IMADEC University
Encyclopedia
IMADEC University is a private business
and law school
located in Vienna
, Austria
.
In January 2001, IMADEC became the second private school in Austria to achieve legal recognition by the state as a private university, a status it held until January 2006. It soon had a number of prominent Austrians on its staff and among its sponsors, such as Otto von Habsburg
, Peter Zöllner (executive director of Austria's central bank
) and Gerhard Swarovski
.
In its first years, IMADEC was a partner of California State University, Hayward
(CSUH). The contract between the institutions was dissolved in 2002. Today, the school is cooperating with faculty from the University of Texas at Austin
.
, first acquired in 2001, expired on 1 January 2006. In August 2006, the Austrian Accreditation Council rejected the school's request for renewed accreditation, citing deficiencies in quality assurance, academic staff structure, and financial backing as some reasons.
On 28 August 2006, the Austrian Ministry of Education, Science and Cultural Affairs decreed that IMADEC's degree programs may be continued as "university level courses" . This type of state approval is limited until 31 December 2012 and allows private educational institutions to grant valid academic degrees, but does not imply accreditation as a university.
degree bestowed upon Alexandre Lamfalussy
by IMADEC in 2003 was void, as private universities are not authorised to grant any honorary degrees. Four other persons – Arnold Schwarzenegger
(DBA), Franz Vranitzky
(DBA), Wim Duisenberg
(DBA) and Siegbert Alber (LL.D) – have received honorary doctorates from IMADEC, which are now considered void as well.
proceedings were initiated against IMADEC by one of its creditors. On 26 August 2010, the Commercial Court of Vienna closed the bankruptcy proceedings. The court accepted a restructuring plan according to which all creditors’ legitimate claims are to be fully satisfied (100%) within 2 years' time.
(Master of Law and Economics
) course of studies. The language of instruction is English. All courses are organized in 4 day intensive study sessions, each carrying 4 "Academic Units". They are taught by either IMADEC University resident staff or by visiting professors.
Business school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
and law school
Law school
A law school is an institution specializing in legal education.- Law degrees :- Canada :...
located in Vienna
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
, Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
.
History
Founded in 1991 as "International Management Development Consulting", IMADEC offered an MBA programme, which was accredited until January 2005 by FIBAA (Foundation for International Business Administration Accreditation), a German accreditation agency.In January 2001, IMADEC became the second private school in Austria to achieve legal recognition by the state as a private university, a status it held until January 2006. It soon had a number of prominent Austrians on its staff and among its sponsors, such as Otto von Habsburg
Otto von Habsburg
Otto von Habsburg , also known by his royal name as Archduke Otto of Austria, was the last Crown Prince of Austria-Hungary from 1916 until the dissolution of the empire in 1918, a realm which comprised modern-day Austria, Hungary, Bosnia and Herzegovina, Croatia, the Czech Republic, Slovakia,...
, Peter Zöllner (executive director of Austria's central bank
Oesterreichische Nationalbank
The Oesterreichische Nationalbank is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks and the Eurozone. In the public interest, the OeNB contributes to monetary and economic policy decision-making in Austria and in the Euro area...
) and Gerhard Swarovski
Swarovski
Swarovski is the brand name for a range of precisely-cut crystal and related luxury products produced by Swarovski AG of Wattens, Austria...
.
In its first years, IMADEC was a partner of California State University, Hayward
California State University, East Bay
California State University, East Bay is a public university located in the eastern region of the San Francisco Bay Area. The university, as part of the 23-campus California State University system, offers over 100 areas of study...
(CSUH). The contract between the institutions was dissolved in 2002. Today, the school is cooperating with faculty from the University of Texas at Austin
University of Texas at Austin
The University of Texas at Austin is a state research university located in Austin, Texas, USA, and is the flagship institution of the The University of Texas System. Founded in 1883, its campus is located approximately from the Texas State Capitol in Austin...
.
Rejection of request for renewed accreditation
IMADEC's state accreditation as a private universityPrivate university
Private universities are universities not operated by governments, although many receive public subsidies, especially in the form of tax breaks and public student loans and grants. Depending on their location, private universities may be subject to government regulation. Private universities are...
, first acquired in 2001, expired on 1 January 2006. In August 2006, the Austrian Accreditation Council rejected the school's request for renewed accreditation, citing deficiencies in quality assurance, academic staff structure, and financial backing as some reasons.
On 28 August 2006, the Austrian Ministry of Education, Science and Cultural Affairs decreed that IMADEC's degree programs may be continued as "university level courses" . This type of state approval is limited until 31 December 2012 and allows private educational institutions to grant valid academic degrees, but does not imply accreditation as a university.
Void honorary degrees
On 28 April 2006, the Austrian Administrative Court (Verwaltungsgerichtshof) ruled that an honorary DBADoctor of Business Administration
The degree of Doctor of Business Administration, abbreviated, or and equivalent to , is a research doctorate in business administration. The D.B.A...
degree bestowed upon Alexandre Lamfalussy
Alexandre Lamfalussy
Baron Alexandre Lamfalussy , is a European economist and central banker.Born in Hungary, Lamfalussy studied at the Catholic University of Leuven and Nuffield College, Oxford, where he received his doctorate in economics...
by IMADEC in 2003 was void, as private universities are not authorised to grant any honorary degrees. Four other persons – Arnold Schwarzenegger
Arnold Schwarzenegger
Arnold Alois Schwarzenegger is an Austrian-American former professional bodybuilder, actor, businessman, investor, and politician. Schwarzenegger served as the 38th Governor of California from 2003 until 2011....
(DBA), Franz Vranitzky
Franz Vranitzky
Franz Vranitzky is an Austrian politician. A member of the Social Democratic Party of Austria , he was Chancellor of Austria from 1986 to 1997.-Early life and career:...
(DBA), Wim Duisenberg
Wim Duisenberg
Willem Frederik "Wim" Duisenberg was a Dutch politician of the Labour Party . He was the first President of the European Central Bank from 1 July 1998 until 31 October 2003. He was instrumental in the Introduction of the euro in the European Union in 2002. He was also credited for making numerous...
(DBA) and Siegbert Alber (LL.D) – have received honorary doctorates from IMADEC, which are now considered void as well.
Bankruptcy Petition
On 18 June 2010, bankruptcyBankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
proceedings were initiated against IMADEC by one of its creditors. On 26 August 2010, the Commercial Court of Vienna closed the bankruptcy proceedings. The court accepted a restructuring plan according to which all creditors’ legitimate claims are to be fully satisfied (100%) within 2 years' time.
Programs
IMADEC currently offers an Executive MBA program, an International LL.M. program and an International MLEMLE
MLE can mean:*Multi-Lamellar Emulsion, in dermatology*Multi-layered effects, in broadcasting*Maximum likelihood estimation, in statistics*Managed learning environment, in e-learning*Multicultural London English, in linguistics*Media Lab Europe...
(Master of Law and Economics
Law and economics
The economic analysis of law is an analysis of law applying methods of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.-Relationship to other disciplines and...
) course of studies. The language of instruction is English. All courses are organized in 4 day intensive study sessions, each carrying 4 "Academic Units". They are taught by either IMADEC University resident staff or by visiting professors.