Next Generation Partners

Firms To Watch: Insolvency and corporate recovery

Insolvency and corporate recovery in Austria

fokus Rechtsanwälte GmbH

Staffed by seasoned lawyers from Schoenherr (Schönherr Rechtsanwälte), boutique fokus Rechtsanwälte GmbH was founded by Philipp Wetter in July 2023, and is well equipped to handle out-of-court restructurings for debtors and crisis situations.

Fellner Wratzfeld & Partners

Fellner Wratzfeld & Partners is well-regarded for its ability to handle complex restructurings, distressed M&A transactions and insolvency proceedings, both at a domestic and international level. Under the leadership of Markus Fellner, the team routinely caters to an array of major banks and corporations. Fellner is notable for his extensive expertise in high-profile restructuring and insolvency mandates. Co-head Florian Kranebitter is also highly experienced and is a key contact for international and banking-focused matters.

Praxisleiter:

Markus Fellner; Florian Kranebitter


Weitere Kernanwälte:

Florian Henöckl


Referenzen

‘Markus Fellner has a stellar market reputation and is among the most known restructuring partners in Austria. The team is broad and has contacts to investors, banks and key Austrian clients.’

‘Markus Fellner stands out as a well-connected and hands-on partner.’

‘Markus Fellner is very experienced and Florian Henöckl has strong know-how and availability.’

Kernmandanten

MTIB


NIKE Retail B.V.


UniCredit Bank Austria AG


Montana Tech Components AG


Raiffeisen Bank entities


Erste Group


Commerzbank AG


Deutsche Bank AG


Banks and SSD creditors of KTM AG


Bidding consortium in the restructuring proceedings of Palmers Textil AG


Banking customers of European American Investment Bank AG


Highlight-Mandate


  • Advised the financing credit institutions of KTM AG in the restructuring of the Pierer/KTM Group and also represented around 50 promissory note loan creditors in relation to the assertion of their claims amounting to a total of some €1.2bn.
  • Advised MTIB on its financial restructuring and refinancing, including the sale of shares in VARTA AG.

GRAF ISOLA

GRAF ISOLA is noted for its market-leading capabilities in insolvency administration. The team is also well-versed in distressed M&A, refinancing and reorganisation mandates. Practice co-head Alexander Isola has extensive experience advising debtors, creditors and investors in insolvency cases and is often appointed by the courts as an insolvency administrator. Fellow co-head Stefan Weileder is also renowned for his expertise in insolvency administration, and he also specialises in avoidance law, capital maintenance law and equity compensation law. David Seidl is another name to note, with a particular focus on insolvency matters with a white-collar crime aspect and routinely acts as an intervention specialist.

Praxisleiter:

Alexander Isola; Stefan Weileder


Weitere Kernanwälte:

David Seidl


Referenzen

‘Stefan Weileder has an outstanding skillset, is a great collaborator and has a hands-on approach. He also has exceptional technical skills.’

‘Stefan Weileder is more than dedicated and works in a phenomenal way alongside his team.’

‘The Graf Isola team is unparalleled in their unique combination of accessibility and highest level of expertise and reputation.’

Kernmandanten

SIGNA PRIME Selection AG/SIGNA Development Selection AG


FISKER Group Inc


Ferdinand Richter GmbH & Co KG


KTM Bike


Gänsweider Metalltechnik


Dynamic Assembly Machines


Christof Industries Austria GmbH


Verlagsgruppe News


Steiermärkische Bank und Sparkassen AG


Andritz AG


Highlight-Mandate


  • Advised SIGNA Prime and SIGNA Development as part of the SIGNA Group’s insolvency.
  • Represented Fisker Group Inc and affiliate companies within the FISKER Group in the insolvency procedure of FISKER GmbH.
  • Appointed as insolvency administrators of Dynamic Assembly Machines.

Schoenherr (Schönherr Rechtsanwälte)

Schoenherr (Schönherr Rechtsanwälte) houses a strong team of restructuring and insolvency experts well-placed to handle the full spectrum of insolvency matters as well as restructurings, distressed acquisitions and enforcement proceedings. Miriam Simsa spearheads the practice and has a particular focus on substantial out-of-court restructurings, and also advises on distressed sales and refinancings. Michael Magerl counts high-profile corporations and an array of banks in Upper Austria among his clients; he excels in restructuring matters and distressed M&A transactions.

