Firms To Watch: Restructuring

With the arrival of Frank Tschentscher at Deloitte Legal Rechtsanwaltsgesellschaft mbH in July 2021 and Torsten Cülter in November 2022, the restructuring offering significantly expanded. The team assists with distressed M&A and advises on out-of-court restructuring, financial restructuring as well as self-administration and also represents clients in insolvency litigation.
Glade Michel Wirtz is experienced in corporate law and dispute resolution, thus focusing on insolvency dispute resolution. The group assists clients, including insolvency administrators, with the enforcement of security rights as well as the defence against claims and assertion of claims for damages in the event of a breach of insolvency obligations.
Loschelder strengthened its restructuring services with the addition of Nils Derksen, previously at Freshfields Bruckhaus Deringer, in November 2021. The advice covers distressed transactions, the enforcement of and defence against rescissory and liability claims as well as pre-insolvency matters.

Restructuring in Germany

Clifford Chance

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.

Practice head(s):

Stefan Sax; Cristina Weidner


‘The Clifford Chance team is characterized by excellent technical expertise. No topic or question remains unanswered or unworked.’

‘Friendliness and affection, even in problem situations, round off an absolutely exceptional service portfolio.’

‘Stefan Sax: Absolute top lawyer, well versed in the subject, communicative, thinks across departments, clearly customer and process focused.’

‘Cristina Weidner is extremely knowledgeable, ready to work and connects people.’

‘Very experienced and technically skilled team. High reputation in the market.’

‘Wide range for first-class advice. International networking.’

‘Dr. Stefan Sax belongs to the national elite. Experienced, highly qualified, high reputation, team player, extremely good negotiator. Pragmatic and solution-oriented.’


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.


‘Well networked, experienced, good business understanding.’

‘Andreas Ziegenhagen: Well known and well connected in the restructuring scene.’

‘Very well-founded and pragmatic legal advice.’

‘Dr. Arne Friel and Dr. Holger Ellers: Very sound and pragmatic legal advice.’

‘Efficient, well coordinated team, international network.’

‘Holger Ellers and Andreas Ziegenhagen – to the point.’

‘Great professional and personal breadth with great expertise in various product types.’

‘Andreas Ziegenhagen is extremely experienced, knowledgeable and a good negotiator.’

Key clients

Clean Garant Gebäudereinigung Dr. Winkler GmbH


STEAG Schuldscheingläubiger

IFA Schuldscheingläubiger

Brandl Industries

Benteler Schuldscheingläubiger

Astaris Capital Management und andere Anleihegläubiger der TUI AG

Delticom AG

Grillo Schuldscheingläubiger

Harz-Metall GmbH

Hubergroup Schuldscheingläubiger


Recylex Group

Wealth Option Trust Ltd.

Weser-Metall GmbH

E.I.M.G. GmbH & Co. Installationstechnik KG (E.I.M.G.)

Anleihegläubiger der Projektgesellschaften der Green City Gruppe

HUF Schuldscheingläubiger

Air Berlin

DIHAG Holding GmbH

Dradura Holding GmbH & Co KG


Losberger de Boer

Nanogate Schuldscheingläubiger


PROKON Regenerative Energien eG


Stadtbäckerei Münster Limberg GmbH

Treveria F S.à r.l.

EMT Ingenieurgesellschaft Dipl.-Ing. Hartmut Euer mbH

Europäische Kommission

Work highlights

  • Advising the promissory note creditors of the automotive supplier Benteler on the successful development of a comprehensive financing concept in connection with the restructuring of the automotive supplier. Simultaneously advising the sponsors on the restructuring of Benteler’s existing euro trade receivables securitization (ABCP) program.
  • Advising Helios Kliniken GmbH on the acquisition of DRK Nordhessen Gemeinnützige GmbH. Prevention of insolvency of the clinics through the conclusion of the purchase agreement between Helios and the shareholders of the DRK-Kliniken Nordhessen.
  • Advising Mobisol on the takeover by the French energy supplier ENGIE.

Gleiss Lutz

Gleiss Lutz offers a full-service approach and advises on insolvency and restructuring, financial restructuring and refinancing. A core focus is on financial restructuring and bond restructuring. The group also assists with distressed M&A transactions and carve-outs, insolvency disputes, compliance matters and insolvency-related investigations. Practice head Andreas Spahlinger is experienced in cross-border restructurings and crisis situations, such as insolvency plan proceedings and self-administration. Specialist for insolvency-related corporate law Matthias Tresselt, refinancing and restructuring expert Helge Kortz , Alexander Nagel (advice to governing bodies of companies in crisis) and Ralf Morshäuser (specialises in carve-outs and distressed M&A) are other core members. At the beginning of 2022, the firm opened a new location in London, which welcomed Christian Halàsz (restructuring, banking and finance law) from Akin, and focuses on distressed M&A and restructuring. In addition to London, Halàsz also acts from Frankfurt.

Practice head(s):

Andreas Spahlinger


‘Gleiss Lutz’s lawyers are extraordinarily qualified, well-coordinated and, thanks to numerous spectacular mandates in all areas, have unrivaled expertise. Also on a personal level, the cooperation is pleasant in every respect.’

‘Andreas Spahlinger is one of the very few who can keep calm in critical situations and give the “right” advice. Great sovereignty based on many years of experience and the best standing!’

‘Matthias Tresselt ideally complements the strong restructuring team with prudent advice and a high level of pragmatism.’

Kirkland & Ellis International LLP

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.

Key clients

K&E Treuhand GmbH

Galapagos Holding S.A.; Galapagos BidCo S.à r.l.

Gesicherte Gläubiger von SolarWorld

Ehemalige Aufsichtsratsmitglieder

Bain Capital Credit Ltd.

