Insolvency and corporate recovery in Austria

Fellner Wratzfeld & Partners

Fellner Wratzfeld & Partners is known for its 'excellent track record' in the fields of insolvency law and corporate recovery. Team members often work on restructuring and reorganisation cases, and regularly advise clients on the banking side. Markus Fellner, founding partner, is a key name for the contentious work which the group undertakes. Fellner leads the team together with Florian Kranebitter, who focuses on international transactions in a variety of industries.

Practice head(s):

Markus Fellner; Florian Kranebitter


‘Very hands on. Good experience, as well as good knowledge of market behavior and market participants.’

‘Markus Fellner has excellent knowledge of the relevant law and markets and great negotiation skills. He is a reliable lawyer.’

‘Highly professional and experienced in the fields of insolvency law and corporate recovery. Excellent track record for many years.’

Key clients

Allianz Global Corporate & Speciality SE (AGCS)

National and international clients

Attestor Capital

Swiss Re

CoCom of lenders to Schur Flexibles

Work highlights

  • Advising lenders to Schur Flexibles on a proposed financial restructuring of Schur Flexibles, following accounting irregularities and compliance breaches.


GRAF ISOLA, whose network and reputation are noted by clients, has a strong practice when it comes to court-appointed administration of insolvent companies, representation of companies in need of restructuring in or out of court, and assistance with distressed M&A. Co-heads Alexander Isola and Stefan Weileder oversee the work; the latter is described by one client as ‘an excellent lawyer who works very calmly and competently in every situation‘. Another key team member is David Seidl, who was promoted to partner in 2022.

Practice head(s):

Alexander Isola; Stefan Weileder

Other key lawyers:

David Seidl


‘Stefan Weileder is an excellent lawyer who works very calmly and competently in every situation.’

‘Graf Isola’s team gives legal advice and representation at the highest level possible. Their accessibility and hands-on-approach is exceptional and to our fullest satisfaction.’

‘David Seidl is exceptionally accessible and responsive. With an entrepreneurial approach, he always seeks the best possible solutions for our needs. Our cases were always handled promptly and to our fullest satisfaction. We could not be happier.’

‘They have a very good reputation here in Austria, and also have a huge network in terms of legal connections. Both its reputation and network help a lot in accomplishing any legal task a client would need them to work on.’

‘Stefan Weileder has a good ability to get things done. He is a very tough negotiation partner with empathy, meaning he is ready and able to think from the view of his counterpart and use this understanding for his client. His legal knowledge and understanding is always good.’

‘Alexander Isola is a very experienced, well known lawyer with a good reputation. He too is highly capable of getting things done for his clients.’

‘The most unique aspect is their capability to adapt to the client’s size and individual circumstances. No matter whether it is a large corporation or a small start-up, a suitable approach is found.’

‘David Seidl has a clear commitment to fully understanding the client’s needs, not only on a legal and technical level, but also on a psychological level. By patiently providing all relevant details and also answering questions, the client is assured about any potential outcome.’

Key clients

McStrom GmbH

Borckenstein GmbH

CTP Chemisch Thermische Prozesstechnik GmbH

t-matix solutions GmbH

Salzburg Schokolade / KEX Confectionary

Teleos GmbH

Doro Turbinen GmbH

Intellic Group

Creditors of Anglo Austrian AAB AG

Andritz AG

Steiermärkische Bank und Sparkassen AG

Work highlights

  • Acted as insolvency administrators of McStrom, which went insolvent following the surge in electricity prices in the wake of the conflict in Ukraine.
  • Advised KEX Confectionary on acquiring the business of the insolvent Salzburg Schokolade.
  • Advised Intellic Group, a group producing tachographs for trucks, on refinancing negotiations with its banks and in the required insolvency application.

