According to the Austrian Banking Act, only the Austrian Financial Market Authority (FMA) may file an application to initiate insolvency proceedings over the assets of a credit institution. In a recent decision, the Supreme Court for Civil Matters decided that the competence of the FMA to file such applications remains in force even after the withdrawal of a banking license. As a credit institution in liquidation, the debtor in question can continue conducting banking affairs even after the withdrawal of its licence. Therefore, it is to be treated as a credit institution in this context (OGH dated 19.06.2020, 8 Ob 27/20h).
Monopoly on filing for bankruptcy by the FMA
