Following myWorld filing for bankruptcy and reports it was drowning in $110 million in debt in 2023, myWorld has been declared insolvent in Europe.

myWorld, operating as myWorld International AG and formerly 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
  • only have 15 million euros in assets (~$17.3 million)

Including tax authorities, myWorld has reported 2049 creditors. 5 million of myWorld’s debt is attributable to “vouchers” tied to its MLM operations.

Declining purchasing behavior is cited as the reason for the insolvency. myWorld’s revenues are significantly below target.

Despite all of this and having already made two insolvency filings, myWorld as an MLM company isn’t over yet.

The company aims to continue operations with a reduced workforce. myworld International AG currently employs 116 people.

The restructuring plan initially provides for a 20 percent payment, payable within two years.

myWorld’s plans were revealed at a restructuring hearing held in Austria on Monday.

Lyoness and myWorld are owned by Austrian national Hubert Freidl (right).

Freidl appears to have disappeared, having not been active on social media since September 2024.

The scam began as an “accounting units” Ponzi scheme in 2003. Today myWorld more closely resembles a pyramid scheme. This is in line with Spain’s National Police findings quoted above.

Despite multiple countries certifying Lyoness was a Ponzi scheme and myWorld is a pyramid scheme, to date Austrian authorities have failed to take action.

News of myWorld’s insolvency follows the arrest of its Managing Director in Spain last month.