Proposal sought for a worker safety directive concerning electronic communication risks by the Commission.
**Alfons Schuhbeck's Insolvency Proceedings Reveal Financial Mismanagement**
Alfons Schuhbeck's insolvency proceedings have shed light on a significant debt burden of approximately 27 million euros, according to the Munich I Regional Court. The insolvency involves eight companies, including Schuhbecks Gewürze, die Südtiroler Stuben, and the Partyservice, which have been sold. However, the rest of the companies are not expected to be sold due to a lack of significant assets[1][2][3].
The insolvency proceedings, which commenced in 2021, have revealed that the companies have been in poor financial shape for years, with most being insolvent since 2015. There was almost no reliable bookkeeping; annual financial statements were missing for years, and the accounting records were often erroneous or incomplete. Additionally, the companies were entangled, with money frequently shifted between them to cover urgent financial gaps[2].
The insolvency administrator, Max Liebig, expects a low double-digit recovery rate for the creditors' claims. The exact amount of debt that the companies owe may not yet be final[1].
In the court proceedings, Schuhbeck revealed the amount of his pension. The current demand from creditors is for approximately 27 million euros[1][2].
Three companies, Schuhbeck's spices, the South Tyrolean Stuben, and the party service, may be sold, according to Liebig's information[1][3]. However, the rest of the companies are not expected to be sold.
The insolvency also brought legal proceedings against Schuhbeck for alleged insolvency offense and subsidy fraud as part of the wider fallout[3][4].
In summary:
| Aspect | Details | |-------------------------|------------------------------------------| | Total debts owed | ~27 million euros | | Number of companies | 8 | | Insolvency year | 2021 (procedure start) | | Years insolvent | Since approx. 2015 | | Repayment outlook | Low double-digit percentage of claims | | Key sold companies | Schuhbecks Gewürze, Südtiroler Stuben, Partyservice | | Bookkeeping status | Poor to non-existent, unreliable | | Expected conclusion | End of 2025 |
The insolvency proceedings are expected to be completed by the end of the year, but the exact outcome for the creditors remains uncertain[1][2].
The finance entrepreneurship of Alfons Schuhbeck, the small-business mogul, has been under scrutiny due to the revelation of a substantial debt burden of approximately 27 million euros. The insolvency proceedings, involving eight companies, have highlighted years of financial mismanagement, lack of reliable bookkeeping, and incomplete financial statements.
