Restructuring in Germany

Clifford Chance

Clifford Chance offers a wide range of insolvency and restructuring services, particularly with regard to financial restructuring. The team's mainstays include refinancing, the silent liquidation of real estate companies, advice on mezzanine structures under shareholder and financier participation, as well as negotiating and applying for federal and state guarantees. Consisting of financiers, capital management companies, insolvency administrators and managing directors, the client portfolio is similarly broad,  which is not least due to its capacities across practices and locations. Practice head Stefan Sax specialises in advising national and international financial institutions as well as the management of companies in crisis. Cristina Weidner, experienced in cross-border distressed M&A transactions and the settlement of real estate portfolios, made partner in May 2021.

Practice head(s):

Stefan Sax

Other key lawyers:

Cristina Weidner

Freshfields Bruckhaus Deringer

Practice head(s):

Lars Westpfahl

Gleiss Lutz

Gleiss Lutz pursues a full-service approach to restructuring and refinancing advice, which means that corporate, tax and employment law issues regularly form part of its assistance. The group has a particular focus on advising on financial restructuring, refinancing and bond restructuring. In the corporate sphere, the implementation of crisis-related company acquisitions and sales whilst avoiding any liability risks represents one of the key topics which are regularly taken on by Ralf Morshäuser and practice head Andreas Spahlinger. Matthias Tresselt specialises in judicial and extrajudicial restructuring, while Helge Kortz and Alexander Nagel have specific expertise at the interface to banking and corporate law and thus routinely advise on credit financing among other matters. The client base covers all sectors with a particular focus on the banking, aviation, fashion and automotive sectors.

Practice head(s):

Andreas Spahlinger


‘In my view, the restructuring team led by Andreas Spahlinger and Matthias Tresselt is – without a doubt – the leader in Germany and unrivalled. Together with their large team, they handle every case, no matter how complex, with great sovereignty, a huge wealth of experience and professional brilliance. Also because of their – Swabian – modesty, the two partners are well respected by clients and colleagues.’

‘Dr. Andreas Spahlinger is the grand seigneur of the restructuring scene – there is nothing that he has not already experienced or knows. dr Matthias Tresselt, the quick brain, is not only a top lawyer, but also a shrewd tactician.’

Work highlights

  • Advice on corporate law to the (new) Management Board of Wirecard AG, from the ordering of provisional insolvency administration also extensive advice to the company with the consent of the provisional insolvency administrator and from the opening of insolvency proceedings extensive advice to the insolvency administrator.
  • Comprehensive advice to Takko Fashion GmbH and its subsidiaries as well as Apax as the owner in the context of restructuring and refinancing.
  • Comprehensive advice to LEONI Kabel GmbH and its subsidiaries as well as other companies in the Wire & Cable Solutions division as part of the restructuring and refinancing of the group.

GÖRG Partnerschaft von Rechtsanwälten mbB

With GÖRG Partnerschaft von Rechtsanwälten mbB being active in both insolvency administration and restructuring matters, the firm's range of services is correspondingly comprehensive and the client base very versatile. For instance, the team assists companies with self-administration and protective shield proceedings and trust reorganisations on behalf of shareholders and creditors. A specialization lies in advising funds and private equity investors with a focus on distressed assets and distressed debt. Practice head Christian Bärenz specialises in complex, cross-border matters and insolvency-related M&A transactions, while Martin Stockhausen advises institutional creditors and creditors of debtor companies in crisis situations. Thorsten Bieg has special expertise in financial and accounting restructuring as well as trusteeships and Helmut Balthasar at the banking, banking supervisory and financial law interface. Thomas Rieger (experience in taking on board functions in companies in crisis) joined the team from Anchor Rechtsanwälte in early 2021.

Practice head(s):

Christian Bärenz


‘Excellent consultants and service providers.’

‘National law firm with a high level of expertise in the area of restructuring and insolvency. In terms of capacity, GÖRG is also able to look after large mandates. High legal excellence.’

