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.

Practice head(s):

Markus Fellner; Florian Kranebitter

Other key lawyers:

Florian Henöckl


‘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.’

‘The entire team impresses with its professionalism and competence. It brings not only its expertise, but also exceptional strategic planning and negotiating skills. A great team!’

‘Markus Fellner is an excellent partner who is detail-oriented and gives our business a high profile.’

‘Florian Kranebitter is very customer-oriented and has exceptional knowledge of the industry.’

Key clients


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

Work highlights

  • 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.


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.

Practice head(s):

Alexander Isola; Stefan Weileder

Other key lawyers:

David Seidl


‘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.’

‘David Seidl helped us in fulfilling our tasks and was the communicator to our employees.’

Key clients

Christof Industries Austria GmbH

McStrom GmbH

Teleos GmbH

Salzburg Schokolade GmbH

VGN Medien Holding GmbH

Noventure, Trenka / Custos

ESCADA Logistik GmbH


Steiermärkische Bank und Sparkassen AG

Andritz AG

Tally Weijl Austria GmbH

Work highlights

  • 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.

Practice head(s):

Gottfried Gassner

Other key lawyers:

Georg Wabl; Emanuel Welten


‘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.’

‘Very problem solving oriented, pragmatically efficient and professionally cooperative, with a very good understanding of the needs of both banks and corporations.’

‘The team is able to effectively and highly professionally manage complex transactions and by their solution-orientated approach bring together even sometimes difficult parties.’

‘Gottfried Gassner has a proactive, solution-oriented approach. He is highly professional and experienced in all fields of insolvency law and corporate recovery. With an entrepreneurial approach, he always seeks the best possible solutions for our needs. A pleasure to work with.’

‘Georg Wabl is able to think from the view of his counterpart and uses this understanding for his client. He gives quick and profound responses. Also very urgent cases are solved in an excellent and practice-oriented manner.’

‘Georg Wabl deserves special mention. He not only has outstanding expertise but also has handshake quality. His international network is particularly helpful. He is a very smart strategic thinker and develops sustainable successful strategies for his clients.’

Key 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

Work highlights

  • 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.

Practice head(s):

Felix Hörlsberger

Other key lawyers:

Tibor Varga; Andreas Zahradnik; Christian Ritschka; Magdalena Nitsche


‘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.’

Key clients

Swiss Re

Ad hoc committee of lenders of Schur Flexibles

Allianz Global Corporate & Speciality SE (AGCS)


AVRIL Industrie


Attestor Capital

ZF Friedrichshafen Group

Benteler International AG

Work highlights

  • 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.

Practice head(s):

Marcus Benes

Other key lawyers:

Peter Winkler; Karoline Hofmann


‘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.’

‘Karoline Hofmann is excellent. Clear and commercial advice. Very responsive. Good understanding of cross border commercial issues. Good market intelligence from the Austrian market.’

‘High commitment; always available.’

‘Marcus Benes is both pleasant and highly committed.’

‘Very dedicated, practical/commercial approach, very good availability, fast and efficient service.’

Key clients

One Square Advisors

Fattal Group / Leonardo Hotels

Alexander Volk

Aminolabs Belgium NV

Dr. Kurt Wolff Group

Work highlights

  • 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.

Practice head(s):

Miriam Simsa

Other key lawyers:

Michael Magerl


‘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.’

Key clients

Raiffeisenlandesbank Oberösterreich AG

Austrian Anadi Bank AG

Erste Bank

B & C Holding Österreich GmbH

ara AG

Work highlights

  • 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.

Practice head(s):

Eva Spiegel

Other key lawyers:

Andreas Gritsch; Matthias Schimka; Zeno Grabmayr


‘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.’

‘Eva Spiegel is a great person to work with. She is very responsive and solution-oriented.’

Key clients

JPMorgan Chase & Co. (JP Morgan)

Raiffeisen Bank International

Deutsche Bank

ING Bank


Work highlights

  • 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.

Practice head(s):

Thomas Trettnak; Christoph Reiter; Holger Bielesz

Other key lawyers:

Heinrich Foglar-Deinhardstein


‘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.’

‘The team works pragmatically and has an exceptional drive to achieve the best outcome for the client. The team provides a perfect combination of experienced lawyers and young, bright lawyers. They work fast and communicate well with clients.’

‘Great expertise combined with a personal approach, including a wide network of law firms and experts abroad.’

‘Thomas Trettnak is a great expert with strong communication skills and a goal-oriented out-of-the-box mindset.’

‘Christoph Reiter is a walking codex in his field, precise and always on target.’

Key clients

POC Sports Group

3C Group & Candy Polstermöbel

Outokumpu Ges.m.b.H.

RAFAKO S.A. w restrukturyzacji

Energie Burgenland AG


EMIRATES Airlines Group

Johnson Controls Group

NORTHWOOD International Acquisitions Ltd

FIAT / CNH Group


Polymed Medizin Technik GmbH

Landesbank Baden-Württemberg

Crown Worldwide GmbH

STEUERMANN Group of Companies

PharOS Ltd.

Work highlights

  • 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.

Practice head(s):

Daniela Karollus-Bruner; Clemens Grossmayer

Other key lawyers:

David Kohl

Work highlights

  • 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.

Practice head(s):

Clemens Jaufer; Mario Leistentritt

Other key lawyers:

Franziska Jaufer; Alexander Painsi


‘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.’

Key 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

Work highlights

  • 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.

Practice head(s):

Ernst Chalupsky; Sebastian Hütter; Nina Pichler

Other key lawyers:

Alexander Anderle


‘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.

Practice head(s):

Susanne Fruhstorfer

Other key lawyers:

Andreas Howadt

Key clients

Alpha ESI GmbH

Boehringer Ingelheim


Raiffeisenbank Region Fehring

Work highlights

  • 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.