Schoenherr (Schönherr Rechtsanwälte)

Schoenherr (Schönherr Rechtsanwälte)‘s ‘efficient and result-orientated‘ restructuring and insolvency practice operates as a full-service group and regularly works on high-profile matters in the field; the team recently advised the Republic of Austria on its Covid-19 relief fund, provided through a state-run financing agency set up during the pandemic. Miriam Simsa was appointed head of the practice group in February 2022, and her background in M&A makes her the go-to name for assisting clients with distressed transactions. Martin Ebner‘s banking and finance expertise is a key driver behind the firm’s ability to assist regional financial institutions.

Practice head(s):

Miriam Simsa

Other key lawyers:

Michael Magerl; Martin Ebner


‘Efficient and result-orientated.’

‘Miriam Simsa is highly efficient, has a good understanding of legal matters and is creative in finding alternative solutions. In addition she has the courage to give clear recommendations and does not just raise risks.’

Key clients

ABBAG Abbaumanagementgesellschaft des Bundes

Adevinta ASA


COVID-19 Finanzierungsagentur Des Bundes GmbH (COFAG)

Erste Group Bank

HETA Asset Resolution

Landesbank Hessen-Thüringen Girozentrale (Helaba)


ÖBB-Holding AG

Raiffeisenlandesbank Oberösterreich AG


UniCredit Bank AG

Work highlights

  • Advised a group of investors on the acquisition of Seisenbacher out of insolvency proceedings.
  • Advised a consortium of banks on the €500m financing of Austrian Airlines.
  • Advised B&C Holding on the financial crisis of Schur Flexibles.

Binder Grösswang

The multidisciplinary practice at Binder Grösswang collaborates closely with the firm’s banking and finance team, making it an advisor of choice for clients looking for assistance with any restructuring and corporate rescue mandate. Georg Wabl was promoted to partner in February 2022 and works on a range of  restructurings and reorganisations. Practice head Gottfried Gassner works on complex and cross-border restructuring processes, and the group as a whole handles a range of cross-border transactions.

Practice head(s):

Gottfried Gassner

Other key lawyers:

Emanuel Welten; Georg Wabl


‘We have worked with different partners and associates of Binder Grösswang in recent years and our experience was very good with all of them. I would highlight the fact that they respond quickly and that their legal analyses do not only focus on the legal aspects, but also take the business goals into account.’

‘The partners and associates are highly skilled.’

Key clients

Erste Group


Bank Austria

Raiffeisenlandesbank NÖ-Wien

Robert Bosch GmbH

Lafayette Mittelstand Capital

Société Générale Vienna Branch

Seisenbacher GmbH

Work highlights

  • Representing International Investment Group – as the main shareholder and secured creditor – in the €550m insolvency proceedings of CPI Immobilien group.
  • Advising a major Austrian insurance company of auditors involved in the bankruptcy of Commerzialbank Mattersburg.

DORDA Rechtsanwälte GmbH

DORDA Rechtsanwälte GmbH‘s multidisciplinary team, headed up by Felix Hörlsberger, ‘knows the market and its participants in Austria inside out’. The group is particularly skilled in matters at the intersection of finance and restructuring. Practice head Felix Hörlsberger, and finance experts Tibor Varga and Andreas Zahradnik all advise on the full spectrum of matters relating to insolvency law, while Christian Ritschka is the standout practitioner when it comes to distressed M&A mandates.

Practice head(s):

Felix Hörlsberger

Other key lawyers:

Tibor Varga; Andreas Zahradnik; Christian Ritschka


‘Highly experienced and knowledgeable team who know the market and its participants in Austria inside out. They give sophisticated and practical advice on restructuring and finance matters.’

‘Tibor Varga is highly recommended. He is well versed in international restructuring and finance transactions, pleasant to work with, very experienced, and focuses on the key legal and commercial aspects of the case.’

‘Felix Hörlsberger knows the market and provides practical and strategic advice.’

‘Very pragmatic and user-friendly approach.’