‘Dr. Thomas Rieger recently left Anchor. His engaging, unexcited manner is highly valued in the market. In particular, his deep understanding of business makes him a colleague we will be hearing a lot more about.’

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

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

‘Dr. Helmut Balthasar: “old masters” in matters of restructuring and advising companies in crisis. The right sparring partner to avoid personal liability in times of a company’s insolvency. Makes it very clear what works and what doesn’t. Respected (“feared”) counterpart for banks and other debt financiers. Always on the side of his clients.’

‘Very good law firm, which is the only insolvency law firm that increasingly focuses on high-end advice. Very pleasant cooperation.’

‘Legal clout.’

Key clients


Leoni AG

x+bricks AG und SCP Group S.à r.l.

KSM Castings Group GmbH


Dura Automotive Systems

apt Products GmbH

Tally Weijl Retail Germany GmbH

Arlington Germany GmbH

Aluminium Rheinfelden Guppe

Work highlights

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

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP focuses on financial restructuring. Thus, the team advises investors and debtors on the restructuring of liabilities in the form of debt-equity swaps among others; investors on securities of distressed German financial institutions; and distressed debt funds on the acquisition of distressed loan portfolios and loan funds in relation to new funding for companies in distress. Leo Plank is a key contact for distressed debt and high-yield investors and Sacha Lürken for distressed M&A transactions and manager liability litigation. Josef Parzinger, among others, advises lenders on the adjustment of financing agreements and credit conditions, while Bernd Meyer-Löwy assists creditors with large international insolvencies. The group is also well versed in liability claims, both on behalf of defendant and claimant, as well as in defending clients against rescissory actions. Reorganization and restructuring expert Wolfram Prusko joined Willkie Farr & Gallagher LLP in May 2021.


‘The entire team was available at all times, including Christmas Eve and New Year’s. Tax, Corporate, Restructuring Advice was readily available at all times. The range of the team was very good and associates were able to clarify questions.’

‘Leo Plank always works in a customer-oriented manner and with a steady hand. Professional competence is of course out of the question.’

‘We have used Kirkland’s restructuring professionals extensively in the past and will continue to do so in the future.’

They are real experts in their field who have outstanding specialist knowledge and never lose sight of the latest trends.’

Despite their legal know-how, they don’t get bogged down in trifles. They set the right priorities, are very commercial and speak our language.’

‘Dr. Josef Parzinger is characterized by his enormous expertise, his eye for detail and his passion. He’s always available and incredibly easy and enjoyable to work with.’

Sacha Lürken has been one of the best lawyers for restructuring in the German market for years. He is very systematic, objective and always wants the best result.

‘Josef Parzinger is highly professional and knows his field extremely well. On our joint projects, he always knows all the details, but also has an eye for the big picture. He responds quickly and accurately to inquiries, no matter the time. I’m very happy about the cooperation and hope we can work on other projects in the future.’

Key clients

Gordon Brothers

Ad-hoc-Gruppe von Hertz Anleihegläubigern

Orchard Global Asset Management und Deutsche Bank

Galapagos Holding

Senvion GmbH

Anleihegläubiger von Thomas Cook

Work highlights

  • Advised Gordon Brothers on a €100 million asset-based credit facility to a leading German hypermarket chain.
  • Advised an ad hoc group of holders of Wirecard’s senior €500 million bond maturing in 2024 and creditors under Wirecard’s €1.75 billion revolving credit facility in Wirecard AG’s insolvency proceedings.
  • Advised the funds managed by Orchard Global Asset Management LLP and Deutsche Bank AG as lender on the financial repositioning of HIT Holzindustrie Torgau GmbH & Co. KG and its group companies. The transaction involved the transfer of the majority stake from HIT Group’s previous sponsor to the lenders and the reorganization involved a restructuring of the group’s capital structure.

