Firms To Watch: Insolvency and corporate recovery

Renowned insolvency lawyer Georg Freimüller, previously of HAIDER | OBEREDER | Pilz Rechtsanwält:innen GmbH, founded boutique Freimüller & Tschiderer in May 2023 with Michaela Tschiderer, the named partners between them offering the spectrum of restructuring and insolvency advice.
Following the departure of the insolvency team at Preslmayr Rechtsanwälte OG, recognised administrators Matthias Schmidt and Christian Podoschek together with Erland Pirker founded in July 2022 their own firm Schmidt Pirker Podoschek Lawyers OG. Creditor representation, crisis situations and in- and out-of-court reorganisations and restructurings remain at the heart of the well-seasoned team’s offering.

Insolvency and corporate recovery in Austria

Fellner Wratzfeld & Partners

Restructuring is the mainstay of Fellner Wratzfeld & Partners‘ insolvency and corporate recovery practice, with most major Austrian banks considering the firm as the ‘go-to’ for complex, cross-border structures. The team also provides comprehensive advice to companies and creditors across a range of sectors, including prominently energy and media. Founding partner Markus Fellner is sought after for advice on high-profile banking and finance transactional matters, and leads the practice alongside internationally-focused Florian Kranebitter, who is a strong choice for cross-border restructuring and insolvency.

Responsables de la pratique:

Markus Fellner; Florian Kranebitter


Autres avocats clés:

Florian Henöckl


Les références

‘A trusted one-stop-shop law firm with brilliant lawyers and great expertise. They do not operate in silos and communication with the firm is very efficient.’

‘The team is always up to date with the latest developments in the banking sector and technology, which is why they are our go-to firm.’

‘The team has the necessary breadth and depth to complete projects efficiently and successfully. Both complex details and large projects can be covered very well.’

Principaux clients

BAWAG P.S.K.


Bertsch Energy GmbH & Co KG


Erste Group Bank AG


Raiffeisenlandesbank Burgenland


Steinhoff Europe AG


Raiffeisenlandesbank Niederösterreich-Wien AG


Raiffeisenlandesbank Oberösterreich Aktiengesellschaft


Steinhoff Europe AG


UniCredit Bank Austria AG


Principaux dossiers


  • Advised Bertsch Energy GmbH & Co KG in connection with the conclusion of a comprehensive restructuring concept and the restructuring of the existing financing.
  • Advised UniCredit Bank Austria AG and Raiffeisenlandesbank Oberösterreich Aktiengesellschaft on a complex restructuring of financing granted to the Kreisel Group.
  • Advised Steinhoff Europe AG in seeking a COMI (centre of main interest) for the shift of the Austrian company to the UK.

GRAF ISOLA

With insolvency administration as a pivotal tool in its belt, GRAF ISOLA rounds out its practice with extensive expertise in restructuring, complex refinancing negotiations with banks, and distressed M&A, advising the full range of debtors, creditors and investors. Regularly appointed by courts as insolvency administrators, co-practice heads Alexander Isola and Stefan Weileder combine experience in advising large, family-owned enterprises and managing directors and boards of companies on the brink of insolvency. David Seidl supports on insolvency mandates with a view to white collar crime implications, fraud, avoidance and capital maintenance.

Responsables de la pratique:

Alexander Isola; Stefan Weileder


Autres avocats clés:

David Seidl


Les références

‘The team really works for the customer. They have a broad experience in Austrian insolvency law, which helped us to get the best out of our insolvency process.’

‘Stefan Weileder was there for us literally day and night. His outstanding commercial knowledge pushed us ahead even we were struggling into insolvency process before our contact.’

‘Alexander Isola is the “good fairy” in the background, always with a good idea in time.’

Principaux clients

Christof Industries Austria GmbH


McStrom GmbH


Teleos GmbH


Salzburg Schokolade GmbH


VGN Medien Holding GmbH


Noventure, Trenka / Custos


ESCADA Logistik GmbH


ESIM


Steiermärkische Bank und Sparkassen AG


Andritz AG


Tally Weijl Austria GmbH


Principaux dossiers


  • Acted as insolvency administrators of Christof Industries Austria in one of the largest insolvency proceedings in Austria.
  • Acted as insolvency administrators of McStrom GmbH in the first Austrian insolvency proceedings of an energy supplier with more than 11.000 customers.
  • Acted as insolvency administrator of Tally Weijl Austria GmbH, the Austrian branch of a major international fashion retail group.

