Integrated into the firm's international network, Clifford Chance offers a full-service approach and is particularly well versed in cross-border restructurings. This multi-jurisdictional expertise is utilised, among others, when examining the applicability of foreign restructuring tools, such as the UK Scheme of Arrangement, the Dutch WHOA and the US Chapter 11 procedure, in order to ensure the best possible cross-border protection against and enforcement of creditor claims for clients. Depending on the restructuring project, interdisciplinary expertise from relevant areas is drawn on, such as corporate law, taxes, M&A, finance and dispute resolution. This interdisciplinary expertise was recently demonstrated in the restructuring of an energy sector client using a complex financing agreement, consisting of promissory note creditors, registered bond creditors, guarantee lenders and financiers of individual project companies, as well as the restructuring of a large retail company by way of distressed M&A measures, including complex carve-out transactions. Stefan Sax and Cristina Weidner jointly head the group.

Dentons comprehensively advises on restructuring, reorganisation and insolvency and is led by Arne Friel and Andreas Ziegenhagen; Ziegenhagen regularly assumes the role of general representative in self-administration proceedings and is renowned for his experience in trusteeships. Due to his multiple qualifications as restructuring lawyer, auditor and tax consultant, he is also well versed in tax-related matters of distressed company transactions and in accounting law. Like Holger Ellers, Friel focuses on corporate law and support for cross-border distressed M&A transactions. Dirk Schoene has particular experience in self-administration, including protective shield proceedings, and Daniel Fritz regularly assists with the in and out-of-court enforcement of and defence against claims. Jan Seelinger (in addition to restructuring also M&A and corporate law) was appointed partner in April 2022.

Kirkland & Ellis International LLP is renowned for its expertise in complex cross-border restructuring and in particular financial restructuring and debt-equity swaps. The client base includes financiers and sponsors, such as banks, syndicated lenders, bondholders and direct lending funds, which recently expanded with the addition of loan funds and distressed debt investors. The team also advises the management of companies in crisis, shareholders and suppliers on tax-efficient financial restructuring, bond restructuring, distressed M&A transactions, D&O liability issues and insolvency dispute resolution. Distressed debt specialist Leo Plank, distressed M&A specialist Sacha Lürken and Bernd Meyer-Löwy, who is experienced in debt restructuring, are the key figures of the restructuring practice. Josef Parzinger (loan and insolvency claims) joined Allen & Overy LLP at the beginning of 2023.

Latham & Watkins LLP's restructuring practice focuses on complex and cross-border financial and operational restructuring, where the team utilises its interdisciplinary expertise. This was most recently demonstarted in the group's assistance with some of the largest German restructurings in the automotive, aviation, shipping and gaming sectors. In addition to the restructuring of financial liabilities and refinancing, the team acts as chief restructuring officer and chief insolvency officer in corporate restructurings and advises insolvency administrators on enforcement matters. Jörn Kowalewski and practice head Frank Grell are experienced in complex cross-border restructuring and distressed M&A proceedings, while Ulrich Klockenbrink focuses on in and out-of-court enforcement issues.

GÖRG Partnerschaft von Rechtsanwälten mbB is among few firms to assist with both insolvency administration and restructuring advice. The range of services is correspondingly broad and serves a versatile client base, consisting of companies in financial distress, creditors and investors such as private equity and hedge funds. A core focus is on distressed assets and distressed debt, while the practice is also experienced in various matters pertaining to insolvency disputes. Practice head Christian Bärenz is particularly experienced in complex cross-border restructuring and distressed M&A transactions, while Gerrit Hölzle, who also acts as an insolvency administrator, regularly takes on board functions in self-administration proceedings, and Thorsten Bieg has in-depth expertise in accounting and financial restructuring as well as trusteeships. Helmut Balthasar and Martin Stockhausen are other core members of the team and regularly advise on restructuring across various industries. Specialist for restructuring advice and insolvency-related litigation Raul Taras and Karl-Friedrich Curtze (corporate law, insolvency law and restructuring) were appointed partners in May 2022.