Praxisleiter:

Miriam Simsa


Weitere Kernanwälte:

Michael Magerl


Referenzen

‚Michael Magerl is very quick and responsive and great to work with.‘

‚The Schönherr team is our go to firm for Austrian legal matters.‘

‚The team is highly competent, both from a legal and commercial perspective, is very responsive, is able to explain Austrian law specifics efficiently and is familiar with the market and client needs. Also the team members are very pleasant to work with.‘

Kernmandanten

Ara AG


Arkeon


Austrian Anadi Bank AG


Bank für Tirol und Vorarlberg AG


Fisker GmbH


Oberbank AG


Raiffeisenlandesbank Oberösterreich AG


Raiffeisenbank International AG


RFR Group


Schwarzmueller Group


Tupperware


UniCredit Bank AG


UniCredit Bank Austria AG


Všeobecná úverová banka, a.s.


Highlight-Mandate


  • Advised Fisker GmbH through insolvency proceedings, implementing the largest restructuring plan by debt volume to date.
  • Advised Tupperware Österreich GmbH in connection with its ongoing bankruptcy proceedings.
  • Advised RFR in negotiations with the insolvency administrator of Signa Holding on the sale of the joint venture owning Chrysler Building.

Binder Grösswang

Gottfried Gassner is at the helm at Binder Grösswang, overseeing a restructuring and insolvency group that offers advice on the full spectrum of related matters and is particularly notable for its cross-border capabilities. Gassner’s diverse practice encompasses cross-border restructurings, joint ventures, distressed M&A and related corporate issues. Georg Wabl is recommended for his representation of creditors, advising on restructurings, reorganisations and distressed M&A as well as capital maintenance and avoidance issues.

Praxisleiter:

Gottfried Gassner


Weitere Kernanwälte:

Georg Wabl


Referenzen

‘The team is highly experienced, stays fully involved throughout projects, and communicates clearly. They respect budgets while delivering quality.’

‘They are fully knowledgeable, pragmatic, and work easily with counterpart lawyers to deliver results. They rapidly understand our priorities.’

‘They have broad and deep experience, there’s a significant team size and they’re very reachable.’

Kernmandanten

Erste Bank


MAGNA Entities


Seco Kühl & Ladenbau GmbH


Madison International Realty


Raiffeisenlandesbank Steiermark


Senior Lenders of SÜBA Group


Schur Flexibles Holding GesmbH


Alcentra Limited


Raiffeisenlandesbank Niederösterreich-Wien


Creditors and investors of the SIGNA Group


UniCredit Bank Austria


Kärntner Beteiligungsverwaltung


Highlight-Mandate


  • Advised major creditors and investors on SIGNA insolvency.
  • Advised MAGNA as a creditor on the insolvency of Fisker.
  • Advised a consortium of six senior banks on the  restructuring of SÜBA Group.

DORDA Rechtsanwälte GmbH

DORDA Rechtsanwälte GmbH is well-equipped to advise lenders and non-performing borrowers on reorganisations and restructurings prior to insolvency, often with an international dimension. Felix Hörlsberger and Magdalena Nitsche jointly lead the team. Alongside his restructuring and insolvency practice, Hörlsberger also advises on insurance and data protection issues. Nitsche routinely helps creditors and investors achieve compliance with crisis-specific requirements. Tibor Varga’s expertise lies in the full range of corporate finance and corporate law issues. Andreas Zahradnik also specialises in financial restructurings, while Christian Ritschka is a key port of call for distressed domestic and international M&A matters.

Praxisleiter:

Felix Hörlsberger; Magdalena Nitsche


Weitere Kernanwälte:

Tibor Varga; Andreas Zahradnik; Christian Ritschka


Referenzen

‚Felix Hörlsberger and Magdalena Nitsche are solution-oriented and have excellent accessibility.‘

‚Both Felix Hörlsberger and Magdalena Nitsche are very pragmatic, solution-oriented and point out alternative paths in difficult situations.‘

 

Kernmandanten

Ocyan Oil & Gas GmbH


E+H Rechtsanwälte GmbH

E+H Rechtsanwälte GmbH’s restructuring and insolvency offering is headed up by Marcus Benes and Karoline Hofmann. The team is particularly adept at advising debtors and their management and supervisory boards across an array of industries such as real estate, energy, automotive and construction. Benes is well-versed in international restructuring work, while Hofmann advises on crisis situations and international financings. Dominik Juster’s diverse caseload includes matters relating to restructuring, M&A, private equity and capital market transactions.

Praxisleiter:

Marcus Benes; Karoline Hofmann


Weitere Kernanwälte:

Dominik Juster; Peter Winkler


Referenzen

‘The team headed by Dominik Juster is particularly well suited to assist on cross-practice group matters in the areas of M&A, restructuring and capital markets.’

‘Dominik Juster has broad expertise in the intertwined practices areas of M&A, restructuring and capital markets. His service level is exceptional, he is always on point, available to clients at any time and, first and foremost, a pleasure to work with.’

‘They’re a committed and very practical team. They’re very well connected in the Austrian market, especially with Austrian lenders. They’re also familiar with the German market and the differences between Austria and Germany.’