Key clients

Allianz Global Corporate & Speciality SE (AGCS)

National and international clients

Attestor Capital

Swiss Re

CoCom of lenders to Schur Flexibles

Work highlights

  • Acting as the local Austrian counsel of lenders for Schur Flexibles in a proposed financial restructuring of Schur Flexibles, following accounting irregularities and compliance breaches.
  • Advising Swiss Re, as prospectus insurer of Wienwert, an Austrian entity investing in real estate portfolios in Austria.
  • Advising AGCS as D&O insurer of FCC and its former subsidiary Alpine Holding and Alpine Bau.

E+H Rechtsanwälte GmbH

E+H Rechtsanwälte GmbH‘s restructuring and insolvency team brings 'a high degree of specialised knowledge' to the full spectrum of clients in this area, and its broad offering includes an increasing amount of restructuring advice in the energy sector. The group also has particular experience in advising debtors. Marcus Benes and Marco Steiner jointly lead the team, with the latter often including assisting board members with restructuring issues. Peter Winkler is also a key contact for complex corporate and financial restructurings.

Practice head(s):

Marcus Benes; Marco Steiner

Other key lawyers:

Peter Winkler


‘Extremely competent and dedicated team. Collaboration is efficient and hands-on.’

‘Peter Winkler is extremely professional, hard working, and always focuses on the most important matters.’

‘Strong experienced team with a high degree of specialised knowledge. Highly responsive and quick, flexible and creative in finding the best solution for a given situation.’

‘Very experienced and have quick response times. Very good at finding the best available solution. Good coordination within the team.’

Key clients









Counterparties Sberbank

Work highlights

  • Advised One Square Advisors, as the joint representative of the bondholders, on bonds issued by Eyemaxx Real Estate.
  • Advised the Kreisel Group on the stabilisation of the company and subsequent sale to John Deere.
  • Advised Gunvor on a prepayment demanded by Sberbank Europe.

Wolf Theiss Rechtsanwälte GmbH & Co KG

Although the group acts as a multi-jurisdictional one-stop shop with ‘experience in out-of-court restructurings as well as in-court insolvency proceedings’, the main strength of the offering at Wolf Theiss lies in financial restructuring. Practitioners regularly assist corporate debtors, and their directors, facing financial difficulty, and the group is a go-to contact for key Austrian and international banks. Practice head Eva Spiegel specialises in insolvency law and commercial litigation. Elsewhere, versatile lawyer Matthias Schimka is singled out for his ‘broad knowledge'.

Practice head(s):

Eva Spiegel

Other key lawyers:

Andreas Gritsch; Matthias Schimka


‘Strong and reliable team. Experience in out-of-court restructurings as well as in-court insolvency proceedings.’

‘Matthias Schimka has broad knowledge in corporate/banking/insolvency law. He offers clear and pragmatic advice, and is a pleasure to work with.’

Key clients

Adler Modemärkte

Crédit Agricole Italia SPA

Migdalor Alternative Products Ltd.

Deutsche Bank AG

IBG Bank N.V.


LynxCap Group AG

Work highlights

  • Advising Adler Modemärkte on restructuring and corporate law issues due to the significant drop in sales as a result of Covid-19 lockdowns.
  • Advising Hemisphere on comprehensive restructuring and re-financing, on the solvent burial of the client, its subsidiaries and the entire group.
  • Assisting a group of different clients with the resolution of their relationship with Sberbank Europe and/or any of its subsidiaries in Hungary and the Czech Republic.

Cerha Hempel

Cerha Hempel‘s restructuring and insolvency team is lauded as being extremely ‘capable of managing and solving complex problems in this field‘. The group has a strong focus on creditor protection and insolvency defense. Another key element of the practice is its cross-border work, and the firm’s international network means that the group is able to seamlessly work with international clients on multi-jurisdictional issues. Thomas Trettnak is at the helm.

Practice head(s):

Thomas Trettnak

Other key lawyers:

Wolfgang Sindelar; Heinrich Foglar-Deinhardstein; Holger Bielesz


‘They are always so willing to help, they inform us immediately if there is some legislation/practice change that affects our company. They have a high rate of immediate responses to our questions.’