Work highlights

  • Advising an ad hoc group of bondholders on the financial restructuring of Löwen Play Group.
  • Advising Galapagos Holding on the debt restructuring of the Galapagos Group.
  • Advising the joint representative of the bondholders of Wirecard’s €500 million senior notes (KET) in the insolvency proceedings of Wirecard AG and some of its subsidiaries.

Latham & Watkins LLP

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.

Practice head(s):

Frank Grell


‘Overall, very good business understanding of the problems, resulting in a high level of solution orientation and often good solutions that work both legally and financially.’

‘Jörn Kowaleswki: Very good ability for the overall process control and moderation of complex stakeholder groups, also beyond the purely legal problems, high solution orientation.’

‘Ulrich Klockenbrink: High business understanding, technically excellent and very solution-oriented.’

‘Frank Grell not only has extensive restructuring experience, he independently brings good solutions into play, acts proactively and solution-oriented, and also offers good added value in terms of information procurement and communication between the parties through his network.’

‘Especially Ulrich Klockenbrink and Jörn Kowalewski stand out. Both are first class negotiators and strategists. Together with the first-class team behind them, they lead even the most complex restructuring to success.’

‘Dr. Ulrich Klockenbrink, an absolutely highly creative specialist who always has all the necessary details about the mandate at hand.’

‘Excellent team led by Frank Grell and Jörn Kowalewski. Always there when things get down to business in larger cases. Absolute market leader, especially in the automotive sector.’

‘Frank Grell: grand seigneur of the scene. Always calm and focused.’

Key clients

Achim Ahrendt als Insolvenzverwalter der S+K and REVA

Air Berlin


Centerbridge Partners

Christ Gruppe



Hüls AG

Leoni AG

Löwen Play

Scholz Holding

SGB Smit

Work highlights

  • Advising on a comprehensive financial restructuring through the first UK Scheme of Arrangement of a German company post-Brexit.
  • Advice in connection with the restructuring of IFA Holding GmbH (and the relevant subsidiaries) and in connection with the sale of the IFA Group to Aequita as part of an M&A process.
  • Advising a banking consortium consisting of Commerzbank, DZ Bank, Deutsche Bank and Stadtsparkasse Wuppertal in connection with the restructuring and refinancing of the WKW Group, a global automotive supplier.


Full-service firm Noerr offers comprehensive advice on all aspects of restructuring and reorganisation and recently expanded its capacities regarding trusteeships and the assumption of the role as restructuring partner. Practice head Thomas Hoffmann recently led in several large-scale restructuring projects, particularly in the aviation and rail transport sectors; he jointly heads the team with Marlies Raschke. Raschke, who took on co-management at the beginning of 2022, primarily advises companies in crisis, investors and insolvency administrators and, like Dorothee Prosteder, specialises in distressed M&A transactions. Simone Schönen advises both debtors and creditors on in and out-of-court restructuring and made partner at the end of 2021. Andrea Braun (focus on defending against insolvency avoidance claims and debt restructuring), while Martin Kleinschmitt, board member of Noerr Consulting AG, advises on restructuring and reorganisation.


‘Very harmonious team appearance, reliable, proactive and engaged, absolutely service-oriented, when one is absent, the other takes over without loss of training.’

‘Excellent qualities also in moderating negotiation situations, always balancing between the parties, always with a high level of substance and always on the ball. It never happens that you have to wait too long for preliminary work, on the contrary, you almost have trouble keeping up with the pace.’

‘The colleagues at Noerr understand their clients’ business exceptionally well. They identify with the clients’ goals and accompany the strategy with the right level of advice: they don’t present themselves as know-it-alls, they express their opinions, but in the right tone.’

Key clients



BOS GmbH & Co. KG

Bundesrepublik Deutschland – Finanzagentur

Condor Flugdienst GmbH

Cordenka GmbH & Co. KG

eurobahn (früher Keolis Deutschland GmbH & Co. KG)



Henniges Automotive (deutsche Niederlassung)

Hess Automotive

Nanogate SE



Work highlights

  • Advising Condor Flugdienst GmbH on the sale to Attestor after successful restructuring of the insolvency plan.
  • Advising the railway company Keolis Deutschland GmbH & Co. KG on the restructuring and takeover of the German local transport subsidiary of the French state railway eurobahn.
  • Advice to Wirecard on the realization and sale of subsidiaries on behalf of the insolvency administrator.

Allen & Overy LLP

Allen & Overy LLP advises companies, banks and investors on restructuring, whereas the focus remains on advising banks, banking syndicates and private capital investors on financing, financial restructuring and cross-border insolvencies. The team is also experienced in self-administration and insolvency disputes, such as liability and rescission matters. Franz Bernhard Herding and Sven Prüfer jointly head the practice and focus on financial restructuring (Herding) and corporate restructuring (Prüfer). Senior counsel Peter Hoegen and Walter Uebelhoer complement this with expertise at the interface between banking and finance law, which the team utilises in complex refinancings and the realignment of companies in crisis. At the beginning of 2023, Josef Parzinger joined from Kirkland & Ellis International LLP; the latter focuses on loan and insolvency claims.


‘Expertise, diligence, creativity.’

‘Peter Hoegen: Profound experience paired with seniority and great negotiating skills.’

‘Franz Bernhard Herding: diligence and reliable top performance.’

Key clients


Adler Modemärkte

Enercon Group


GERRY WEBER International AG

Hamm Reno Group

Hylea Group S.A.


KCA Deutag


Work highlights

  • Ongoing advice to the banking consortium of A1 Mobil, the operator of the toll motorway section between Bremen and Hamburg, in connection with the ongoing consensual restructuring.
  • Advising the RAG-Stiftung as a potential trustee of STEAG GmbH in connection with the ongoing restructuring of STEAG.
  • Advice to Adler Modemärkte AG in connection with the acquisition of 100% of the shares via an insolvency plan.


