Insolvency in Germany

Flöther & Wissing

Flöther & Wissing has gained its excellent reputation particularly through its advice on court-ordered insolvency administrations, self-administration, protective shield proceedings and trustees of large international companies – especially in aviation. Nevertheless, its key client base also includes medium-sized German companies from various sectors. Firm founder and eponymous partner Lucas Flöther, who jointly heads practice with name partner Andreas Wissing, is an experienced insolvency administrator and trustee with industry-specific aviation expertise. In addition to court-ordered insolvency administration and trusteeship, the team has recently increasingly assisted with out-of-court reorganisation and restructuring and also took on the role of general representative in the implementation of out-of-court reorganisations on part of the company. In addition, the team is experienced in handling insolvency-related liability claims, distressed M&A matters and employment restructuring.


‘Prof. Flöther is very well networked, thinks very economically and, unlike most administrators, is interested in working with other consultants and the company’s employees in a team. That leads to better results and people prefer to work together.’

‘Pragmatic, committed, transparent and particularly experienced with airlines and tourism.’

‘Lucas Flöther is one of the best German administrators.’

‘Very good distribution of strengths and competencies; despite outstanding expertise, very unpretentious and always acting in the interests of the creditors.’

‘Lucas Flöther is economical, prudent and very far-sighted.’

‘Andreas Wissing: Outstanding professional competence, never loses track.’

‘Outstanding insolvency law firm with Lucas Flöther as one of the top insolvency administrators in the German market.’

‘Lucas Flöther is technically excellent, very experienced, pragmatic in negotiations and always available – absolutely top class among German administrators.’

Key clients

Blech- und Technologiezentrum Linda GmbH


Condor Flugdienst GmbH

Klinikum Burgenlandkreis GmbH

Air Berlin Group

Work highlights

  • Acting as trustee for Condor Flugdienst GmbH in protective shield proceedings.
  • Acting as trustee for Klinikum Burgenlandkreis GmbH in insolvency proceedings.
  • Acted as trustee for the Air Berlin Group after the group had filed for insolvency under self-administration.

White & Case LLP

As a major international law firm, White & Case LLP focuses on complex, large and international insolvency cases. Thus, the firm’s insolvency administrators often act in an international context and have considerable expertise in sectors that traditionally operate across borders, such as aviation, the maritime sector and the automotive industry as well as in the sports, energy and retail sectors. Accordingly, practice head Sven-Holger Undritz is also an experienced insolvency administrator with expertise in the renewable energy industry, while also regularly incorporating his restructuring expertise into the design of insolvency plans. Biner Bähr is an experienced trustee and particularly experienced in avoidance actions and high-volume, insolvency-related transactions. Christoph Schulte-Kaubrugger is well versed in assisting large international corporations and clients from the energy industry with insolvency issues, while Sylvia Fiebig focuses on operational restructuring and change management issues that entail cross-border aspects; she also regularly advises stakeholders from the maritime industry. Jan-Philipp Hoos is a key contact for insolvency-related company sales and for the inclusion of receivables. Felix Höpker (in addition to insolvency law, also financial restructuring, reorganisation and distressed M&A) and Daniel Schwartz (restructuring and insolvency law, including taking on the role of general representative in self-administration and protective shield proceedings) made partner in January 2022.

Practice head(s):

Sven-Holger Undritz


‘Internationality, professionalism, pleasant personal cooperation.’

‘Ingenious and essentially unique meeting of large law firm and insolvency administration. High professional qualification meets direct practical relevance, an essentially unique interlocking of theory and practice.’

‘Professional expertise is very strong. Well recognized by all stakeholders.’

‘Always on the cutting edge and the first to know about changes in the law not only theoretically, but very quickly also practically. Pragmatic and economically sound solutions.’

‘Sylvia Fiebig distinguishes herself by presenting extremely complex issues in a comprehensible and structured way, even for non-lawyers. Great solutions and reliable implementation.’

