furniture Store Owners and Republic of Austria as Major Creditors of Kika/Leiner

The insolvency administrator has also disputed the claims of the Supernova Group as the owner and landlord of the Kika/Leiner furniture stores amounting to around 190 million euros. "Intensive negotiations are already underway with the Supernova Group to reach an out-of-court solution regarding the compensation claims registered due to the premature termination of the lease agreements," reported the Credit Protection Association KSV1870 in a release. With claims amounting to around 29 million euros, the Republic of Austria is another major creditor in the Kika/Leiner insolvency proceedings. Additionally, around 1,260 customers of the furniture chain have registered claims as advance payment creditors. Creditors whose claims are disputed have the opportunity to submit additional documents or, as a last resort, file a declaratory action, as explained by the creditor protection association Creditreform. The dispute period has been set by the court at three months.

After Kika/Leiner Bankruptcy: Quota for Creditors Still Open

How much money the creditors will recover in the Kika/Leiner bankruptcy proceedings is currently open. "From today's perspective, it is not unrealistic that creditors will receive a quota payment at least in the lower double-digit percentage range upon completion of the proceedings," said Karl-Heinz Götze from KSV1870.

(APA/Red)

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