‘Thomas Trettnak is responsive and gives us immediate, well-thought-out legal responses.’

‘We believe that each member of their team is really capable of managing and solving complex problems in this field. Their communication skills are also appreciated and they are always very professional.’

‘Thomas Trettnak has very strong knowledge of corporate and insolvency law and makes his client feel safe when it comes to corporate decisions. He has always strong capacity to understand the client’s market dynamics and is ready to involve and guide his clients when needed. He is always very responsive, even under very limited time pressure.’

‘The team provides high-quality and accurate advice even in tight timeframes. The team internally distributes work efficiently to the necessary level.’

‘The law firm offers exceptionally complete, concise and quick answers while maintaining a business attitude towards the problem being solved.’

Key clients

CELEBI Aviation Group

EMIRATES Airlines Group

NORTHWOOD International Acquisitions Ltd.

Johnson Controls Austria GmbH & Co OG


SB Slipform Limited

PharOS Group

Polymed Medizin Technik Group

Shipyard de Hoop Group

Landesbank Baden Württemberg

SMS group GmbH

TechnipFMC plc

Οlympic Holidays SA-NEPTUNE HOTELS and MEDITOURS SA-Hotel Caravia Beach

RAFAKO S.A. w restrukturyzacji

Crown Worldwide GmbH

Outokumpu Ges.m.b.H.

Work highlights

  • Advising Loesche Group on a complex trusteeship model regarding their contractual trust agreement with a German association that holds a large deposit in an Austrian bank.
  • Advising Outokumpu group on the voluntary liquidation of its Austrian operations.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

The main focus for CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH is on restructuring and reorganisation, rather than contentious insolvencies, but the group has a complete offering. Team members within the practice have a wide range of sector specialisms, covering banking and finance, employment law, corporate law, dispute resolution and tax law. Clemens Grossmayer is now a group practice head alongside Daniela Karollus-Bruner; the former is principally focused on distressed M&A transactions, while the latter is a go-to contact for contentious issues.

Practice head(s):

Daniela Karollus-Bruner; Clemens Grossmayer

Other key lawyers:

Alexander Rakosi; Günther Hanslik

Key clients

Robus Capital

Erste Group Bank AG

UniCredit S.p.A

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH leverages its global network to assist clients from around the world with large-scale projects, and has carved out a niche in the area of non-performing loan purchases. Jasna Zwitter-Tehovnik is a key name to note for restructurings and infrastructure projects which overlap with banking and corporate issues. Oskar Winkler leads the team.

Practice head(s):

Oskar Winkler

Other key lawyers:

Jasna Zwitter-Tehovnik

Key clients

European Investment Bank

UniCredit Bulbank AD


United Bulgarian Bank AD

Deere & Company

Work highlights

  • Advising European Investment Bank, UniCredit Bulbank, DSK Bank, and United Bulgarian Bank, as lenders, on a restructuring of the existing debt and the syndicated financing of a major industrial company in Bulgaria.

Saxinger, Chalupsky & Partners Rechtsanwälte GmbH (SCWP Schindhelm)

Sebastian Hütter and Nina Pichler are the pair leading the team at Saxinger, Chalupsky & Partners Rechtsanwälte GmbH (SCWP Schindhelm); the former is an experienced insolvency practitioner who counts multiple leading accounting firms as key clients. The team as a whole receives instruction from a well-balanced network of clients on both the debtor and the creditor side. Pichler’s niche is in corporate law, and she leads the side of the team which handles work at the intersection of corporate and insolvency law, as well as assisting with standard insolvency and restructuring matters.

Practice head(s):

Ernst Chalupsky; Sebastian Hütter; Nina Pichler

Work highlights

  • Advising a major industrial group on its restructuring.
  • Representing a major corporate group in its claims against a notable retailer.
  • Representing a subsidiary of a major industrial group in matters arising from the insolvency of a major contractor.

