Insolvency in Germany


CMS focuses on insolvency avoidance as well as insolvency-related matters, collateral security management and the comprehensive support in insolvency proceedings, including the preparation and review of insolvency plans. The team is led by practice manager Alexandra Schnapp-Amend, who is well versed in corporate and insolvency law and assists with the structuring of and advice to bank and supplier pools, insolvency resolutions, liquidations, acquisitions out of insolvency as well as creditor committees and insolvency disputes. Michael Frege is experienced in special insolvencies and receiverships and also acts as an insolvency administrator.

Practice head(s):

Alexandra Schluck-Amend

Other key lawyers:

Michael Frege


‘Despite the large number of mandates that she is responsible for, Alexandra Schluck-Amend is always deeply involved in the topics of the individual mandates and is approachable. Personally, she is a very competent, empathetic but also assertive personality.’

‘Competent team led by Alexandra Schluck-Amend. Very pleasant to work with, no matter which team members are involved.’

‘Highly competent contacts, very good responsiveness.’

Work highlights

  • Advising the Federal Network Agency (BNetzA) / Federal Ministry for Economic Affairs and Climate Protection (BMWK) on stabilization measures of systemically important gas companies to secure energy supplies in Germany. Advice regarding the trusteeship of Gazprom Germania GmbH. Transfer of the ailing gas company SEFE Securing Energy for Europe GmbH (SEFE) into federal ownership to secure German gas supplies.

  • Advising Flughafen Friedrichshafen GmbH / Bodensee Regional Airport on the rescue and stabilization of Friedrichshafen Airport against the background of the effects of the Covid-19 pandemic. Support in the sustainable restructuring as part of insolvency proceedings in self-administration with a protective shield. Development of a concept that is viable under state aid law and its successful notification to the European Commission, including the negotiation of commitments and the creation of a comprehensive restructuring plan.

  • Advising Nynas in connection with the restructuring of the Swedish parent company, which ran into financing difficulties due to US sanctions against the Venezuelan parent company and had to apply for reorganization proceedings under Swedish law. The focus of the advice is on protecting the company from insolvency law within the scope of the leeway under international restructuring law.

GÖRG Partnerschaft von Rechtsanwälten mbB

GÖRG Partnerschaft von Rechtsanwälten mbB offers longstanding expertise in insolvency and restructuring proceedings. Gerrit Hölzle is well versed in insolvency administration and regularly acts as an administrator,trustee and leads in self-administration proceedings (this is also the focus of Holger Leichtle ), while the head of the restructuring practice, Christian Bärenz, primarily advises on complex, cross-border restructuring and insolvency matters as well as insolvency-related M&A and PE transactions. Torsten Martini (previously at Leonhardt Rattunde) joined the team in April 2023 and regularly acts as an insolvency administrator, trustee and chief restructuring officer. Companies, creditors, investors and clients in crisis benefit from Thorsten Bieg's expertise in insolvency and restructuring law in crisis situations.

Practice head(s):

Christian Bärenz; Gerrit Hölzle

Other key lawyers:

Holger Leichtle; Torsten Martini; Thorsten Bieg; Jörg Nerlich


‘Excellent specialist knowledge. The team acts as a team. Usually several colleagues are involved who also take part in telephone conferences as a team and then later coordinate internally, so that the solutions presented are not the opinion of a single lawyer, but rather those who are able to work in a team and therefore have a high probability of being correct in practice.’

‘Holger Leichtle: An outstanding insolvency administrator with particular strengths in automotive and ESUG proceedings.’

‘Thorsten Bieg: An outstanding insolvency administrator with particular strengths in options analysis.’

Key clients

Leoni AG

Green City

Kommunale Gesellschafter der KSBG (mittelbar STEAG)

Deutsche Lichtmiete

thyssenkrupp Marine Systems

KEHAG Energiehandel GmbH

SCP Group und x+bricks S.A.

SOL Capital Management GmbH, Wien

SMA Metalltechnik GmbH & Co. KG


Work highlights

  • Advising Leoni AG on various legal issues in the area of ​​distressed M&A and divestment.

  • Advice on the sale of the operational business of Green City AG by its insolvency administrator. The buyer is the French Qair International SAS.

  • Advising thyssenkrupp Marine Systems on the acquisition of the shipyard in Wismar from the insolvency administrator of MV Werften Wismar.