Integrated into the firm’s international network, CMS regularly advises on large and complex cross-border restructurings. The interdisciplinary team is well versed in insolvency administration, including self-administration proceedings, protective shield proceedings, and financial restructuring, as well as representing various stakeholders in insolvency disputes. Alexandra Schluck-Amend specialises in advising international companies in crisis on cash pooling, while Rolf Leithaus focuses on advising foreign parent companies on pre-insolvency matters in connection with German subsidiaries. During the Covid-19 crisis, the team demonstrated its expertise in advising the federal finance agency on the granting of funds from the economic stabilisation fund. Daniel Kamke (financial and corporate restructuring and reorganisation) joined Fieldfisher in April 2022.

Practice head(s):

Alexandra Schluck-Amend

Other key lawyers:

Rolf Leithaus


‘The cooperation with Mrs. Dr. Schluck-Amend and her team is real teamwork. Specialist departments are consulted as needed in a result-oriented manner.’

‘Miss Dr. Schluck-Amend is perfectly tailored to the client’s requirements, analytically excellent and very focused and goal-oriented in advice. Ad hoc requirements are dealt with immediately by her and her team. Miss Dr. Schluck-Amend is always available and a real team player.’

‘The CMS restructuring team is very competent and up to date with all new legal developments. On a personal level, the cooperation is very pleasant and quickly builds trust. You feel in good hands and taken along.’

Key clients

Bundesrepublik Deutschland, Finanzagentur GmbH

Flughafen Friedrichshafen GmbH / Regionalflughafen Bodensee

Work highlights

  • Advice to Flughafen Friedrichshafen GmbH/ Regionalflughafen Bodensee on sustainable restructuring as part of insolvency proceedings under self-administration with a protective shield.

GÖRG Partnerschaft von Rechtsanwälten mbB

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.

Practice head(s):

Christian Bärenz


‘Large insolvency and restructuring practice with a long tradition.’

Key clients

Senvion GmbH

Leoni AG

x+bricks und SCP Group

Green City

Dura Automotive Systems

apt Products GmbH

Tally Weijl Retail Germany GmbH

Kommunale Gesellschafter der KSBG (mittelbar STEAG)

Rönner Group und Gustav Zech Foundation

Work highlights

  • Comprehensive support for Senvion’s insolvency proceedings under self-administration.
  • Advice to LEONI AG in the course of restructuring and all related issues.
  • Advising the SPC Group and x+bricks on the management of the acquisition and restructuring of real (formerly part of METRO AG) and the further sale of more than 270 supermarkets and around 80 properties throughout Germany.


Linklaters covers all matters in the restructuring and reorganisation arena and is particularly experienced in large-scale cross-border restructurings. The client roster includes numerous players from the tourism, shipping, steel, retail, energy and automotive industries, which are supported in staff and corporate restructuring, bond restructuring, acquisitions and sales of insolvent companies and insolvency disputes, such as the defence against liability actions. Investors, creditors and sponsors also receive assistance with financing and potential foreclosures. Sven Schelo (specialisation in the restructuring of banks and financial institutions) and Sabine Vorwerk (focus on creditor advice) jointly head the practice group.

Practice head(s):

Sven Schelo

Other key lawyers:

Sabine Vorwerk


‘Sven Schelo: Top expert for years, fast help in complex issues. Good strategic advice.’

‘Very experienced practice, in-depth knowledge.’

‘Dr. Sven Schelo: In-depth understanding and knowledge of insolvency proceedings, also from the perspective of an insolvency administrator.’

Work highlights

  • Advice to Alvarez & Marsal in their role as provisional liquidator in the court-ordered liquidation proceedings of the assets of the Genting Group.
  • Comprehensive group-wide advice to the Genting Group, including the MV Werften Group, on a Covid-19-related international restructuring of financing obligations totaling $3.5 billion and subsequent advice on refusing the use of drafts under the agreed financing agreements .
  • Ongoing advice to KfW on a €550 million Covid-19 related loan for Condor and its restructuring as part of the sale of Condor to Attestor.

Sidley Austin LLP

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).

Practice head(s):

Kolja von Bismarck

Other key lawyers:

Andreas Steiger; Patrick Schulz


‘Extremely high stakes. High level of competence. Perfect English. Pleasant cooperation.’

‘Excellent quality at all levels, pragmatic approach even to complex problems, great negotiating skills with a focus on goal and forward-looking client handling.’

‘Patrick Schulz: Professionally outstanding, extremely pleasant to work with, responds very well to the client’s needs, excellent availability.’

‘Kolja von Bismarck: Good eye for the essentials, excellent in conducting negotiations, very commercial approach, I would unreservedly recommend him at any time.’

‘The team around Kolja von Bismarck is exceptionally active in the market, both professionally and personally. The understanding of the case and the speed of processing is always very gratifying and helpful.’

‘Dr. Patrick Schulz is a rising star in the restructuring sky. He’s a great help in the cross-border area.’

‘Very strong negotiator, very good foundation.’

‘Very personal, close cooperation that leads to trust. Outstanding expertise paired with commercial understanding. Very well connected in the “scene”, which makes the work easier. no ego; clear team players.’

Key clients

Schur Flexibles Group

Losberger De Boer Group

Glas Trust Corporation

Linde & Wiemann SE & Co. KG

Work highlights

  • Advising Schur Flexibles GmbH on the financial restructuring required after the disclosure of accounting irregularities (bridging and restructuring financing as well as deleveraging of the operating group companies).

White & Case LLP

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.

Key clients

hsh portfoliomanagement AöR

Daimler AG

Hertz Global Holdings, Inc.