Binder Grösswang

The range of Binder Grösswang‘s restructuring and insolvency practice spans across corporate rescue and preventive restructuring, insolvency-related disputes and creditor representation, and distressed M&A, all bolstered by close collaboration with the firm’s banking and finance team. In addition to representing major domestic banks, the team is also frequently engaged in real estate and retail mandates. Gottfried Gassner leads the practice, and is well-versed in complex, cross-border transformation and restructuring processes, while Georg Wabl brings to the table experience in administration and insolvency processes. Emanuel Welten supports lenders and borrowers in financing matters.

Responsables de la pratique:

Gottfried Gassner


Autres avocats clés:

Georg Wabl; Emanuel Welten


Les références

‘Georg Wabl is the best lawyer I have had the pleasure in working with over my career of ~10 years.’

‘Dynamic, approachable, reachable almost 24/7. Delivers results by extremely tight deadlines given from client side and communicates clearly to all stakeholders involved.’

‘Great teamwork between the partners Georg Wabl and Gottfried Gassner. Both have deep legal expertise together with good communication and moderation skills that help a lot in meetings and debates.’

Principaux clients

Schur Flexibles Holding GesmbH


Kärntner Beteiligungsverwaltung


Erste Group


UniCredit Bank Austria


Raiffeisenlandesbank NÖ-Wien


Robert Bosch AG


Lafayette Mittelstand Capital


Société Générale Vienna Branch


Dynea AS


Hypo Vorarlberg Bank AG


Principaux dossiers


  • Advised Schur Flexibles on a multi-billion financial cross-border restructuring.
  • Advised Kärntner Beteiligungsverwaltung on a short-term capital increase to prevent insolvency of the Carinthia Airport.

DORDA Rechtsanwälte GmbH

Crisis advice and insolvency law are the key strengths of DORDA Rechtsanwälte GmbH‘s multidisciplinary team, which excels in advising lenders and non-performing borrowers on pre-insolvency restructurings and refinancing, as well as creditors in insolvency proceedings and litigation. Under Felix Hörlsberger‘s leadership, the group also enjoys a reputation in insurance litigation with a basis in insolvency law. Corporate finance experts Tibor Varga and Andreas Zahradnik focus on financial restructurings, while Christian Ritschka assumes responsibility for distressed M&A matters. Magdalena Nitsche supports across the spectrum of the team’s work.

Responsables de la pratique:

Felix Hörlsberger


Autres avocats clés:

Tibor Varga; Andreas Zahradnik; Christian Ritschka; Magdalena Nitsche


Les références

‘The team provides clear advice on what to expect/how to deal with out-of-court and in-court situations. They diligently prepare for both stages and you feel safely guided by them.’

‘Andreas Zahradnik and – mainly – Magdalena Nitsche were notable individuals.’

‘Magdalena Nitsche and Christian Ritschka are worth highlighting.’

Principaux clients

Swiss Re


Ad hoc committee of lenders of Schur Flexibles


Allianz Global Corporate & Speciality SE (AGCS)


Sofiproteol


AVRIL Industrie


Renault


Attestor Capital


ZF Friedrichshafen Group


Benteler International AG


Principaux dossiers


  • Acted as Austrian counsel to the lenders of Schur Flexibles in a financial restructuring of Schur Flexibles involving an initial standstill and subsequent restructuring with a debt-equity swap and material new financings.
  • Advised ZF Friedrichshafen Group on the acquisition of Intellic Germany GmbH, which was in pre-insolvency proceedings, and assets of insolvent Intellic Austria GmbH in a cross-border transaction.
  • Advised AGCS as D&O insurer of FCC and its former subsidiary Alpine Holding and Alpine Bau.