White & Case LLP

White & Case LLP primarily advises companies from the automotive, shipbuilding, retail, healthcare and aviation sectors on insolvency matters. Practice head Sven-Holger Undritz regularly acts as an insolvency administrator and is experienced in drafting insolvency plans and supports German and international clients in insolvency-related acquisitions; Biner Bähr and Bero-Alexander Lau were recently appointed provisional insolvency administrators in the insolvency proceedings of the fashion group Ahlers, which has more than 1,700 employees worldwide; Sylvia Fiebig is frequently appointed to insolvency administrator and is experienced in insolvency-related restructuring; she offers additional expertise in the shipping industry. Jan-Philipp Hoos is well versed in insolvency proceedings and assists with insolvency-related acquisitions, he also acts as a creditor in insolvency proceedings. Felix Höpker (complex corporate insolvencies, insolvency administration), Andreas Kleinschmidt (insolvency administration, self-administration proceedings/protective shield proceedings) and Daniel Schwartz (insolvency administration, insolvency-related acquisitions, restructuring, self-administration and protective shield proceedings) are also among the key contacts.

Practice head(s):

Sven-Holger Undritz

Other key lawyers:

Biner Bähr; Bero-Alexander Lau; Sylvia Fiebig; Jan-Philipp Hoos; Daniel Schwartz; Felix Höpker; Andreas Kleinschmidt


‘Sylvia Fiebig combines excellent knowledge with the ability to summarize highly complex issues in an understandable way for the recipient. Clear and understandable guidelines that help the client to make their own decisions.’

‘Highly professional. In Germany you can hardly find units with comparable quality. Insolvency administrators in particular stand out compared to other insolvency administrators due to their expertise, organization, determination, implementation strength and ‘caring’. Strong team!’

‘Biner Bähr is an excellent administrator, a guarantee for quality, and has built up a strong team in Düsseldorf.’

‘Jan-Philipp Hoos: An assertive administrator with a high level of economic understanding.’

‘Daniel Schwartz has a very high level of technical and strategic competence. Direct personal contact is always possible. Very well balanced risk analysis. Comprehensible presentation of complex legal issues. If necessary, high but always constructive ability to deal with conflict.’

‘Andreas Kleinschmidt is a great guy, excellent legally and economically. Very goal-oriented and strong in implementation.’

‘Felix Höpker: An excellent lawyer.’

‘Versatile with a very high level of competence in all relevant subject areas. Very high communication skills, even in demanding negotiation situations. Targeted consulting results and recommendations. No hierarchy-related hurdles.’

Key clients

e.GO Mobile AG


GetFaster GmbH

TK Fashion Group GmbH

St. Mauritius Therapieklinik Meerbusch gGmbH


Harfid GmbH

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

Innowatio GmbH samt Tochtergesellschaften Clean Energy Markets Access GmbH, Clean Energy Sourcing GmbH, Clean Energy Direct GmbH, Ecomac GmbH and SP Energy Control GmbH

Kofler & Kompanie GmbH

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

Watchmaster ICP GmbH

Lottie Car GmbH

InventicsDx GmbH

Orsay GmbH

Dahmen Maschinen- und Formenbau GmbH & Co. KG

Bonus.Gold GmbH

helloFiber GmbH



Heinrich Huhn GmbH + Co. KG

PWK Automotive

Saurer Technologies

Hakle GmbH

DMV Deutsche Metallveredlung GmbH

Burnus Gruppe

Eyemaxx Real Estate AG

Ludwig Pfeiffer Hoch- und Tiefbau GmbH & Co. KG

NICE Solar Energy GmbH

Ekn footware GmbH

Stadtquartier Postquadrat Mannheim GmbH

Sächsische Metall- und Kunststoffveredlungs GmbH (SMK)

Linden GmbH

DRK Ostwestfalen-Lippe Soziales Wohnen gGmbH

SKARE Fleisch GmbH

Baltic Airport Mecklenburg GmbH

Curata Care Holding GmbH

HeLi NET Telekommunikation GmbH & Co. KG

Lition Energie GmbH

Mensing Kleve Textilhandel GmbH

natGAS Aktiengesellschaft


ITR Industry to Retail GmbH

The Big Bread Company GmbH

Beate Uhse AG; Beate Uhse Netherlands B.V.; Beate Uhse Franchise GmbH & Co KG; Beate Uhse new medi@ GmbH


Auto Wichert

OfficeCentre GmbH (Staples)

Ludwig Görtz GmbH samt Tochterfirmen Görtz Retail GmbH und Görtz Logistik GmbH

Der Blaue Hummer Eventcatering GmbH

Forest Garden Labs GmbH

Völker GmbH

Work highlights

  • Advising the shoe retailer Görtz as administrator in the context of self-administration proceedings arising from the crisis.