Kernmandanten

SOL Capital


BayWa r.e. AG


Aukera Real Estate


Highlight-Mandate


  • Advised a buyer consortium, including Baustoff + Metall GmbH, RPR Privatstiftung, and Stefan Schönauer on the €500m acquisition and refinancing of the Althan Quartier in Vienna’s 9th district.
  • Supported SOL Capital in the bidding process of the restructuring of the financially distressed SIMPLON Group.
  • Advised BayWa r.e. AG and its Austrian subsidiary ECOWIND Handels- und Wartungs GmbH in connection with cross-border restructuring and financing transactions in response to a liquidity crisis within the BayWa Group.

Jaufer Rechtsanwälte GmbH

Clemens Jaufer and Mario Leistentritt head up the restructuring and insolvency offering at Jaufer Rechtsanwälte GmbH. The boutique firm is notable for its handling of both in and out-of-court restructuring processes and also boasts expertise in international insolvency law. Jaufer excels in out-of-court restructurings and in corporate asset unbundling as well as insolvency-related litigation. Leistentritt is also a skilled litigator and routinely represents companies and management in auditor liability, tax and white collar criminal cases.

Praxisleiter:

Clemens Jaufer; Mario Leistentritt


Weitere Kernanwälte:

Alexander Painsi


Referenzen

‘Jaufer is an absolute go-to restructuring & insolvency boutique in the Austrian market. They are very experienced in representing debtors in out-of-court and especially in-court restructuring processes, have a great network combined with to-the-point expertise.’

‘The Jaufer team is on top throughout all levels of seniorities. I would trust all of them even in the most complex cases.’

‚Clemens Jaufer is the master mind behind the firm and one of the leading figures on the market.‘

Kernmandanten

SIGNA Holding GmbH and various subsidiaries (holding/group companies)


SIGNA Retail GmbH


PEPCO Austria GmbH


AVENTA AG


Various Austrian real estate developers


Megatech Industries AG


Various banks, lenders and creditors (financial and operational restructuring)


City of Leipzig


H-TEC Präzisionstechnik GmbH


Highlight-Mandate


  • Advising and representing SIGNA Holding and various of its group companies (holding companies) during its in-court insolvency proceedings as part of the restructuring and subsequent bankruptcy of SIGNA group.
  • Advising a Styrian real estate developer regarding the restructuring of the existing debt structure and obtaining additional financing for completion of the project, comprising a real estate development with a total volume in excess of EUR 100 million.
  • Advising the newly appointed management team of an Austrian company subsequent to a successful in-court restructuring proceeding with respect to bankruptcy-related matters (including debt management, as well as enforcement of existing claims against other group entities abroad)

Wolf Theiss Rechtsanwälte GmbH & Co KG

Wolf Theiss Rechtsanwälte GmbH & Co KG has a strong presence across both Austria and the CEE region, and the restructuring and insolvency team is active across debt restructuring, distressed M&A and administration matters. Eva Spiegel is at the helm and is particularly notable for her handling of contentious insolvency issues. She also undertakes both national and international commercial litigation, as well as banking and product liability litigation. Andrea Gritsch and Zeno Grabmayr oversee distressed M&A and restructuring mandates. Litigator Alexander Zollner is also a name to note. Matthias Schimka departed in May 2025.

Praxisleiter:

Eva Spiegel


Weitere Kernanwälte:

Andrea Gritsch; Zeno Grabmayr; Alexander Zollner


Referenzen

‘Andrea Gritsch stands out as a hands-on partner, giving us an unprecedented amount of attention from herself – this is highly valuable for us as a private equity client.’

‘Wolf Theiss is one of the most prominent insolvency practitioners in Austria, they provide a 360-degree approach to business matters.’

‘I have been dealing with Eva Spiegel and her approach to the case where we both were involved was very proactive, always anticipating the needs of our common client and with a good delivery of the tasks assigned.’

Kernmandanten

JPMorgan Chase & Co.


Erste Group Bank


Apollo Global Management


HYPO NOE Landesbank für Niederösterreich und Wien


UniCredit Bank Austria


Austrian Anadi Bank


Raiffeisen Bank International


Aareal Bank


Addiko Bank


Banco Santander


BNP Paribas


card complete Service Bank


Citigroup


Commerzbank


Highlight-Mandate


  • Advised the largest group of creditors with regard to the insolvency of Signa Prime Selection AG.
  • Advised Fortress in connection with an up-to €600m financing to be provided to KTM AG, KTM Components GmbH and KTM Forschungs- und Entwicklungs GmbH.
  • Advised Revetas Group in acquiring a majority stake in SÜBA AG from HALLMANN Holding.