Deutsche Lufthansa AG

Spiele Max GmbH

GLM-Service u. Vertrieb GmbH & Co. KG (GLM)

Karen Millen Holdco 1 Limited

Dermedis GmbH

Feilo Sylvania Germany GmbH

Work highlights

  • Advising hsh portfoliomanagement AöR, the winding-up agency of the Free and Hanseatic City of Hamburg and the State of Schleswig-Holstein, in connection with the sale of their last large shipping loan portfolio.
  • Advising the banks on the successful restructuring and the associated refinancing of Delticom AG.
  • Advising the two Super Senior RCF lenders on the financial restructuring of the German-headquartered Löwen Play Group.

act AC Tischendorf Rechtsanwälte

act AC Tischendorf Rechtsanwälte comprehensively covers restructuring matters, such as operational and financial restructuring, distressed M&A transactions, reorganisation investor solutions and insolvency support in the form of self-administration, including operational self-administration and reorganisation under the new StaRUG act (stabilisation and restructuring framework for companies). Clients also benefit from several apps in the restructuring context, such as the act Restructuring Quick Check Tool and the Restructuring Cost Calculator Tool, which determine the feasibility of restructuring projects and calculate the costs of various measures. Sven Tischendorf (restructuring, M&A, employment law), Alexander Höpfner (insolvency administrator and lawyer) and Matthias Müller (M&A, corporate law, crisis and restructuring situations, insolvency law) jointly head the practice. Felix Melzer was appointed partner in July 2022 and advises on restructuring and reorganisation projects, reorganisations and distressed M&A transactions.

Other key lawyers:

Felix Melzer


‘The ACT team is characterized by a very high level of expertise in the operative business as well as in the core legal area.’

‘The colleagues: internally, they are all highly professional and, above all, very pragmatic.’

‘ACT has a very high level of expertise. Digitization topics through many years of experience and various industries are received very positively.’

Key clients

ACHAT Hotel- und Immobilienbetriebsgesellschaft mbH

Beinbauer Automotive Group

Läpple Gruppe

H.I.G. Capital

Hannover Finanz


All4Labels Global Packaging Group

Elkas GmbH & Co. KG Transport- und Lagertechnik


Schaltbau Bode

Edscha Gruppe

Eurofins Scientific Gruppe

Vossloh-Schwabe Gruppe

Saurer Group


Exel Industries

Baden Board Gruppe

Greiner Gruppe


Work highlights

  • Successful completion of the insolvency proceedings of Saurer Spinning Solutions GmbH & Co. KG in the function of CRO and CIO.
  • Advising Robus on the investment in ETERNA by changing a StaRUG restructuring plan in the ongoing process and on the simultaneous entry of Robus as a new investor.
  • Advising Schaltbau Bode on the comprehensive reorganization of the German and Polish locations with accompanying staff cuts.

Ashurst LLP

Ashurst LLP regularly advises creditors, investors and companies on national and international financial restructurings. In addition to traditional restructuring advice and distressed M&A transactions, the range of services also includes advice on financing instruments and the restructuring of financial liabilities. The team also covers the interface to finance, where Matthias Weissinger and Karsten Raupach are among the key contacts. Practice head Alexander Ballmann is extensively active in the restructuring sphere and experienced in enforcing and defending against liability and rescission actions.

Practice head(s):

Alexander Ballmann


‘The Ashurst team has become a key player in the restructuring scene in recent years.’

‘Excellent specialist knowledge, very good networking in the market, high reputation and acceptance as well as excellent negotiation skills characterize the team.’

‘Alexander Ballmann: He is a team player and very pragmatic when it comes to solving problems.’

Key clients

Benteler Gruppe

US Banks Trustees Limited

Work highlights

  • Comprehensive advice to the Benteler Group as part of the restructuring of the group.
  • Advising US Banks Trustees Limited in their capacity as agent/security trustee of the financing banks and the note holders in enforcing claims in the insolvency of the German companies of the Fintyre Group.

Hengeler Mueller

Hengeler Mueller places a dual focus on matters at the interface between insolvency and corporate law, thus supporting distressed M&A transactions, as well as on financial restructuring, where the team demonstrates its expertise in refinancing by means of federal and state guarantees, restructuring of financial liabilities as well as in syndicated loan agreements, bond financing and promissory notes. In addition to companies from the aviation, automotive and telecoms sectors, recent instructions increasingly stem from the public sector. Key contacts include Martin Tasma (distressed M&A), Johannes Tieves (refinancing advice to companies in crisis) and Daniel Weiß (mainly restructuring financial instruments).

Heuking Kühn Lüer Wojtek

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).

Practice head(s):

Georg Streit


‘Excellent knowledge of the relevant area of law, assertiveness, perseverance and clarity characterize the restructuring team around Prof. Dr. Georg Streit; ahead of many others!’

‘Prof. Dr Georg Streit convinces with his excellent knowledge of the entire insolvency law, in which he achieves impressive, scientific depth, but at the same time knows how to advise pragmatically and assertively.’

‘The team and Georg Streit is always approachable. In time-critical situations, one can always count on a suitable response time.’

‘One doesn’t just get correct, legal explanations, but also sufficient pragmatism.’

‘Georg Streit has been a reliable partner in the field of restructuring for years. With him at my side, I always knew I was in good hands and could always sleep peacefully.’

Hogan Lovells International LLP

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.

Practice head(s):

Heiko Tschauner

Other key lawyers:

Christian Herweg; Markus Huber


‘They are very professional, dedicated and business oriented.’

‘They always offer the right and innovative solution to customers’ needs and show very strong leadership qualities.’

‘They are very friendly, charismatic and intelligent.’

Key clients

Saurer Netherlands Machinery Company B.V.

