ILO Newsletter 28. September 2012

Insolvenz und Sanierung

New taxes on real estate sales: consequences for insolvencies

A new real estate income tax was recently introduced in Austria. When land encumbered by liens is now sold in the course of insolvencies, the question arises as to whether this new tax qualifies as special estate costs. The Supreme Court is yet to clarify the matter; therefore, until this happens, creditors should note that reduced amounts will be attributed to them from the proceeds from the sale of collateral.


Alexander

Dr. Alexander Isola

M.C.J. (NYU) Partner
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