Key clients


IBG Monforts



Piel & Adey-Gruppe

Papierfabrik Zerkall Renker & Söhne Gesellschaft mit beschränkter Haftung & Co. Kommanditgesellschaft


e.GO Mobile AG

Sachsenring Bike Manufaktur GmbH

Das ist Catering GmbH / Das ist Gastronomie GmbH (Sarah-Wiener-Gruppe)

Kofler & Kompanie GmbH

Tayler Bekleidungshandelsgesellschaft mbH

Wohnen in Prora Vermögensverwaltung GmbH & Co. KG (WiP)

Innowatio GmbH

Framode GmbH – pimkie

Heinrich Huhn GmbH + Co. KG



NICE Solar Energy GmbH

MSI Aircraft Maintenance Services International

1. FC Kaiserslautern

Lux Deutschland

Platin 1361.GmbH, Platin 1362.GmbH

Appelrath Cüpper GmbH

Goerlich Kunststofftechnik GmbH

Baltic Airport Mecklenburg GmbH

natGAS Aktiengesellschaft

Mensing Kleve Textilhandel GmbH


Auto Wichert

Provecs Medical GmbH

Beate Uhse AG

ERNST KOCH GmbH & Co. Kommanditgesellschaft

KB Schmiedetechnik GmbH

Work highlights

  • Appointment as administrator for the international fashion group ESPRIT and subsequent restructuring of the business in Germany.
  • Accompanying the women’s fashion retailer Bonita as a trustee in the successful restructuring in the course of a protective shield procedure.
  • Accompanying the sale of the automotive supplier GEMO Group as insolvency administrator.

Dr Beck & Partner GbR Rechtsanwälte

Dr Beck & Partner GbR Rechtsanwälte focuses on standard insolvency proceedings, self-administration and protective shield proceedings. For this purpose, the firm establishes interdisciplinary teams, which not only offer legal expertise, but also business administration advice through the addition of business economists and controllers. Different personal specialisations also equip the group well for comprehensive assistance with cross-practice matters and across various sectors, such as company sales and partial sales from insolvency. Key members include experienced insolvency administrator Joachim Exner, who is adept at company restructuring with complex group structures; Hubert Ampferl, who as a trustee assists with self-administration and protective shield proceedings, draws up insolvency plans and advises on the mass-increasing continuation of businesses; and the firm founder Siegfried Beck, who regularly acts the interface between insolvency and tax law.


‘One of the largest, most experienced and most competent administrator teams in the German market for larger insolvency proceedings. The quality of the internal teams of lawyers and business experts supporting the insolvency administrators deserves special mention.’

‘Joachim Exner is the top insolvency administrator for large automotive supplier insolvencies; very experienced, very pragmatic.’

Hubert Ampferl: Versatile, very good communicator.’

‘Great team that interacts brilliantly. Specialists in all areas, but also team players.’

‘Joachim Exner: Foresight, commercial approach, knows the details with an incredible wealth of experience.’

‘Tobias Wittmann is an excellent manager.’

‘The team is clearly structured. You can always reach the person you want to talk to. The staff in the law firm is very well trained, highly qualified, courteous and obliging. Promises and deadlines are meticulously kept. The insolvency administrators are very experienced; only bankruptcies that can be managed are accepted; Manpower is also available for large cases.’

‘Joachim Exner and Prof. Dr. Siegfried Beck: Highly qualified, very experienced, specialists in the automotive and supplier segment, among other things. Very communicative, engaging and extremely reliable. Excellent networkers.’


As one of the few large firms in Germany, CMS offers both restructuring advice and insolvency administration. The team led by Alexandra Schluck-Amend thus covers a comprehensive spectrum, ranging from classic insolvency administration and self-administration to crisis-related company acquisitions and sales and the settlement of insolvency disputes. The latter segment includes representing managing directors in claim proceedings pertaining to directors' liability. The group's sector focus lies on financial services, as recently reflected by its advice on the first insolvency of a capital management company in Germany as well as the appointment of Michael Frege as administrator of Maple Bank and, more recently, Greensill Bank. The practice has further industry expertise in the automotive, manufacturing, aviation and real estate sectors. Christian Holzmann, who is experienced in insolvency administration and restructuring, made partner at the beginning of 2021.