FMC Beteiligungs KG

Bundesrepublik Deutschland – Finanzagentur GmbH

Jinsheng Group

Boston Consulting Group

Konkursmasse Piccor AG

Delticom AG

Donaldson Filtration Deutschland GmbH

Work highlights

  • Advising Saurer Netherlands Machinery Company BV on an agreement to end the provisional self-administration proceedings of its German subsidiaries.
  • Advising FMC Beteiligungs-KG on the acquisition of the operational business of the insolvent Dradura Group based in Altleinigen and its foreign investments in Italy, Poland and the USA.
  • Advising the Chinese textile machinery group Jinsheng Group on the negotiations, co-development and implementation of a comprehensive restructuring concept for the EMAG Group, in which Jinsheng holds a 50% stake.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP

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.

Other key lawyers:

Marc Oberhardt; Björn Biehl


‘Negotiating, competent, uncomplicated.’

‘Matthias Kampshoff: Extremely good at negotiating.’

‘Excellent network in the market, good knowledge of the market, experienced.’

‘Dr. Uwe Goetker: Very experienced, excellently networked, also experience in litigation.’

‘We appreciate the reliability of the information and the speed and precision of the work by Matthias Kampshoff and, of course, by his team.’

‘Dr. Matthias Kampshoff: High level of expertise in the area of restructuring.’

‘Uwe Goetker is an extremely good, skilful negotiator, understands the economic context very quickly and works in a very solution-oriented manner. I would recommend them anytime (which I have already done).’

Key clients


Galeria Karstadt Kaufhof GmbH

Jan Philipp Hoos als Insolvenzverwalter der AvP Deutschland GmbH

Postcon NRW GmbH

Edelmann Group

Work highlights

  • Representation of Galeria Karstadt Kaufhof GmbH in connection with the financing by the Economic Stabilization Fund.
  • Advice to Postcon NRW (one of the largest alternative mail carriers in Germany) as part of the restructuring by way of insolvency proceedings under self-administration and by means of an insolvency plan.
  • Advising the Borgers Group (a global German automotive supplier) on the financial restructuring, including support in the context of the financial restructuring in 2021 as a consequence of the chip crisis in the automotive industry.

Anchor Rechtsanwälte

Anchor Rechtsanwälte advises on restructuring and accompanies insolvencies in an administrative role, which is based on expertise in self-administration, protective shield proceedings and insolvency plan proceedings. Christoph Herbst and Florian Harig are key contacts for the creation and implementation of insolvency plans. Most recently, Christof Schiller assisted with the implementation of a dual-profit trusteeship as part of a corporate refinancing in the automotive industry, and Alexander Reus, jointly with Vincenz von Braun, took on the role of management as part of a self-administration. The insolvency administrator Paul Abel left the team in July 2021 and joined Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft.


‘Very pragmatic office. Open to innovative solutions.’

‘Christoph Herbst: Pragmatic, collegial, competent and very reliable.’

‘Anchor’s key professionals are well versed in all restructuring-related topics.’

Key clients


Flughafen Friedrichhafen GmbH

Heinrich Huhn GmbH & Co. KG



Work highlights

  • Self-administration of the regional airport Flughafen Friedrichshafen GmbH in the role of self-administrator; Restructuring by means of an insolvency plan.
  • Advising the insolvency administrator of Heinrich Huhn GmbH & Co. KG, a Tier 2 supplier in the automotive sector.
  • Self-administration of the Europoles Group from the infrastructure sector; Reorganization over several asset deals.


BRL BOEGE ROHDE LUEBBEHUESEN covers typical crisis issues in the reorganisation and restructuring arena and advises on related employment and tax law matters. The team also offers business expertise via in-house auditors, which is utilised in liquidity planning and the preparation of IDW S6 restructuring reports. Insolvency administration, including self-administration and insolvency plan procedures are other key topics. Stefan Denkhaus acts as an insolvency administrator and is well-versed in insolvency plan proceedings and transferred restructuring, he jointly heads the team with distressed M&A specialist Dominik Demisch. Dorothee Madsen and Friedrich von Kaltenborn-Stachau focus on insolvency-related creditor advice, while Nils Harbeck and Friedemann Schade are experienced in insolvency law and in transferred restructuring.

Key clients

Abellio Gruppe

Staples Office Center

AG Reederei Norden Frisia

Bergmann Clinics

Dr. Christoph Morgen als Sachwalter von Senvion Gesellschaften

Friedemann Schade als Insolvenzverwalter der Getsurance GmbH

Friedemann Schade als Sachwalter der Clean Garant Gruppe

Friedrich von Kaltenborn-Stachau als Insolvenzverwalter der Schwarz Cranz GmbH & Co. KG

FSG – Flensburger Schiffbau GmbH & Co. KG

Greensill Bank AG

Kreiskrankenhaus Droß-Gerau

MV Werften Gruppe

Prof. Dr. Flöther als IV der Air Berlin PLC und der Air Berlin PLC & Co. Luftverkehrs KG

Stefan Denkhaus als Insolvenzverwalter Dat Backhus

DLA Piper

DLA Piper advises banks, financial investors, creditors, companies, groups of companies and the management of companies on all matters pertaining to restructuring and loan liabilities. This includes advice on rescissory matters and creditors’ rights as well as preparing expert opinions on risk shielding. Wolfram Distler and co-chair of the global restructuring group Dietmar Schulz jointly lead the team and are experienced in all matters of debt financing, the purchase and sale of non-performing loan portfolios and individual loans as well as bank resolutions and distressed M&A on both the buyer and seller side. Florian Bruder (focus on minimising insolvency risk) was appointed partner in May 2022. Mike Danielewsky (restructuring and insolvency law) joined Bryan Cave Leighton Paisner in August 2022.

Practice head(s):

Dietmar SchulzWolfram Distler

Other key lawyers:

Florian Bruder


‘Excellent network in the market, good knowledge of the market, experienced.’

