Directors’ liability becomes concrete: South Africa could be the last financial anchor of the myWorld Group

Directors’ liability becomes concrete: South Africa could be the last financial anchor of the myWorld Group

The insolvency surrounding the myWorld /Lyconet group is reaching a new level.

The current report on the audit hearing of May 5, 2026, no longer reads like the mere winding-up of a failed cashback and referral marketing scheme. Rather, it paints a picture of a legal and forensic investigation into an international corporate network with potentially problematic cash flows, intra-group financing, and possible breaches of duty.

What was long portrayed as “economic failure” is now visibly developing into an investigation of potential liability and insolvency law issues within the international structure.

The insolvency administration is clearly switching into forensic mode.

The issue of directors’ liability is being specifically prepared.

Particularly noteworthy is the new stringency regarding potential liability claims against those responsible.

The insolvency administrator explains unusually directly:

English Translation:

It is problematic that the myWorld and Lyconet Group used different systems in the past. In some cases, the required data can apparently only be restored with considerable financial effort. It therefore remains uncertain whether reliable information and evidence can be obtained with the (limited) resources available. We are in ongoing discussions with KPMG regarding this matter. More details will follow in our next report.

Preparations concerning managing director liability are already very concrete. We are currently preparing a draft lawsuit. The allegation concerns the improper financing of a related company (§ 25 in conjunction with §§ 82f Austrian Limited Liability Companies Act – GmbHG). The insolvency bodies will be involved shortly.

“Preparations regarding directors’ liability are very concrete. We are already preparing a draft lawsuit .”

The legal thrust is also clearly stated:
It concerns the suspicion of “unlawful financing of a related company” according to § 25 GmbHG in conjunction with §§ 82 ff GmbHG.

This massively shifts the focus of the entire case.

Not just:

• a failed marketing and cashback group,

but potentially:

• intra-group asset transfers,
• prohibited return of deposits,
• potential creditor damage
• as well as personal liability issues of those responsible.

This is precisely the turning point of this report.

The chaos of demands reveals a structural problem within the entire group

A passage on the examination of claims is also particularly revealing.

The insolvency administrator openly states that numerous creditors apparently can no longer understand which company within the group was actually their contractual partner:

English Translation:

The review of claims continues to be highly complex. It is particularly problematic that creditors indiscriminately lump together all companies of the myWorld Group and therefore fail to assert their claims against their actual contractual counterparties. The same applies in the present insolvency proceedings: We have received numerous claims registrations that in fact concern other national companies of the Lyconet Group or claims against myWorld itself. One of the main reasons for disputing these claims is therefore the lack of passive legitimacy of the debtor company.

“The creditors are indiscriminately lumping all companies of the myWorld group together.”

It goes on to say that
many of the demands actually concern other national subsidiaries or even other group units.

This passage is highly relevant.

It officially illustrates for the first time the core structural problem of the entire group — an international network of companies whose actual responsibilities appear difficult to separate even in insolvency proceedings.

Original quote regarding the ” lumping the myWorld group together” passage

South Africa could become the last anchor of wealth

While large parts of the group already appear to have collapsed economically, the insolvency administrator’s focus is now noticeably shifting to South Africa.

English Translation:

For details regarding the foreign shareholdings, we refer to our previous reports. Only the South Africa-based company Lyconet South Africa (PTY) LTD (“Lyconet SA”) appears to possess assets in the six-figure range, although various claimants are asserting competing claims to these assets.

We have conducted extensive correspondence both with the (former) local representatives of the debtor company and with the legal representative of the principal creditors of Lyconet SA. While the former representative was unable to provide any objective arguments as to why the creditors’ claims against Lyconet SA should not exist (and ultimately became unreachable), the creditors’ representative ultimately convinced us of the validity of those claims. As a result, we agreed to pursue an amicable liquidation of Lyconet SA.

Consequently, the insolvency estate in these proceedings may expect an inflow of funds — although the exact amount remains undetermined at this stage — since the creditors’ claims are expected to be lower than the assets currently held by the court.

We were most recently informed that a court decision regarding the liquidation could be expected within approximately six weeks. We will report on the progress of the liquidation.

According to the report, the company “Lyconet South Africa (PTY) LTD” may still have assets in the six-figure range.

The insolvency administrator is already conducting:

• international correspondence,
• Consultations with creditor representatives,
• as well as preparations for further steps.

What is remarkable is that South Africa could be the very location where substantial assets can still be realized.

The actual finding of the report

The fourth report ultimately documents three key developments.

1. The operational corporate structure is complete.

The group practically no longer exists economically.

2. The economic substance has largely disappeared.

Millions in claims are contrasted with minimal usable amounts.

3. The legal proceedings are only just beginning.

And this is precisely where the whole matter becomes truly explosive:

• KPMG Forensics,
• Cash flow analyses,
• Liability audits,
• Intra-group financing,
• possible grounds for appeal,
• and the question of when the material insolvency actually occurred.

The next examination hearing is scheduled for July 31, 2026.

The insolvency administration is thus working its way step by step from mere liquidation to the possible reconstruction of an international financial and corporate network.

And that is precisely what makes this report the most politically, economically and legally explosive document to date in the entire myWorld insolvency case.

Notice

This article presents a journalistic analysis based on publicly available information and insolvency documents. All persons mentioned are presumed innocent until a legally binding court decision is reached. To the best of our knowledge, the article distinguishes between documented facts, quotations from insolvency reports, and journalistic interpretation.

Source: 4. Report GZ: 27 S 130/25g