Cerha Hempel

Drawing on an extensive CEE network, Cerha Hempel leverages strong capabilities across the full range of in and out-of-court insolvency and restructuring mandates. Under the leadership of Thomas Trettnak and Christoph Reiter, the team is particularly well-equipped to handle both the voluntary and involuntary winding down of business operations as well as distressed M&A and insolvency clawback cases. Holger Bielesz is a key contact for commercial dispute resolution matters, while Christian Aichinger advises on matters at the intersection of insolvency and banking and finance.

Praxisleiter:

Thomas Trettnak; Christoph Reiter


Weitere Kernanwälte:

Holger Bielesz; Christian Aichinger; Marcus Lusar


Referenzen

‚Top-of-the-league firm with a solid reputation; covers the Austrian market plus some adjacent countries.‘

‚Very strong team and great cooperation among the restructuring & insolvency, litigation and banking & finance practice groups, which makes it easy for clients to get the best solutions from one hand in a very timely manner.‘

‚The firm keeps expanding in countries in Central and Eastern Europe to enlarge its footprint.’

Kernmandanten

Commerz Real Investmentgesellschaft mbH


Züblin Spezialtiefbau GmbH


ARGE Baugrube und Gründung Elbtower;


City of Stuttgart


GATX Rail Austria GmbH


Caleus TechnoCampus Berlin GmbH/Capima Holding GmbH/Tangentum Vermögensverwaltungsgesellschaft mbH


A consortium of ten German banks in the SIGNA insolvency


Lead Horizon GmbH


tech2people GmbH/therapy2people GmbH


Highlight-Mandate


  • Advised several German and other international banks and investment companies with respect to the insolvency of the SIGNA Group.
  • Advised the City of Stuttgart, OWH SE Liqu. and several other clients in connection with the defence against claw-back claims brought by the insolvency administrators of insolvent SIGNA companies.
  • Advised the BUWOG Group with respect to insolvency-related questions in the context of the acquisition of real estate.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH is recognised for its abilities in cross-border insolvency and corporate recovery matters. Practice head Stefan Paulmayer’s diverse caseload spans insolvency, restructuring and banking and finance, with a particular focus on cross-border real estate and project financings. Co-head Daniel Karollus-Bruner has extensive experience in corporate dispute matters and often handles multijurisdictional litigation and arbitration issues. Clemens Grossmayer excels in distressed M&A transactions and cross-border reorganisations. David Kohl departed the firm in January 2025.

Praxisleiter:

Stefan Paulmayer; Daniela Karollus-Bruner


Weitere Kernanwälte:

Clemens Grossmayer


Referenzen

‘CMS is characterised by short response times, high level of expertise and solution orientation.’

‘We value our collaboration with Stefan Paulmayer due to his high level of commitment, his innovative ideas, his quick grasp of the subject, and his excellent understanding of business contexts.’

Kernmandanten

Signa Prime Selection AG


Wienwert AG


Highlight-Mandate


  • Advised ABEL as insolvency administrator as part of the SIGNA Prime Selection AG proceedings.
  • Advised a banking consortium in connection with the Althan Quartier.

SAXINGER Rechtsanwalts GmbH

SAXINGER Rechtsanwalts GmbH caters to debtors, creditors and lending banks on the full range of insolvency, restructuring and distressed M&A matters. Sebastian Hütter specialises in restructuring and M&A mandates, while Michael Kienzl handles restructuring, reorganisation and insolvency proceedings. Ernst Chalupsky is best known for his representation of bank creditors in Austrian insolvencies, particularly those affecting companies located in Upper Austria. He also frequently acts as an insolvency administrator. The three jointly lead the team.

Praxisleiter:

Ernst Chalupsky; Sebastian Hütter; Michael Kienzl


Referenzen

‚The whole team is up-to-date and does the job competently.‘

‚I appreciate Michael Kienzl’s expertise, his motivated and goal-oriented approach, his availability and his efficiency.‘

Kernmandanten

Erste Group Bank AG


Raiffeisen Bezirksbank Neusiedl Ost eGen


Erste Bank der oesterreichischen Sparkassen AG


Sparkasse Bludenz Bank AG


Raiffeisenlandesbank Oberösterreich AG


Raiffeisenlandesbank Steiermark AG


Erste Group Bank AG


Raiffeisen Bezirksbank Neusiedl Ost eGen


Erste Bank der oesterreichischen Sparkassen AG


Sparkasse Bludenz Bank AG


Raiffeisenlandesbank Oberösterreich AG


Raiffeisenlandesbank Steiermark AG


Highlight-Mandate


  • Advised Erste Group Bank as lender in Austria’s largest ever insolvency case.
  • Advised Erste Bank der oesterreichischen Sparkassen AG on insolvency matters and the subsequent realisation of a property.
  • Advised Erste Bank der oesterreichischen Sparkassen AG as secured creditor in the restructuring of a luxury real estate investor.