Following myWorld submitting for chapter and reviews it was drowning in $110 million in debt in 2023, myWorld has been declared bancrupt in Europe.
myWorld, working as myWorld Worldwide AG and previously generally known as Lyoness, is presently reported to
- be 22.7 million euros in debt (~$26.2 million USD);
- owe over 50 million euros in taxes (~$57.8 million USD); and
- solely have 15 million euros in property (~$17.3 million)
Together with tax authorities, myWorld has reported 2049 collectors. 5 million of myWorld’s debt is attributable to “vouchers” tied to its MLM operations.
Declining buying habits is cited as the rationale for the insolvency. myWorld’s revenues are considerably beneath goal.
Regardless of all of this and having already made two insolvency filings, myWorld as an MLM firm isn’t over but.
The corporate goals to proceed operations with a lowered workforce. myworld Worldwide AG presently employs 116 individuals.
The restructuring plan initially supplies for a 20 % fee, payable inside two years.
myWorld’s plans have been revealed at a restructuring listening to held in Austria on Monday.
Lyoness and myWorld are owned by Austrian nationwide Hubert Freidl (proper).
Freidl seems to have disappeared, having not been lively on social media since September 2024.
The rip-off started as an “accounting items” Ponzi scheme in 2003. At the moment myWorld extra intently resembles a pyramid scheme. That is in keeping with Spain’s Nationwide Police findings quoted above.
Regardless of a number of international locations certifying Lyoness was a Ponzi scheme and myWorld is a pyramid scheme, to this point Austrian authorities have did not take motion.
Information of myWorld’s insolvency follows the arrest of its Managing Director in Spain final month.