‘Dietmar Schulz: Well networked in the industry, top professional, good mediator.’

Key clients

Geisel Privathotels

InterContinental Hotels Management GmbH

Work highlights

  • Advising the Munich hotel group Geisel Privathotels on the sale of the property Neubau Hotel Königshof to the Munich family business Inka Karlsplatz GmbH & Co. KG, including advising the hotel group on restructuring the financing and adapting the hotel project to the future owner or operator.
  • Advising the IHG Group in connection with the insolvency plan proceedings of the Success Hotel Group and structuring the continuation of the hotels and hotel projects.
  • Advised and represented the insolvency administrator of Sachsenring Bike Manufaktur GmbH in connection with all avoidance claims.

Greenberg Traurig Germany

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.

Other key lawyers:

Benedikt de Bruyn


‘High professional competence; Intuition for sensitive topics; high professionalism.’

‘Perfect mixture of professional competence, procedural and litigation experience and client-oriented approach.’

‘Dr. Benedikt de Bruyn: Creative, committed, engaged, technically precise and yet pragmatic.’

‘Dr. Gordon Geiser: Experienced, diplomatic and at the same time assertive, technically precise.’

‘Overall very high reliability, availability and responsiveness. Personally very pleasant cooperation.’

‘Dr. Benedikt de Bruyn: Excellently informed in terms of content, extremely competent and with creative solutions. In addition, very pleasant in the personal, interpersonal cooperation.’

‘Great flexibility, very professional, pragmatic, human, thoughtful.’

‘Gordon Geiser is characterized by his relaxed, friendly, but at the same time absolutely professional and committed appearance and his 100% reliable way of working. He doesn’t shy away from hard work or responsibility and is always there for the client.’

Key clients

IFA Gruppe

Heck & Becker GmbH & Co. KG

Krankenhaus 14 Nothelfer

Stadt Friedrichshafen


Acatus GmbH

Gebrüder Götz GmbH & Co. KG

Care Companion

GLS Logistik & Co GmbH & Co Dental Handel KG

Management Finow Automotive GmbH

Jones Day

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.

Practice head(s):

Olaf Benning

Other key lawyers:

Sandra Kamper; Markus Ledwina


‘Good and proven restructuring practice.’

Key clients

AURELIUS Equity Opportunities

Jasper Berkenbosch als Insolvenzverwalter in den Niederlanden

Deutsche Bank AG (DWS)

Dr. Jan Markus Plathner als Insolvenzverwalter

Work highlights

  • Advising a landlord of GALERIA Karstadt Kaufhof GmbH regarding the conclusion of an addendum to the rental agreement and complex claims registrations.
  • Advising a leading automotive supplier on a $100 million senior secured credit facility.
  • Advising AURELIUS Equity Opportunities on the sale of the remaining Office Depot Europe (Viking) business and the remaining Office Depot Europe operations to a strategic investor.

Luther Rechtsanwaltsgesellschaft mbH

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.


‘Gunnar Müller-Henneberg: Professionally and personally excellent, pragmatic and level-headed.’

‘Practical restructuring advice, solution-oriented.’

‘Dr. Marcus Backes: Background from insolvency administration also makes him a valuable advisor for restructuring mandates.’

‘Excellent network in the market, good knowledge of the market, experienced.’

‘Gunnar Müller-Henneberg: One of the upcoming restructuring and insolvency experts at Luther.’

‘Luther Law is characterized by a high level of professional competence.’

‘Dr. Marcus Backes has a high level of expertise in this area. We also look for and find pragmatic solutions.’

Key clients

Siem Europe S.à.r.l.

MIBRAG Mitteldeutsche Braunkohlegesellschaft

Work highlights

  • Advising Carborundum Universal Limited (CUMI) on the acquisition of the assets of the insolvent AWUKO Abrasives Wandmacher GmbH & Co. KG.
  • Comprehensive advice to Atlanta Antriebssysteme E. Seidenspinner GmbH & Co. KG in self-administration proceedings for the realignment of the company.
  • Support for THIELMANN UCON GmbH through the protective shield procedure.

Mayer Brown LLP

Mayer Brown LLP‘s team, led by Marco Wilhelm, advises all stakeholders, including debtors, lenders, insolvency administrators, creditors’ committees and trustees on restructuring matters. Accordingly, the comprehensive sector expertise is equally versatile and includes the hotel, retail, finance and automotive sectors. In addition to corporate restructuring, the defence against rescissory actions and distressed M&A transactions, the restructuring of loan financing and real estate is a particular strength of the team. This is complemented by expertise in special trusteeship models such as collateral trust arrangements.

Practice head(s):

Marco Wilhelm


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.

Practice head(s):

Mathias Eisen

Key clients



Capital 4


Flint Group

JP Morgan

KSBG Kommunale Beteiligungsgesellschaft GmbH & Co. KG

NN Investment Partners



ProSiebenSat.1 Media SE

Signal Capital Partners

Trendtours Holding AG

UniCredit Bank Ag

Work highlights

  • Advising KSBG Kommunale Beteiligungsgesellschaft GmbH & Co. KG on its financial restructuring, including an amendment and extension (A&E) of its loans, the reorganization of the financing structure of its subsidiary STEAG and a bilateral trust agreement at shareholder level.
  • Representing Cerberus in the restructuring and work-out of ship loans.
  • Advised the ad hoc committee of subordinated high yield noteholders in relation to the (non-consensual) restructuring of the Galapagos Group.

Norton Rose Fulbright

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.

Practice head(s):

Oliver Sutter

Other key lawyers:

Sylwia Maria Bea; David Schrader


‘Ms. Bea is very dedicated and well connected in the market.’

‘Dr. Sylwia Maria Bea is an experienced and cautious colleague who, with great commercial understanding and an excellent knowledge of human nature, also solves complex and stuck situations in such a way that nobody loses face.’