  • Appointment to provisional insolvency administrator at the fashion group Ahlers.

  • Advice on insolvency law to the hygiene paper manufacturer Hakle GmbH.

Dr Beck & Partner GbR Rechtsanwälte

Dr Beck & Partner GbR Rechtsanwälte focuses on standard insolvency proceedings as well as self-administration and protective shield proceedings and regularly acts as trustee, restructuring manager and general representative. Joachim Exner is regularly appointed by various southern German insolvency courts and assists with national and cross-border matters, such as administration proceedings of internationally active production companies, particularly in the mechanical engineering and automotive supply sectors. Exner jointly heads the practice with Hubert Ampferl, who is experienced in the restructuring and reorganisation of companies in insolvency.

Practice head(s):

Joachim Exner; Hubert Ampferl

Work highlights

  • Insolvency administration of the automotive supplier Schneider Group.


BRL BOEGE ROHDE LUEBBEHUESEN's team is well-known for its expertise in hospital insolvencies and restructurings and also advises clients from the retail, food, fashion, aviation and renewable energy sectors as well as non-profit institutions on insolvency law. The team is regularly appointed as insolvency administrator and trustee and is under the joint leadership of Stefan Denkhaus, who was appointed insolvency administrator of GALERIA Karstadt Kaufhof in January 2024, Friedemann Schade (insolvency law, restructuring, insolvency plans and administration), Friedrich von Kaltenborn-Stachau (insolvency-related creditor advice, insolvency administration, insolvency-related acquisitions) and Dorothee Madsen (insolvency and self-administration, insolvency plan proceedings, operational management, restructuring, insolvency-related creditor advice). The team also covers insolvency employment and insolvency tax law.

Practice head(s):

Stefan Denkhaus; Friedemann Schade; Friedrich von Kaltenborn-Stachau; Dorothee Madsen

Other key lawyers:

Dominik Demisch; Fiona Schmidt


‘Very loyal and professional team, excellent staff also on the second level, close integration of practice and law.’

Key clients

Clean Garant Gruppe

Köver GmbH & Co. KG Metall- und Kunststoffverarbeitung

Schwarz Cranz GmbH & Co. KG

Work highlights

  • Insolvency administrator of Schwarz Cranz GmbH & Co. KG.

  • Administrator of the Clean Garant Group, including advice on insolvency challenges and D&O liability.

Flöther & Wissing

Flöther & Wissing focuses on insolvency and restructuring and comprehensively supports companies and creditors in crisis in traditional insolvencies, trusteeships, self-administrations as well as in restructuring and reorganisation. The team is renowned for its expertise in international airline insolvencies and is regularly appointed as insolvency administrator. The practice covers the rail transport, mechanical engineering, healthcare and e-commerce sectors. Co-head Lucas Flöther regularly advises on large-scale and group insolvencies and jointly leads the practice of the boutique, which has twelve German locations, with Andreas Wissing, who is experienced in insolvency law and litigation.

Practice head(s):

Lucas Flöther; Andreas Wissing


‘Lucas Flöther: one of the best insolvency administrators in Germany. With his combination of intellectual strength and highly efficient pragmatism, he is the first choice, especially for complex situations.’

‘An extremely strong law firm for insolvency administration with a very good network.’

‘Lucas Flöther: A very competent and solution-oriented insolvency administrator and regularly at the forefront of new developments.’

Key clients

EAB Energieanlagen-Betriebsgesellschaft mbH

Bodeta Süsswaren GmbH

CargoLogic Germany

Abellio Deutschland



Condor Flugdienst GmbH

Air Berlin Group

NIKI Luftfahrt GmbH


Work highlights

  • Advice on insolvency, restructuring (in particular maintaining day-to-day business) and sale of Condor Flugdienst GmbH.

  • Resolution of the Air Berlin Group with approx. 1.3 million creditors and claims worth billions. In particular, processing claims registrations and creditor inquiries, generating assets through debt collection and asset realization (so far over €350 million).

  • Advice on the insolvency of a heat supplier with an ailing supply network. In particular, sales, maintaining heat supplies for the population.

Grub Brugger

Grub Brugger focuses on insolvency administration, covering both regular and self-administration proceedings; here, Martin Mucha frequently supports companies in crisis in the role of trustee, while Wolfgang Bilgery has expertise in the reorganisation of companies in insolvency proceedings, including insolvency plans. Philipp Grub and Nora Sickeler regularly act as insolvency administrators and advisors in self-administration, protective shield and standard insolvency proceedings. Richard Scholz (previously at Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft) joined the team in January 2023 and is well versed in the defence against claims by insolvency administrators and in insolvency proceedings.