Practice head(s):

Alexandra Schluck-Amend


‘Alexandra Schluck-Amend is very knowledgeable, but what stands out is the clarity and determination with which she conveys her advice. Very appreciated.

The team around Dr. Schluck-Amend has the size and qualitative capacity to competently advise several – even complex – restructuring cases at the same time.

Key clients

Brillant Unternehmensgruppe

Bundesrepublik Deutschland, Finanzagentur GmbH

Flughafen Friedrichshafen GmbH / Regionalflughafen Bodensee

Greensill Bank AG

Maple Bank

Nynas GmbH & Co. KG

South 1 EPC Engineering Gesellschaft mbH (vormals MMEC Mannesmann GmbH)

Work highlights

  • Advising the Federal Republic of Germany – Finanzagentur GmbH on granting stabilization measures from the Economic Stabilization Fund (WSF) to MV-WERFTEN.
  • Appointment as insolvency administrator of Greensill Bank.
  • Accompanying the renovation of a German regional airport, especially after the effects of the Covid-19 pandemic.

GÖRG Partnerschaft von Rechtsanwälten mbB

In addition to insolvency administration, GÖRG Partnerschaft von Rechtsanwälten mbB also assumes the role of administrator in administration proceedings. The preparation of insolvency plans is just as much a part of the team's day-to-day business as is the assistance with out-of-court liquidation and company liquidation; here the practice can draw on business, tax and financial advisors as needed. Practice head Gerrit Hölzle is particularly experienced in drawing up insolvency plans and focuses on the industrial, automotive, energy, service and retail sectors. At the beginning of 2021, Thomas Rieger joined from Anchor Rechtsanwälte, who, together with Holger Leichtle, is to expand the firm's self-administration practice in southern Germany. Martin Stockhausen advises international companies on corporate and insolvency issues and Jörg Nerlich is experienced in insolvency administration.

Practice head(s):

Gerrit Hölzle


‘With the change of Thomas Rieger (from Anchor) and Holger Leichtle (from Schultze & Braun) in Stuttgart, Görg now has strong nationwide coverage from HH to MUC with a historical focus in Cologne/Rhineland. Görg covers both fields in this area: restructuring advice and insolvency administration.’

‘Thomas Rieger has many years of experience in restructuring advice and in ESUG proceedings. Strengthening of the Stuttgart location.’

‘Holger Leichtle has many years of experience in “modern” insolvency administration, track record above all with successful automotive suppliers from medium-sized companies to large cases.’

‘Legal clout.’

‘Excellent consultants and service providers.’

‘Both insolvency administration and consulting know-how. Very big teams in both areas.’

‘Dr. Thomas Rieger: Professionally excellent colleague, honest, reliable.’

‘Restructuring and insolvency experts who work far beyond what is to be expected for their clients.’

Key clients


Leoni AG

x+bricks AG und SCP Group S.à r.l.

KSM Castings Group GmbH


Dura Automotive Systems

apt Products GmbH

Tally Weijl Retail Germany GmbH

Arlington Germany GmbH

Aluminium Rheinfelden Gruppe

Work highlights

  • Management of Senvion’s insolvency proceedings in self-administration.
  • Accompanying the KSM Castings Group GmbH in the protective shield proceedings.
  • Advice on the financial restructuring of x+bricks AG and SCP Group S.à rl in connection with the acquisition of real supermarkets.