‘Actively addressing new topics in the area of restructuring. Very experienced, but also innovative.’

‘Dr. Sylwia Bea: Likeable, experienced, creative, very well networked, humorous, know-how carrier.’

‘Dr. Sylwia Bea is a luminary in her field. She is very well networked and always up-to-date in her field. She gives excellent lectures and keeps track even in stressful situations. All in all, working with her is pleasant and she always finds very good solutions.’

‘Miss Dr. Sylwia Bea is very well networked, understands the “thinking” of self-administration and insolvency administration and has in-depth knowledge of restructuring and directors’ liability cases.’

‘Strong approach to the goal, understanding of medium-sized business issues and a good network of lawyers, tax consultants and consultants as well as insolvency administrators.’

‘Dr. Sylwia Maria Bea is highly recommended. With outstanding technical expertise, she is just as outstanding in the implementation of complex solutions with a large number of participants. She works in a very practical way and drives processes precisely and successfully to their destination.’

Key clients

DRADURA Holding GmbH & Co. KG

EEW Holding GmbH & Co. KG

PLUTA Rechtsanwalts GmbH

Jebsen Capital Ltd

LCM Partners

Peter Möhrle Management GmbH

Work highlights

  • Advising the German parent company of an international group of companies, DRADURA Holding GmbH & Co. KG, on self-administration on the seller side in an international investor process (dual track).
  • Advising the insolvency administrator of Linden GmbH and SMK GmbH as part of the Heinze Group on the seller side in an international investor process (dual track).
  • Advising a shareholder and investor from Hong Kong on various liability and compensation issues in connection with a distressed M&A process in the automotive sector.

SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft

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.


‘SZA Schilling Zutt & Anschütz has a very broad pool of enormously committed and capable lawyers in all necessary areas of law. The cooperation with all sub-areas was always perfectly coordinated and always highly competent.’

‘The restructuring department has broad knowledge and experience in the field of corporate restructuring, advice on M&A processes and self-administration. By involving all available specialist departments at SZA as required, an optimal result is always ensured in the mandate!’

‘Mr. Marc-Philippe Hornung is a TOP recommendation in all respects for every restructuring mandate.’

‘Mr. Hornung is always able to present highly complex issues in a very structured and easily understandable way. He is extremely solution-oriented and puts the client’s well-being first.’

‘Mr. Hornung is always willing to go the extra mile to find a solution for the client and has very creative solutions to offer.’

‘Mr Thomas Oberle is a highly intelligent legal advisor who can easily see through the most difficult situations, always develops solutions for the client and at the same time exudes a pleasant calmness.’

‘High quality work, well coordinated, fast and to the point.’

‘Marc-Philippe Hornung has proven outstanding specialist knowledge, which he always uses in the interests of the case, also to find solutions in difficult cases, with the necessary pragmatism. Mr. Hornung is a calm, solution-oriented negotiator and follows the approach of drafting contracts in a balanced way.’

Key clients

Lunux GmbH

Sun Express GmbH

ZIM Immobiliengesellschaften

Regio Schlachthof GmbH

ACC beku GmbH

BORBET Solingen GmbH



KSI – Klaus Stahl Industrielackierungen GmbH


Stolz & Post

Work highlights

  • Appointment as insolvency administrator in the insolvency proceedings of BBS GmbH.
  • Advising Lunux GmbH (self-administration) in the M&A process; transferring redevelopment.
  • Accompanying the restructuring of Thielmann Ucon as administrator.

Taylor Wessing

Taylor Wessing covers pre-insolvency matters, where the team primarily advises creditors and strategic bidders. In addition, the group offers a strong track record in advising insolvency administrators, especially in connection with litigation. Practice heads Martin Heidrich and Hendrik Boss act extensively in the restructuring and insolvency arena, while Ingo Gerdes specialises in insolvency litigation. In May 2021, Christian Saueressig, who specialises in advising insolvency administrators and trustees in major international insolvency proceedings and the defence against liability claims, made partner. He was succeeded the following May by Daniel Kunz, who represents creditors in creditors' committees, among others.

Practice head(s):

Hendrik Boss; Martin Heidrich


‘Dr. Hendrik Boss is a very dynamic, experienced consultant who shows pragmatic solutions even in difficult situations. He is characterized by a high level of commitment to his clients.’

‘Excellent legal advice in all major areas of law; strong in the litigation area.’

‘Ingo Gerdes: Strong commitment, well networked.’

Key clients


Kleingläubiger der Abellio-Gruppe


Ludwig Pfeiffer Hoch- und Tiefbau

Work highlights

  • Advice to Dr. Jan Markus Plathner as insolvency administrator at Frankfurt Hahn Airport in the ongoing M&A process and as part of the continuation of operations.
  • Advising Köver GmbH & Co. KG Metall- und Kunststoffverarbeitung on the restructuring by means of (provisional) self-administration.
  • Representation of small creditors in the creditors’ committee (insolvency of the Abellio Group).

Weil, Gotshal & Manges LLP

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.

Practice head(s):

Gerhard Schmidt

Key clients

Odeon Cinemas Group

Joint Special Administrators von MF Global

Work highlights

  • Advising a US company on the purchase of assets from insolvency.
  • Financial restructuring of the Odeon Cinemas Group.
  • Advised the minority shareholders on the cross-border debt restructuring of a cruise line.

Baker McKenzie

Baker McKenzie comprehensively advises national and international companies, their shareholders, creditors and other stakeholders as well as insolvency administrators on all relevant restructuring and insolvency law issues. The team is headed by Joachim Ponseck, who focuses on the enforcement of and defence against insolvency-related claims against creditors and managing directors as well as distressed M&A. Artur Swierczok is also well versed in distressed M&A.

