Signa Administrator Says Advisers May Have Breached Duties (1)

The insolvency administrators for one of Signa’s main units is reviewing whether key advisers failed to carry out their duties properly, in a bid to recoup funds for creditors.

The administrators for Signa Development Selection — which invested in premium property projects and issued a €300 million ($327 million) publicly-traded bond — are investigating potential liability claims against tax consultancy company TPA Steuerberatung GmbH and law firm Arnold Rechtsanwaelte GmbH, according to a report dated July 15.

Lawyers at EcoLaw, working as administrators for the SDS unit, said both TPA and Arnold could be held liable for actions related to ...