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Grub Brugger legt den Fokus auf Insolvenzverwaltung, in Regel- wie auch der Eigenverwaltung: Martin Muchas Schwerpunkt liegt dabei auf der Reorganisation von Unternehmen in der Krise als Sachwalter, während Wolfgang Bilgery über Expertise bei der Sanierung von Unternehmen im Rahmen von Insolvenzverfahren, zum Beispiel anhand von Insolvenzplänen, verfügt und Philipp Grub sowie Nora Sickeler als Insolvenzverwalter und Betreuer in Eigenverwaltungs-, Schutzschirm- und Regelinsolvenzverfahren agieren. Richard Scholz stieß im Januar 2023 von Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft) zum Team und wartet mit Expertise zur Abwehr von oder Inanspruchnahme durch Insolvenzverwalter und in Insolvenzverfahren auf.

Practice head(s):

Wolfgang Bilgery; Philipp Grub; Martin Mucha

Other key lawyers:

Richard Scholz; Nora Sickeler

Key clients

Kratzer Automation AG

Ditter Plastic GmbH

K-Mail Order GmbH & Co. KG (Klingel Gruppe)

Rüster GmbH

Carl Leipold GmbH

Ritter Leichtmetallguss GmbH

Pluradent GmbH & Co. KG

Schmidt-Jortzig Petersen Penzlin

Schmidt-Jortzig Petersen Penzlin advises on insolvency plans, debt-equity swaps and the implementation of self-administration proceedings. Practice head Dietmar Penzlin focuses on renewable energies and the maritime economy, while Christian Mikolajczak recently advised on drafting insolvency plans and insolvency plan proceedings in the retail sector and Niklas Marwedel is well versed in insolvency and corporate law; he is regularly appointed as trustee and insolvency administrator in insolvency proceedings.

Practice head(s):

Dietmar Penzlin

Other key lawyers:

Christian Mikoajckzak; Niklas Marwedel


‘Technically outstanding as ever. Now also in the area of ​​StaRUG, M&A hand in hand with insolvency and restructuring.’

‘Dietmar Penzlin: Still a top lawyer in his field. Outstanding social skills in conflict resolution. It also benefits the processing of insolvency proceedings and the satisfaction of creditors.’

‘Colleagues who are very technically experienced, quick to react and careful, achieve good results.’

Key clients

Hansestadt Stralsund


Work highlights

  • Advising the city of Stralsund on the acquisition of the Stralsund port from the insolvency assets of the MV shipyards by means of an asset deal.

  • Advising the insolvent Abellio Railway Group on restructuring solutions for the subsidiaries in various federal states (mainly through insolvency plans), together with BRL RAe.

  • Advising a local rail transport authority on complex issues of vehicle financing and insolvency protection.

GvW Graf von Westphalen

GvW Graf von Westphalen primarily focuses on insolvency dispute resolution and comprehensively advises on contentious insolvency matters pertaining to crisis situations, including D&O liability and insolvency contestation, here, practice head Wolfram Desch is a key contact. Other competencies are the support in insolvency-related acquisitions as well as insolvency plan and insolvency administration proceedings, where the team also assists with restructuring and reorganisation. Arne Schmidt (previously at Flick Gocke Schaumburg) joined the team in January 2023 and advises on insolvency and tax law.

Practice head(s):

Wolfram Desch

Other key lawyers:

Arne Schmidt


‘Wolfram Desch: Straightforward, focused with concrete, practical solutions and very thorough. A master of his craft.’

‘The team processes the facts very thoroughly.’

‘Wolfram Desch: Very analytical and precise. He is extremely committed, proactive and economically minded.’

Key clients

Art-Invest Real Estate Management GmbH & Co. KG

BayWa r.e. Operation Services GmbH


Invesco Real Estate

JKL Kunststofflackierung GmbH

Nahverkehrsservice Sachsen-Anhalt GmbH|Regionalverband Großraum Braunschweig|Zweckverband für den Nahverkehrsraum Leipzig|Thüringer Landesamt für Bau und Verkehr

Paulaner Brauerei Gruppe

Stadtsparkasse München

Verbraucherzentrale Bundesverband e.V

Müller-Heydenreich Bierbach & Kollegen

Müller-Heydenreich Bierbach & Kollegen‘s insolvency law expertise is regularly drawn on in insolvency administration proceedings, with the team being particularly active in Bavaria and Thuringia and covering various industries. Axel Bierbach (head of the Munich-based team) focuses on supporting insolvencies of companies with ongoing business operations, their continuation during insolvency as well as the subsequent sale and restructuring, while Stefan Debus (head of the Nuremberg-based team) is well versed in insolvency and self-administration, reorganisation as part of insolvency plan proceedings, trusteeships, continued business operations and insolvency tax law.