Practice head(s):

Joachim Ponseck

Other key lawyers:

Artur Swierczok


‘Without exception, the team is legally perfect and humanly great.’

‘Joachim Ponseck maintains a good management style that affects the entire team and radiates to the outside world.’

‘High legal competence paired with economic understanding and almost 24/7 availability. That applies to both Joachim Ponseck and Artur Swierczok.’

Key clients

AKA Ausfuhrkredit-Gesellschaft mbH  (AKA Export CreditCorporation)

Situs International Limited

Work highlights

  • Representation of the AKA Ausfuhrkredit-Gesellschaft mbH as a secured major creditor (financial creditor) in various insolvency proceedings of the MW Werften Group. The client is a member of the creditors’ committee and needs comprehensive advice in this context.
  • Advising Situs International Limited as a special service provider as part of the settlement and solvent liquidation of the borrower (a real estate special purpose vehicle).

GvW Graf von Westphalen

GvW Graf von Westphalen focuses on insolvency litigation with a particular focus on actions for rescission and defence against D&O liability claims. Practice head Wolfram Desch also regularly represents governing bodies, including board members and founding shareholders, against liability claims by insolvency administrators. This approach was strengthened in January 2022, with the appointment of Uli Hochdorfer to associated partner, who also specialises in litigation. The team has industry expertise in the hotel sector, which was recently demonstrated in the representation of a real estate asset manager in his role as landlord in one of the first restructuring moderation proceedings of a Düsseldorf hotel according to the StaRUG in Germany. Desch jointly heads the practice with Carsten Liersch, who also acts as insolvency administrator.

Practice head(s):

Wolfram Desch; Carsten Liersch

Other key lawyers:

Uli Hochdorfer


‘A practice group that is very well orchestrated and coherent from a personal and professional point of view, but which also works very well together as a team.’

‘Very practical, effectively focused and solution-oriented advice very close to the client, approachable and above all beneficial “without much fuss”.’

‘Dr. Desch has a lightning-fast comprehension paired with a remarkable ability for razor-sharp, no-frills analysis. He keeps an eye on the factual and economic problems of his clients and advises with a strong practical focus and very solution-oriented. From the client’s point of view, a real support for complicated circumstances.’

Key clients

Art-Invest Real Estate Management GmbH & Co. KG

Stadtsparkasse München

Thüringer Landesamt für Bau und Verkehr

Verbraucherzentrale Bundesverband e.V.

Choice Hotels Licensing BV


Invesco Real Estate

KraussMaffei Technologies GmbH

Recon Global Inc.

Smiling Green Energy GmbH

GSK Stockmann

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.

Practice head(s):

Andreas Dimmling; Raoul Kreide

Other key lawyers:

Okko Hendrik Behrends


‘Inventive, concrete, hands-on and always at the client’s side, best commercial competence.’

‘Very impressive and good time management.’

‘Andreas Dimmling: Very proactive and responsive lawyer with an impressive knowledge of all aspects of insolvency law.’

‘The team perfectly anticipated our wishes and needs and promptly found a tailor-made solution. The communication was fluid and precise.’

‘Andreas Dimmling’s advice was impeccable, concise and delivered at lightning speed.’

Key clients

THD Treuhanddepot GmbH

Greenmarck Fund Solutions GmbH; Greenmarck Management GmbH

Recura Kliniken SE


Centerscape Deutschland GmbH & Co. KG


Landeshauptstadt München, Stadtkämmerei, Kassen- und Steueramt

Schiebe und Collegen

Work highlights

  • Advising THD Treuhanddepot GmbH on enforcing claims and advising on strategic issues.
  • Advising Greenmarck Management GmbH on the acquisition of a portfolio of five German companies with more than fifteen subsidiaries abroad from an international fund provider.
  • Support for Recura Kliniken SE in a bidding process in which the client was able to assert itself as an investor.

Möhrle Happ Luther

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.

Other key lawyers:

Thorsten Herms

Key clients


Work highlights

  • Advising the RIU Group on rescission law on the acquisition of TUI AG’s joint venture share in RIU Hotels SA with a total volume of up to €665 million.

Willkie Farr & Gallagher LLP

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.

Practice head(s):

Wolfram Prusko

Other key lawyers:

Graham Lane; Lionel Spizzichino


‘Wolfram Prusko: Very experienced restructuring lawyer.’

Key clients



WWK Versicherungen

Blantyre Capital

Monarch Capital

THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB

Nuremberg-based THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB offers comprehensive restructuring law support with a focus on advising insolvency administrators on insolvency law and supporting companies and insolvency administrators in the acquisition and sale of distressed companies, where the team regularly cooperates with the tax law experts. Accordingly, practice head Rainer Schaaf is well versed in distressed transactions and, alongside Alexander Saueracker, is experienced in the assertion of and defence against claims.

Practice head(s):

Rainer Schaaf

Other key lawyers:

Alexander Saueracker


‘The team as a whole is very experienced and competent and pursues a very pragmatic solution approach.’

‘Rainer Schaaf: Very competent, good negotiator, especially in the area of distressed M&A.’

‘Alexander Saueracker: In addition to his expertise in insolvency law, he is an excellent litigator.’

Key clients

GRR Real Estate Management GmbH

Henfling Holzindustrie GmbH & Co. KG

Max Bögl Gruppe

MH Verwaltungs-GmbH

NürnbergMesse GmbH

ZS-Handling GmbH

Work highlights

  • Ongoing insolvency law advice to NürnbergMesse GmbH in connection with business partners who are in crisis.
  • Advising the Max Bögl Group in connection with the insolvency of the Senvion Group.
  • Comprehensive advice to the investment company Eurocov on the takeover of KTN Kunststoff-Technik from insolvency.