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Lyoness Declares Bankruptcy in Europe - Concerns Arise Over Operations - Multilevel Success - Multilevel Success

Lyoness Declares Bankruptcy in Europe – Concerns Arise Over Operations

Lyoness has officially filed for bankruptcy in Europe, as revealed in an October 24th 2023 press release by Richard Meixner, Lyoness Italy’s Managing Director. Insolvency proceedings have been initiated concerning Lyoness International AG and Lyoness Europe AG, both based in Buchs, Switzerland.

The stated reasons behind this bankruptcy claim are attributed to adverse factors such as the pandemic, the energy crisis, and inflation.

However, notable confusion arises as Meixner highlighted that Lyoness’ registered companies in individual countries would continue operations as usual, despite Lyoness facing insolvency as a whole. This disparity prompts questions about the solvency of these country-based entities.

Lyoness, historically recognized as a Ponzi scheme under the leadership of Austrian national Hubert Freidl, has undergone numerous transformations, name changes, and registrations of associated shell companies over the years.

For instance, Lyoness Italy, where Meixner is employed, faced legal issues as Italian authorities previously deemed Lyoness a pyramid scheme, imposing a 3.2 million euro fine in 2019. Despite the ban, Lyoness continued its operations and encountered another 3 million euro fine in 2021.

Several countries, including Norway (2022), Poland (2021), Russia (2021), and Lichtenstein (2021), have recently outlawed Lyoness due to legal concerns.

In 2020, Lyoness rebranded as myWorld, shifting its business model away from a direct Ponzi scheme to focus on pyramid recruitment, leading to subsequent regulatory fraud warnings.

The myWorld website received approximately 528,000 visits in September 2023, with top traffic sources including the Czech Republic, Italy, Poland, Cabo Verde, and the US, according to SimilarWeb data.

The company’s presence is declining in most markets, except for Poland, Cabo Verde, and Portugal, raising concerns about Lyoness’s future operations amid its bankruptcy declaration.