In Germany, online sportsbetting provider mybet Holdings SE has announced that it has voluntarily entered ‘insolvency proceedings’ after earlier having its request for a temporary tax suspension denied by a court in Frankfurt.
Unpaid tax bill:
According to a Tuesday press release at APCW.org, the bankruptcy decision was taken due to its ‘imminent insolvency’ and comes after it earlier admitted to being unable to pay a local sportsbetting tax bill valued at around €4 million ($4.54 million).
The official press release read…
“The management board of mybet Holding SE is preparing an application to open insolvency proceedings due to imminent insolvency. The company intends to file the application for all three German group companies including the company itself with the competent district court on Friday of this week.”
Proposed sale falls through:
Frankfurt-listed mybet Holdings SE had earlier hopes that it could avoid the last resort option of bankruptcy by selling its mybet.com online operation to an unnamed investor. However, the firm declared on August 14 that this deal had fallen through last month due to what it terms as the proposed buyer’s ‘unrealizable conditions’.
The official press release further read…
“The board’s decision to file for bankruptcy following the failure of the investor talks was also influenced by the Frankfurt Revenue Department having rejected an application for interim termination of the enforcement of withholding sports bills, which had become the group company Associated Personal Exchange International Limited based in Malta.”