Jaffé Rechtsanwälte Insolvenzverwalter

Practice head(s):

Michael Jaffé

Kebekus et Zimmermann

Practice head(s):

Frank Kebekus

SGP Schneider Geiwitz & Partner

Practice head(s):

Arndt Geiwitz

Anchor Rechtsanwälte

Anchor Rechtsanwälte combines legal and business advice with comprehensive expertise in insolvency law and insolvency administration, with particular attention being paid to continuing business operations in the crisis; the team regularly cooperates across offices. In Munich, for example, Alexander Reus, Vincenz von Braun and Christoph Herbst are among the key contacts who, in addition to self-administration and protective shield proceedings, also assist with distressed M&A transactions. In Ulm, Martin Hörmann is an experienced insolvency administrator as is Tobias Wahl in Mannheim, while the Hanover-based Silvio Höfer is an insolvency and restructuring expert with employment law expertise. The Augsburg-based Alexander Zarzitzky (self-administration and protective shield proceedings in addition to insolvency administration and trusteeship) made partner at the beginning of 2021.


‘Overall, the practice is extremely well coordinated and transaction-oriented in a positive sense.’

‘Vincenz von Braun: Extremely good deal captain. Immediately recognizes commercially relevant issues and is always available for a fair solution.’

‘Alexander Reus: Always a very fair partner on the other side too.’

‘The team manages to find good solutions for the company, the employees and the creditors, even in difficult situations. This is achieved through legal brilliance, economic expertise, speed and always appreciative interaction.’

‘Tobias Wahl finds solutions even in difficult situations because he can empathize with the stakeholders and find solutions that everyone involved can go along with. His speed and legal brilliance are impressive.’

‘Alexander Reus is predestined for self-administration proceedings. His team-oriented and well-prepared approach enables him to lead companies out of insolvency into a bright future. His business know-how stands him in good stead.’

‘Anchor is characterized in particular by a high level of teamwork. Their great strength is that they use “swarm intelligence” to solve the procedures. This is quite atypical for the stewards’ guild. Anchor also has people who are particularly visible. But the strength is that the best is always on the job.’

‘Martin Hörmann: He is able to win people over and take them with him. He manages to solve even difficult situations through his commitment and honesty, which you immediately believe. The ideal administrator type.’

Key clients


Auto Wagenblast

Flughafen Friedrichshafen



Klier Hair Group GmbH

KNV Logistik GmbH

Koch, Neff & Volckmar GmbH

Europoles GmbH & Co. KG

TRIA Gruppe


BADER Gruppe

Kids Fashion – KANZ Gruppe

Sternenbäck Gruppe

Work highlights

  • Administrator of the hairdressing chain Klier Hairgroup.
  • Worked as a trustee for Adler.
  • Accompaniment of the protective shield procedure from Friedrichshafen Airport.


Based on the partnership of lawyers, auditors and tax consultants, the range of advice offered by BRL BOEGE ROHDE LUEBBEHUESEN also covers insolvency labor law and insolvency tax law, as well as insolvency-related corporate law aspects. In addition to the role of the classic insolvency administrator, the group also takes on the role of administrator, general representative and chief restructuring officer in self-administration and trusteeships and, if necessary, also the role of a trustee. In international insolvency projects, the practice can rely on the supported of an international network of independent auditors and tax consultants. Stefan Denkhaus, Dorothee Madsen, Friedemann Schade and Friederich von Kaltenborn-Stachau jointly lead the team; Nils Harbeck (in addition to insolvency law also corporate law and M&A) made partner at the beginning of 2021.


‘Outstanding insolvency and self-administration expertise, both in administration and in consulting practice; Outstanding results with a high level of legal expertise and enormous practical relevance.’

