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, Peter Zöllner (executive director of Austria's central bank) and Gerhard Swarovski.[not in citation given]
Rejection of request for renewed accreditation
IMADEC's state accreditation as a private university, 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" (German: Lehrgänge universitären Charakters). This type of state approval was limited until 31 December 2012 and allowed private educational institutions to grant valid academic degrees, but did not imply institutional accreditation as a university.
Void honorary degrees
On 28 April 2006, the Austrian Administrative Court (Verwaltungsgerichtshof) ruled that an honorary DBA 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.
On 18 June 2010, bankruptcy 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.
IMADEC currently advertises an Executive MBA program, an International LL.M. program and an International MLE (Master of Law and Economics) course of studies. Program accreditation for these courses expired in 2012.
- Horvath, Christian (2006-03-17). ""Rüstzeug für Manager" (Munition for Managers)" (in German). medianet.
- Coleman, Karen (2002-08-08). "CSUH Austrian Executive MBA Program Kaput / Cal State Hayward, Others Say Problem Was Money". The Pioneer. Retrieved 2007-02-16.
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- "Imadec ist keine Privatuni mehr (Imadec is no longer a private university)" (in German). Wiener Zeitung. 2006-08-23. Retrieved 2007-02-16.
- "Imadec mit "Lehrgängen universitären Charakters" (Imadec with "university-level courses")" (in German). APA (Austrian Press Agency) Online-Journal Karriere. 2006-08-29. Retrieved 2007-02-16.
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- "Privatuniversität hat nicht das Recht, Ehrendoktorate zu verleihen (Private university does not have right to grant honorary doctorates)". Österreichischer Verwaltungsgerichtshof (Austrian Administrative Court). June 2006. Archived from the original on 2007-02-08. Retrieved 2007-02-16.
- "Schwarzenegger Degree Branded Worthless". Contactmusic.com Ltd. 2006-06-30. Retrieved 2007-02-16.
- "Ehrendoktorate von Privat-Unis sind wertlos (Honorary doctorates from private universities are worthless)" (in German). Wiener Zeitung. 2006-07-01. Retrieved 2007-02-16.
- "Konkurs über "Privat-Uni" Imadec eröffnet" (in German). Wirtschaftsblatt. 2010-06-22. Retrieved 2010-07-04.
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- Decree of the Austrian Federal Ministry of Science and Research