Sidley Austin LLP advises investors, creditors, shareholders, alternative lenders and sponsors on pre-insolvency and post-insolvency operational and financial restructurings. A particular focus is on private equity, where cross-border restructurings of portfolio companies are frequently supported. In addition to individual restructurings, transferred restructuring by means of distressed M&A transactions and clients’ representation in liability and rescission actions are further mainstays. Kolja von Bismarck heads the practice, which also includes Andreas Steiger (focus on restructurings in connection with complex capital structures) and Patrick Schulz (expertise in debt-equity swaps).

As a major international law firm offering both restructuring advice and insolvency administration, White & Case LLP focuses on major cross-border restructurings, which require international networking and interdisciplinary cooperation. This includes advising international companies and various subsidiaries involved in US Chapter 11 proceedings on the restructuring of European financing. In this context, both creditors and companies are advised. In addition, contentious insolvency matters such as the defence against and enforcement of rescissory and liability claims form another mainstay, which is complemented by industry expertise in shipping. Sven-Holger Undritz and Riaz Janjuah jointly head the practice, with Janjuah in charge of restructuring advice. At the beginning of 2022, Felix Höpker (administration and company liquidations), Daniel Schwartz (regularly takes on the role of general representative in self-administration and protective shield proceedings) and Moritz Kriegs (focus on insolvency proceedings) were appointed partners.

Heuking Kühn Lüer Wojtek covers all aspects of corporate crisis, restructuring and insolvency. This includes transaction support for buyers and sellers as well as representing insolvency administrators, company managers and board members in insolvency-related criminal law procedures, D&O liability matters and the assertion of claims. The practice is led by Georg Streit, who recently assisted with restructurings in the real estate, energy, healthcare, public transport and automotive sectors, and includes Kai Uwe Büchler (restructuring of pension liabilities). Catrin Merten, Michael Pauli and David Loszynski are all experienced in both insolvency law and dispute resolution and made partners in January 2022 (Merten as salary partner and Pauli and Loszynski as equity partners).

Hogan Lovells International LLP covers all aspects of insolvency and restructuring advice. The focus is on financial and corporate restructuring as well as the support and implementation of restructuring concepts, including Scheme of Arrangements and Chapter 11 proceedings, which are accompanied via the firm's international network and respective locations in the UK and US. In the finance arena, the team, led by Heiko Tschauner, advises on debt restructuring, non-performing loans and restructuring loans, which is complemented by expertise in liability risks in crisis situations and representing clients in insolvency litigation. Christian Herweg is experienced in insolvency plan proceedings and the enforcement of security rights, and Markus Huber is a key contact for the assertion of and defence against rescissory claims and the avoidance of insolvency-related risks in financial transactions.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP's interdisciplinary expertise comprehensively covers restructuring and insolvency-related matters. Recently, this expertise was called upon by alternative financiers on insolvency law and in insolvency dispute resolution, including manager and insolvency administrator liability issues, rights of separation and preferential treatment, as well as liability and rescission actions. Uwe Goetker and Matthias Kampshoff jointly head the practice and, like Marc Oberhardt, are experienced in distressed M&A transactions in the retail, automotive and media sectors, among others, and in assisting with self-administration and insolvency plan proceedings. Björn Biehl is another contact for insolvency-related company acquisitions and sales, which he accompanies on the buyer and seller side.

Greenberg Traurig Germany‘s restructuring practice is regularly appointed by courts as insolvency administrator and also advises on restructuring matters. Accordingly, practice group heads Christian Köhler-Ma, Gordon Geiser and Jesko Stark frequently act as restructuring directors, board members and trustees in self-administration and out-of-court restructuring of distressed companies or draw up insolvency plans for them. In addition, the team advises investors, debtors and creditors on corporate crises and insolvencies, including distressed transactions. Benedikt de Bruyn is the key contact for tax law issues in restructuring proceedings.

Jones Day advises individual companies, corporate groups, portfolio companies and subsidiaries with particular industry expertise in the automotive, hotel, finance, retail and renewable energy sectors. The advice covers out-of-court as well as cross-border restructurings, insolvency proceedings and distressed M&A transactions. Other core clients include shareholders, financiers, customers and suppliers of companies in crisis. In line with the team's orientation, practice head Olaf Benning regularly advises insolvency administrators on international insolvencies. Sandra Kamper is experienced in distressed assets and the restructuring of NPLs. Markus Ledwina, who routinely represents clients in protective shield proceedings, was appointed partner at the beginning of 2022.