Key clients

Senvion Gesellschaften

Schwarz Cranz GmbH & Co. KG

FSG – Flensburger Schiffbau GmbH & Co. KG

Krankenhaus Ingelheim

Noventi Healthcare SE

Air Berlin PLC und Air Berlin PLC & Co. Luftverkehrs KG

Prokon SPV

Dat Backhus

17111 Transit Transport & Logistik GmbH & Co. KG

Work highlights

  • Self-administration as general agent of FSG – Flensburger Schiffbau GmbH & Co. KG. Advice on insolvency law and insolvency tax law in the insolvency (application) process and in the M&A process.
  • Crisis advice, filing for insolvency and advice on insolvency labor law for the Ingelheim hospital.
  • Support for M&A transactions as well as advice on insolvency employment law and insolvency tax law for Dat Backhus.

Grub Brugger PartG mbB

Grub Brugger specialises in active insolvency administration, but also advises on pre-insolvency restructuring. The range of services includes assistance with self-administration and protective shield proceedings, restructuring by insolvency plan and transferring restructuring by sale or acquisition of companies and company parts. Through its cooperation with the firm’s criminal law practice, the group is also well equipped to handle commercial criminal law issues or, if necessary, assist with related court proceedings. Furthermore, the team assists insolvency administrators with dispute resolution, including claim enforcement. Key contacts include experienced insolvency administrator (especially in the automotive sector) Michael Mucha; Philipp Grub, who often assumes the function of general representative in self-administration; and Wolfgang Bilgery, who is regularly appointed administrator in company insolvencies.

Key clients

Tadano Demag GmbH / Tadano Faun GmbH

Peter Kaiser Schuhfabrik

Tally Weijl Retail Germany GmbH

Work highlights

  • Pre-insolvency advice to Tadano Demag GmbH / Tadano Faun GmbH; Initiation of (insolvency) proceedings, advice on protective shield proceedings and self-administration proceedings, preparation of and obtaining approval for insolvency plans.
  • Pre-insolvency advice to Peter Kaiser Schuhfabrik / Peter Kaiser Group; Initiation of the procedure, advice on the protective shield procedure and self-administration procedure, support in the distressed M&A up to the sale.
  • Pre-insolvency advice to Tally Weijl Retail Germany GmbH; Initiation of proceedings, advice on protective shield proceedings and self-administration proceedings.

HWW Hermann Wienberg Wilhelm

Based on the combined expertise of insolvency lawyers, auditors and tax consultants, HWW Hermann Wienberg Wilhelm acts as insolvency administrator, trustee, chief restructuring officer and general representative. Practice head Rüdiger Wienberg is experienced in taking over trusteeships, carrying out self-administration and receivership. Ottmar Hermann is well versed in handling major insolvency cases and in the aviation sector, while Rainer Bähr and Christian Otto regularly advise on self-administration and trusteeships. Julia Kappel-Gnirs is another key contract for insolvency administrator matters.

Practice head(s):

Rüdiger Wienberg


‘High competence in economic questions, pragmatism, above-average project management.’

‘Ottmar Hermann: above-average economic and tax competence; high sensitivity for critical aspects in insolvency proceedings.’

‘Julia Kappel-Gnirs: Excellent networker, extremely efficient in processing, professionally convincing.’

‘Ottmar Hermann: Decades of experience with major insolvency cases, the highest level of tax and economic expertise, a good feel for issues critical to success.’

‘Julia Kappel-Gnirs: Efficient and technically competent, high social skills.’

‘The law firm has a large number of very experienced teams and is therefore highly effective, particularly in large-scale proceedings.’

‘Ms. Kappel-Gnirs is a very experienced insolvency administrator. She gets to the point and is a strong negotiator.’

‘The team works very well together, so that you always get quick and reliable feedback on all matters. In my opinion, the team’s expertise is highly valued by the courts and they know that even difficult and/or complex insolvency proceedings are handled competently, well and with the necessary sense of proportion.’

Key clients

Thomas Cook-Gruppe

Solibro Hi-Tech GmbH


Gina Tricot GmbH

Andersson-Recycling GmbH

Minit Service GmbH

Assmus Metallveredelung GmbH

Wehrhold Oberflächentechnik GmbH

BF Transport GmbH

Minda KTSN Plastic Solutions GmbH & Co KG

picturesafe media/data/bank GmbH


Hartmann Spezialkarosserien GmbH

Dach & Fassaden Sanierungen GmbH

Hotel Royal Betriebs-GmbH

immoMassivBau GmbH

LHR Betriebs UG

Mellingers Fahrzeugservice UG (haftungsbeschränkt) i.L.