Taylor Wessing enwc Rechtsanwälte GmbH

Among the diverse workload of mandates undertaken at Taylor Wessing enwc Rechtsanwälte GmbH are insolvency administration, distressed M&A, and insolvency litigation. Practice head Susanne Fruhstorfer is an experienced insolvency lawyer and administrator, and is also a standout team member when it comes to litigious issues. Fruhstorfer has recently been working particularly actively in the real estate sector.

Practice head(s):

Susanne Fruhstorfer

Other key lawyers:

Andreas Howadt

Key clients

Alpha ESI GmbH

Josef Jakubek Gesellschaft m.b.H.

Ing. Josef Himmel

Stroili Stone GmbH

Peonies Wellness GmbH

MMS Holding s.r.o.

Mladen Bodenmontage GmbH

APLIS bau GmbH

CULTUS Trading GmbH

Power Diagnostic Services Austria GmbH


WAAW Architektur und Projektmanagement GmbH

HD Consulting & Communications GmbH

Work highlights

  • Advising ALPHA ESI on the insolvency of the operator of multiple nursing homes owned by the client in Styria.
  • Acting as insolvency administrator in Stroili Stone’s insolvency proceedings.
  • Acting as insolvency administrator in MMS Holding‘s insolvency proceedings.

Vavrovsky Heine Marth Rechtsanwälte

The group at Vavrovsky Heine Marth Rechtsanwälte stands outs as a ‘well-known and highly respected institution on the Salzburg market‘. Practitioners handle corporate recovery, restructuring and insolvency matters, on both the contentious and non-contentious side, but are especially active in politically sensitive, cross-border and complex matters. Karl Ludwig Vavrovsky heads up the practice, and is described as ‘a leading figure in restructurings and insolvencies‘. Counsel Peter Tutsch is also recommended.

Practice head(s):

Karl Ludwig Vavrovsky

Other key lawyers:

Nikolaus Vavrovsky; Dieter Heine; Peter Tutsch


‘Vavrovsky Heine Marth is a well-known and highly respected institution on the Salzburg market. The team is outstanding in its legal expertise, economic thinking and experience.’

‘They are resourceful, hard-working, and provide accurate and practical advice to their clients.’

‘They are absolutely service oriented. In addition, they are very flexible and adapt quickly to new challenges. This truly marks them out from others. Clients are in great, capable hands.’

‘Karl Ludwig Vavrovsky is a leading figure in restructurings and insolvencies. He is someone the market looks up to. What sets him apart is his practical and focused approach to matters, his ability to set a reliable framework for negotiations, his credibility and his personal dedication to his clients. He does not rest until he has found a feasible solution.’

‘Both in Salzburg and in Vienna, the law firm has broad experience and long-lasting standing in insolvency matters. It is internally well organised and collaborates excellently, especially when it is integrated into the processes of its client.’

‘Nikolaus Vavrovsky has excellent knowledge of insolvency matters and is very solution oriented.’

‘Peter Tutsch is a young insolvency and restructuring expert.’

Key clients

BCV Reparaturen GmbH (“2RadBörse”)

HOGAST Einkaufsgenossenschaft f.d. Hotel- und Gastgewerbe

You Will Like It Hotels GmbH/You Will Like It Investments GmbH

Administration of Manuela Schmid (sole proprietorship)

Administration of Martin Geier (sole proprietorship)

Administration of Martin-Meat KFT, Niederlassung Österreich (Austrian branch)

Insolvency of Christian Schönhuber (sole proprietorship)

Administration of Economizer GmbH

Administration of Frisör Klier GmbH

Work highlights

  • Advised BCV Reparaturen on the restructuring of its workforce and advising on financial issues which arose due to the Covid-19 crisis.
  • Advised HOGAST Einkaufsgenossenschaft f.d. Hotel- und Gastgewerbe on the implementation of restructuring measures in order to prevent closures during the Covid-19 lockdowns.
  • Advised You Will Like It Hotels on corporate restructuring in order to prevent insolvency during the Covid-19 pandemic.