E+H Rechtsanwälte GmbH

The interdisciplinary offering from E+H Rechtsanwälte GmbH draws together corporate law, M&A, finance and real estate expertise to offer a range of restructuring advice to clients across the energy, finance, automotive, manufacturing and construction sectors. Debtors in particular, including management and supervisory boards, rely on the team in distress situations. Practice head Marcus Benes is frequently present in complex cross-border restructurings of loans and listed bonds instruments, and is joined by Peter Winkler, who also specialises in financial restructurings. Karoline Hofmann, who excels in both restructuring and representation of creditors in insolvency proceedings, was promoted to partner in July 2023.

Responsables de la pratique:

Marcus Benes


Autres avocats clés:

Peter Winkler; Karoline Hofmann


Les références

‘Karoline Hofmann is very experienced, has a comprehensive understanding of matters, is calm and convincing, and always responsive.’

‘Karoline Hofmann and the rest of the E+H team has been incredibly agile and very flexible in meeting the client’s demands. Even across timezones, it is not an issue for the team to get on a call at any time in the evening, over the weekends, etc. The team has been really quick in providing the required draft documents and advice.’

‘Karoline Hofmann is extremely responsive. She could not have been more accommodating, turning documents quickly, often overnight, and attending conference calls late into the night.’

Principaux clients

One Square Advisors


Fattal Group / Leonardo Hotels


Alexander Volk


Aminolabs Belgium NV


Dr. Kurt Wolff Group


Principaux dossiers


  • Advised the Fattal Group / Leonardo hotels on the acquisition of Star Inn Hotelbetriebs GmbH while Star Inn was undergoing an insolvency proceeding.
  • Advised several clients in the gas sector after market disruptions in the gas market in summer 2022, focusing on additional liquidity facilities to fund margin security.
  • Advised One Square Advisors regarding its position as permanent representative of bondholders regarding several bonds issued by Eyemaxx Real Estate GmbH.

Schoenherr (Schönherr Rechtsanwälte)

A major player in the restructuring and insolvency market, Schoenherr (Schönherr Rechtsanwälte) is regularly retained by lenders, management and investors for assistance with out-of-court restructurings, critical situations, distressed acquisitions and NPL transactions. Following the departure of former practice head Wolfgang Höller in January 2023, Miriam Simsa continues to fly the ship solo, utilising specialised expertise in advising domestic and foreign lenders and companies on Austrian restructurings and in distress situations. M&A expert Michael Magerl supports from Linz with a focus on restructuring and insolvency law in relation to baking, finance and capital markets.

Responsables de la pratique:

Miriam Simsa


Autres avocats clés:

Michael Magerl


Les références

‘Very efficient, good economical knowledge, outside-the-box thinking, excellent availability.’

‘Committed employees, smart, excellent availability, fast moving.’

‘Miriam Simsa is a very smart, intelligent and polite person. Very good in negotiations; excellent know-how.’

Principaux clients

Raiffeisenlandesbank Oberösterreich AG


Austrian Anadi Bank AG


Erste Bank


B & C Holding Österreich GmbH


ara AG


Principaux dossiers


  • Advised „Small“ Wärme- Klima- und Sanitäranlagen GmbH on the initiation of reorganisation proceedings, as well as on the sale of 100% of its shares.
  • Advised Raiffeisenlandesbank Oberösterreich AG and Raiffeisen-IMPULS Kfz und Mobilien GmbH on the restructuring and insolvency of NBG Fiber GmbH.
  • Advised PONA sonst nix GmbH with respect to reorganisation proceedings.

Wolf Theiss Rechtsanwälte GmbH & Co KG

A one-stop-shop for especially financial restructuring work in Austria and the CEE/SEE region, Wolf Theiss Rechtsanwälte GmbH & Co KG offers a whole host of domestic and international banks assistance with refinancing transactions, cross-border debt and equity restructuring, as well as group restructurings and consolidations. Practice head Eva Spiegel is sought after by major creditors in insolvency proceedings for the protection and enforcement of their rights. She is supported by a team consisting of Andrea Gritsch, who specialises in distressed M&A, NPL and corporate restructuring; Matthias Schimka, who advises creditors, corporate debtors and their directors; and Zeno Grabmayr, who was promoted to partner in January 2024 and focuses on international banking and distressed M&A.