Practice head(s):

Axel Bierbach, Stefan Debus

Key clients

Green City AG

Sigfox GmbH


Memminger Brauerei GmbH

Spoosty GmbH

Innosales Consulting & Services GmbH

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH's experience in insolvency law benefits companies in crisis, investors and creditors as well as insolvency administrators, who instruct the team in the course of insolvency proceedings, protective shield proceedings as well as restructuring and the implementation of insolvency plans. Practice head Gunnar Müller-Henneberg and Marcus Backes frequently support governing bodies in the enforcement of as well as in the defense against liability claims.

Practice head(s):

Gunnar Müller-Henneberg

Other key lawyers:

Marcus Backes


‘Gunnar Müller-Henneberg and his team are very professional, fast, results-oriented, pragmatic and very nice!’

Key clients

Senvion GmbH

Jool Invest AB

Siem S.a.r.l.

ESPRIT Holdings Limited

Sustainable Growth Fund II SCSp, SICAV-SIF

Hanse Equity GmbH

Landesnahverkehrsgesellschaft Niedersachsen

Fünfte Bayer Real Estate VV GmbH & Co. KG

Tophi GmbH

Vivawest Wohnen GmbH

Fiege Logistik Stiftung & Co. KG

Work highlights

  • Advising the Fünfte Bayer Real Estate VV GmbH & Co. KG (global chemical and pharmaceutical company) in connection with a long-term leasehold agreement with a company that has gone bankrupt.

  • Advising Tophi GmbH regarding the opening of insolvency proceedings as well as representing Tophi GmbH and provisional insolvency administrator in the M&A procedures.

  • Advising Vivawest Wohnen GmbH on insolvency law regarding a property acquisition and construction contract.

Seitz Rechtsanwälte Steuerberater

Seitz Rechtsanwälte Steuerberater' insolvency law capacities include the advice to companies, governing bodies and shareholders on pre-insolvency restructuring, the support for creditors in insolvency proceedings and the representation of insolvency administrators in the enforcement and assertion of D&O liability claims. The team also assists with company acquisitions during insolvency and with insolvency employment law matters. The arrival of Jochen Markgraf from Glade Michel Wirtz - Corporate & Competition in May 2023 strengthened the capacities in representing ​​creditors and insolvency administrators; Markgraf jointly leads the team with Florian Lauscher, who focuses on insolvency law.

Practice head(s):

Florian Lauscher; Jochen Markgraf


‘Jochen Markgraf and his team are available at any time and push forward goal-oriented solutions quickly and with an understanding for client concerns.’

‘The entire team is always polite, easy to reach and delivers very quick yet reliable solutions. Unfortunately, a law firm like Seitz Rechtsanwälte is rare. The entire team here is always polite, easy to reach and delivers very quick yet reliable solutions. The advantages of a larger law firm are combined with the commitment of the individual to create a very special strength.’

‘Florian Lauscher: Working with him is always a pleasure. Once a mandate has been transferred, it no longer causes any more headaches. One can be sure the mandate will not only be taken care of properly, but in the best possible way.’

Key clients

Apothekerverband Nordrhein e.V. im Insolvenzverfahren der AvP Deutschland GmbH

Einkaufsbüro Deutscher Eisenhändler GmbH und ETRIS Bank GmbH

THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB

THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB advises insolvency administrators as well as companies on the acquisition and sale of companies in crisis and regularly supports creditors and debtors in connection with insolvency proceedings. The team has further expertise in drafting restructuring and insolvency plans as well as in the enforcement of and defence against liability claims. Rainer Schaaf (distressed M&A transactions, restructuring proceedings, liability claims) heads the practice and is supported by Alexander Saueracker, who is well versed in insolvency-related dispute resolution.

Practice head(s):

Rainer Schaaf

Other key lawyers:

Alexander Saueracker


‘Very pragmatic and innovative.’

Key clients

Eurocov Industriebeteiligung bei der Übernahme der KTN Kunststoff-Technik aus der Insolvenz

GRR Real Estate Management GmbH

Max Bögl Gruppe


VeroStone GmbH

NürnbergMesse GmbH

Work highlights

  • Advising NürnbergMesse GmbH in connection with business partners in crisis.

  • Advising Buch Service Schupp (BSG) GmbH, including subsequent filing for insolvency.

  • Advising VeroStone GmbH, including subsequent filing for insolvency.