Radissimo GmbH

bio.logis Genetic Information Management GmbH

Fritz Nols AG

Heck & Becker GmbH & Co. KG



VAP Kaiserslautern GmbH & Co. KG

Zeitgeist GmbH


Leesys – Leipzig Electric Systems GmbH


Delivery Mates GmbH

Weiß Fruchtimport GmbH

BDB Berliner Dachbau GmbH

LLS Internet GmbH

COMTOUR communication & tourism GmbH

Bo Parts GmbH

AccuMeda Health Invest GmbH

MEG Mechanik GmbH

Kahla/Thüringen Porzellan GmbH

Reimer Rechtsanwälte

Reimer Rechtsanwälte specialises in insolvency and commercial law and advises on restructuring, reorganisation and insolvency administration. Founding partners Tjark Thies, Peter-Alexander Borchardt and Hendrik Gittermann are regularly appointed as insolvency administrators and trustees in large-scale proceedings and assist with self-administration. Reinhold Schmid-Sperber also acts as a notary and, as a specialist lawyer for tax law, also has tax, corporate and business management expertise. Thomas Rittmeister is a key contact for protective shield procedures as well as the aviation and retail sectors. Matters entailing employment and M&A aspects are coordinated across practices.

Key clients

Schuh Kay GmbH & Co.

Yeah! AG (McTrek)

arko GmbH

GTW Grimm Touristik Wetzlar GmbH

Nordport Hotel Bau GmbH & Co. KG

Bolero Holding GmbH

Sioux GmbH

Reisebüro Fahrenkrog GmbH & Co. KG

First Wise Media GmbH

Jöllenbek GmbH

Mechanical Machining GmbH

Märchenwelten AG

Alfred Kuhse GmbH

Thomas Cook Aviation GmbH

Alfred Kuhse GmbH

Work highlights

  • Advising the insolvent Joh. Friedrich Behrens AG on the sale of their business as part of an asset deal.
  • Appointment as administrator of arko GmbH in self-administration proceedings.
  • Worked as trustee for Sioux GmbH.

Schmidt-Jortzig Petersen Penzlin

Schmidt-Jortzig Petersen Penzlin provides insolvency administration and restructuring advice and counts investors, creditors, shareholders and company management among its clients, which also benefit from the group's expertise at various interfaces such as employment law and M&A. As a Hamburg firm whose lawyers are often appointed as insolvency administrators by North German courts, the team has considerable experience with insolvencies in the maritime sector, while also being well versed in the stationary retail, renewable energy and finance sectors. Dietmar Penzlin heads the practice and regularly acts as a trustee and insolvency administrator across Germany.

Practice head(s):

Dietmar Penzlin

Key clients

Angermann Investment Advisory AG

JP Beteiligungs-Gesellschaft mbH

M.M. Warburg & Co. KGaA

SIGMA Corporate Finance GmbH

Marcard Stein & Co

Feldmuehle GmbH

TMC Turnaround Management Consult GmbH

RSP Restrukturierungspartner

SKALING Partnerschaft von Rechtsanwälten und Steuerberater mbB


Practice head(s):

Dirk Andres

Leonhardt Rattunde

Practice head(s):

Torsten Martini

Müller-Heydenreich Bierbach & Kollegen

Practice head(s):

Axel Bierbach

Piepenburg Rechtsanwälte

Practice head(s):

Horst Piepenburg

PLUTA Rechtsanwalts GmbH

Practice head(s):

Michael Pluta

Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft

Practice head(s):

Christopher Seagon

Other key lawyers:

Alfred Hagebusch; Richard Scholz