Responsables de la pratique:

Eva Spiegel


Autres avocats clés:

Andreas Gritsch; Matthias Schimka; Zeno Grabmayr


Les références

‘Very good cooperation with respect to factoring and in “special situations”. Great coordination of East European activities.’

‘Zeno Grabmayr is our key partner and his partnership is more than deserved.’

‘The team has a lot of experience in dealing with insolvency matters. They are pragmatic and very responsive.’

Principaux clients

JPMorgan Chase & Co. (JP Morgan)


Raiffeisen Bank International


Deutsche Bank


ING Bank


Steinhoff


Principaux dossiers


  • Advised Raiffeisen Bank International (RBI) on the sale of Raiffeisenbank (Bulgaria) for €1,009bn to KBC Bank.
  • Advised an Austrian fully-integrated full-service card provider on the wind-down of operations and eventual liquidation of companies in Poland, Slovakia and Czechia.
  • Advised multiple counterparties of Sberbank on the recovery of funds and/or the termination of the customer relationship with Sberbank Europe and/or its local subsidiaries following the Russian invasion in Ukraine, related sanctions over the Sberbank Group and the subsequent wind-down of Sberbank Europe and its local subsidiaries.

Cerha Hempel

Central to the work of Cerha Hempel‘s insolvency and restructuring practice is advice in respect of distressed or insolvent counterparts and the voluntary and involuntary winding-down of business operations, supplemented by a strong reputation in financial restructurings and distressed M&A. The full range of matters is covered between the three heads of practice: transactional and distressed M&A as well as creditor protection is the remit of Thomas Trettnak and Christoph Reiter, who was promoted to partner in February 2023; Holger Bielesz fronts the litigation offering.

Responsables de la pratique:

Thomas Trettnak; Christoph Reiter; Holger Bielesz


Autres avocats clés:

Heinrich Foglar-Deinhardstein


Les références

‘Cerha Hempel’s team explains everything in terms anyone could easily understand and is always very responsive when we have questions. If we have a time pressure in a matter, they are always very supportive.’

‘Thomas Trettnak is really qualified and aware of business dynamics in order to have a better understanding for sensitive matters. When we address a matter to Cerha Hempel, we are sure that they will resolve and support us with the best budget suggestions.’

‘The team at Cerha Hempel stands out because the firm focuses exclusively on restructuring and insolvency. All of the firm’s lawyers are highly specialised in these areas which adds value to clients with financial distress cases.’

Principaux clients

POC Sports Group


3C Group & Candy Polstermöbel


Outokumpu Ges.m.b.H.


RAFAKO S.A. w restrukturyzacji


Energie Burgenland AG


CLIMEWORKS Group


EMIRATES Airlines Group


Johnson Controls Group


NORTHWOOD International Acquisitions Ltd


FIAT / CNH Group


CELEBI Group


Polymed Medizin Technik GmbH


Landesbank Baden-Württemberg


Crown Worldwide GmbH


STEUERMANN Group of Companies


PharOS Ltd.


Principaux dossiers


  • Advised 3C Group throughout in the large and complex insolvency of Kika/Leiner Group in Austria.
  • Advised Energie Burgenland AG in complex negotiations and legal queries with insolvent FORSTINGER Group, one of the largest insolvencies in Austria.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

While restructuring and reorganisation advice forms the heart of CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH‘s practice, both debtors and creditors can rely on the team’s specialised expertise in the event of unavoidable insolvency. Dispute resolution-focused Daniela Karollus-Bruner and distressed M&A-oriented Clemens Grossmayer lead the practice, covering the breadth of contentious and non-contentious matters. David Kohl, who was promoted to partner in January 2023, supports on crisis situations and insolvency law issues. Anja Cervenka joined the team in October 2022.

Responsables de la pratique:

Daniela Karollus-Bruner; Clemens Grossmayer


Autres avocats clés:

David Kohl


Principaux dossiers


  • Advised and represented an investment manager for institutional real estate in connection with the preparation of filing of claims in the insolvency proceedings of an Austrian real estate company.
  • Advised and represented the bidder in the insolvency proceedings of a large Austrian real estate group.
  • Advised a leading payment service provider in Germany and Austria in the insolvency of a major furniture retailer.