Luther Rechtsanwaltsgesellschaft mbH advises national and international companies and their governing bodies as well as creditors and investors on various restructuring and insolvency law matters. Marcus Backes and Reinhard Willemsen, who both specialise in D&O liability and actions for rescission, head the practice and are supported by Gunnar Müller-Henneberg, among others, who recently assisted with self-administration in the mobility, metal construction and logistics sectors. The team also includes Christiane Kühn, who made partner in July 2021 (focus on creditors' rights in insolvencies) and Boris Ober (comprehensive in and out-of-court restructuring support), who joined the firm in July 2022 from Reitze Wilken Partnerschaft von Rechtsanwälten mbB.

Milbank handles international in and out-of-court restructuring issues with an integrated credit, capital markets and restructuring practice, resulting in special capacities in supporting financial restructuring and distressed M&A transactions. The team advises lenders, including banks, distressed debt investors, mezzanine lenders and debt funds, as well as borrowers. Accordingly, practice head Mathias Eisen accompanies banks, financial investors and companies in financial restructuring and financing. Contentious insolvency matters constitute a recent growth area.

Norton Rose Fulbright's restructuring practice, headed by Oliver Sutter, covers all relevant restructuring law issues, with a focus on the implementation of StaRUG (stabilisation and restructuring framework for companies), protective shield and self-administration proceedings, distressed M&A support as well as advising insolvency administrators on contentious issues in the context of insolvency proceedings. Sylwia-Maria Bea advises all stakeholders in the context of pre-insolvency restructuring proceedings pertaining to StaRUG as well as in self-administration and protective shield proceedings and is also experienced in D&O liability matters and distressed M&A transactions. Counsel David Schrader is another key contact for insolvency disputes and liability claims. Regina Ratha (financial litigation and insolvency) joined JP Morgan in April 2022.

In addition to restructuring advice, SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft is also experienced in insolvency administration, which results in a wide range of services. This includes transferred restructurings, the assumption of trusteeships as well as the assistance with self-administration. Accordingly, practice heads and insolvency administrators Thomas Oberle and Marc-Philippe Hornung are well versed in all relevant restructuring issues and are particularly experienced in self-administration proceedings under the ESUG, where they regularly assume the role of self-administrator with executive responsibility. In addition, the team comprehensively advises on various transactions and refinancings.

Integrated into the international network, Weil, Gotshal & Manges LLP‘s in-depth expertise in restructuring law is utilised particularly in the context of international, above all transatlantic, restructurings. The team predominantly acts for lenders and financiers and assists with bond restructuring and non-performing loan matters. In the contentious space, the team, led by Gerhard Schmidt, frequently handles the enforcing of and defending against liability and rescission actions. Recently, the team was particularly active in the automotive industry.

GSK Stockmann‘s insolvency law advice focuses on the interface to real estate and funds and centers on the sectors hotel, retail and fashion. Accordingly, demands for rent supplements and rent reductions from insolvency administrators were particularly prominent topics in the course of the Covid-19 crisis. The team also has expertise at the interface with banking and supervisory law, thus increasingly advising on fund liquidation and bank insolvency law; Okko Hendrik Behrends is a key contact here. Practice group heads Andreas Dimmling and Raoul Kreide cover distressed M&A transactions, fund restructuring as well as commercial and private tenant insolvencies, among others.

Möhrle Happ Luther focuses on advising companies, which are in near-crisis scenarios, and their governing bodies as well as insolvency administrators on insolvency avoidance. In this regard, insolvency administrators are advised on rescission and liability claims, for which the legaltech team offers app solutions for processing mass data. Practice heads Helge Hirschberger and Sebastian Siepmann work extensively in the reorganisation and restructuring sphere. Thorsten Herms (pre-insolvency corporate law advice, particularly D&O liability) made partner in January 2022.

With the addition of Wolfram Prusko (previously at Kirkland & Ellis International LLP ) in May 2021, Willkie Farr & Gallagher LLP established its German restructuring practice. The team acts in cross-locational and cross-practice cooperation and covers distressed M&A and refinancing transactions; here, the team mainly acts on the creditor side, such as German institutional asset management companies and international investors. The interdisciplinary approach also results in special capacities pertaining to restructurings in the real estate sector.