Jaufer Rechtsanwälte GmbH

An all-rounder in insolvency and restructuring, Jaufer Rechtsanwälte GmbH carves out its strengths in large-scale insolvencies, corporate law and restructuring, and international insolvency law. The team is headed by corporate restructuring specialist Clemens Jaufer, who is also frequently appointed by courts as insolvency administrator, and Mario Leistentritt, whose litigation expertise is sought after in management and auditor liability matters. Franziska Jaufer and Alexander Painsi were promoted to partner in May and July 2023 respectively, with the former supporting on employee management and consultancy in crisis situations, and the latter on in- and out-of-court restructurings.

Responsables de la pratique:

Clemens Jaufer; Mario Leistentritt


Autres avocats clés:

Franziska Jaufer; Alexander Painsi


Les références

‘Highly specialised team with deep legal knowledge combined with strong business acumen and a practical perspective. ’

‘Very responsive, dynamic and respectful opinion leaders.’

‘The Jaufer team is unique as it combines top-level expertise from an insolvency administrator as well as from a restructuring and transactional perspective. A combination which is very rare in insolvency boutique firms, making Jaufer certainly a frontrunner in the market.’

Principaux clients

A. Hausmann GmbH


Northland Outdoor Shop GmbH


Star-Inn Hotelbetriebs GmbH


Christof Industries Global GmbH


Diocese of Graz Seckau (in supporting the extrajudicial restructuring of the Archdiocese of Maribor)


Dirninger Rohrleitungs- und Montagebau GmbH


Thermenresort Loipersdorf


Schneiders Bekleidung GmbH


COMAG Engineering GmbH


Tally Weijl Austria GmbH


Principaux dossiers


  • Advised Christof Industries Group on their successful restructuring, including in-court reorganisation proceedings for several group companies.
  • Advised Thermenresort Loipersdorf on restructuring its financial and shareholder situation.
  • Advised A. Hausmann GmbH on their successful in-court restructuring.

SAXINGER Rechtsanwalts GmbH

Debtors and creditors alike benefit from the corporate and economic expertise of SAXINGER Rechtsanwalts GmbH‘s insolvency and restructuring team. Under the guidance of seasoned insolvency law expert Ernst Chalupsky in Wels, Sebastian Hütter and Nina Pichler share leadership from Linz and Vienna respectively, covering the range of insolvency, restructuring and distressed M&A. Wels-based Alexander Anderle is also frequently engaged in insolvency administration matters.

Responsables de la pratique:

Ernst Chalupsky; Sebastian Hütter; Nina Pichler


Autres avocats clés:

Alexander Anderle


Les références

‘The team gave clear and prudent advice with a view to obtaining the requested result at the earliest possible date.’

Taylor Wessing enwc Rechtsanwälte GmbH

At Taylor Wessing enwc Rechtsanwälte GmbH, a strong focus in insolvency administration and litigation is supplemented by competencies in distressed M&A, creditor representation, and advice to debtors, shareholders and directors in insolvency situations. Susanne Fruhstorfer employs extensive banking law and litigation expertise, as well as sectoral experience in private wealth, real estate, technology, and financial institutions, in her leadership of the team.

Responsables de la pratique:

Susanne Fruhstorfer


Autres avocats clés:

Andreas Howadt


Principaux clients

Alpha ESI GmbH


Boehringer Ingelheim


VERITAS AG


Raiffeisenbank Region Fehring


Principaux dossiers


  • Advised Alpha ESI GmbH in an intricate insolvency case involving multiple senior nursing homes in Styria, Austria, with an approximate value of €20m.
  • Acted as insolvency administrator of G10, successfully resolving a complex litigation against involved parties, which resulted in a 100% satisfaction of all insolvency creditors, including shareholders’ loans, making G10 the only insolvency of the WIENWERT group with a 100% dividend.
  • Advised Boehringer Ingelheim in limiting damages caused by the insolvency of Christof Industries, a construction company responsible for a large-scale power plant project at the client’s production site.