Latham & Watkins LLP

Latham & Watkins LLP's team is one of the top addresses for financial restructuring and is led by Frank Grell, who advises on both financial and operational restructuring and regularly works across practices. This cooperation also enables the team to assist with liability and rescission proceedings. Ulrich Klockenbrink, who made partner at the beginning of 2021, assists with in-court and out-of-court restructuring, enforcement matters and distressed M&A transactions, while Jörn Kowalewski's expertise is especially valuable in the context of international restructuring cases. Although the group is experienced in restructuring across a wide variety of sectors, it has particular experience in the automotive, aviation, tourism and finance industries.

Practice head(s):

Frank Grell


‘Outstanding in my opinion is Dr. Ulrich Klockenbrink, who was rightly promoted to partner this year. He is a first-class analyst and strategist, at the same time very assertive, pragmatic and goal-oriented – in short, the perfect restructurer and reorganizer.

‘Reliable, even in time-critical situations, always timely, qualitatively impeccable advice and support for corporate finance transactions related to restructuring. The existing economic and commercial competence, which is not to be taken for granted to this extent, should also be emphasized, which makes L&W an ideal partner for particularly demanding structuring and negotiation situations.’

‘Dr. Jörn Kowalewski: Excellent, strong negotiating partner, also in the control and coordination of complex and demanding negotiation situations with high economic and financing know-how.’

dr Ulrich Klockenbrink: Excellent legal advice and support for corporate finance transactions.

‘The consulting goes far beyond the usual level of legal advice. The team often acts like a financial advisor and also has a great understanding of economic relationships and a view of a well-balanced cooperation.’

‘Jörn Kowalewski and Ulrich Klockenbrink, with whom I have been working for more than six years, deserve special mention. In my view, Jörn Kowalewski is the grand seigneur of the German restructuring market. A first-class lawyer who knows how to successfully unite even the largest banking circles in the interests of the company and the financiers themselves. As a mastermind, Ulrich Klockenbrink understands better than anyone else how to assess the situation from a legal and economic point of view and to develop first-class restructuring solutions from this. First-class negotiator, even in the most difficult situations, who you can always rely on.

‘Leader in financial restructuring.’

‘Dr. Ulrich Klockenbrink: Technically very strong, assertive, well recognized by all stakeholders.’

Key clients

Achim Ahrendt als Insolvenzverwalter der S+K and REVA


Air Berlin


Centerbridge Partners


Hüls AG

Leoni AG

Scholz Holding

Work highlights

  • Advised a committee of senior secured creditors of Swissport on the successful completion of its comprehensive financial restructuring.
  • Advising the Steering Committee of the lenders of the Benteler Group, consisting of Commerzbank AG, DZ BANK AG, Erste Group Bank AG, Landesbank Baden-Württemberg and Norddeutsche Landesbank, on the refinancing and restructuring of the Benteler Group.
  • Advising LEONI AG on the restructuring and in particular on the restructuring of its financing based on several financing instruments.


Noerr's  focus lies on self-administration, protective shield proceedings as well as insolvency administration, is underpinned by a multidisciplinary approach and also includes international restructuring cases. Thus, the group assists clients with insolvency disputes, subordinated and silent loans, standstill and settlement agreements and assumes the role of a double-profit trustee. The team is equally experienced in taking on the role as restructuring partner in large and complex restructuring cases as well as in the preparation of restructuring framework plans. Practice heads Thomas Hoffmann and Martin Kleinschmitt are not only experienced in insolvency but also in pre-insolvency restructuring and in insolvency plan proceedings. Kleinschmitt is also a board member of Noerr Consulting AG, which, in addition to providing advice on restructuring and reorganisation, also takes on the management of companies in crisis and advises on distressed M&A transactions. The team also includes Simone Schönen, who advises companies, investors and lenders and has particular expertise in bond restructuring and insolvency disputes; Dorothee Prosteder, who specialises in insolvency-related M&A transactions; and Andrea Braun, who made partner in early 2021; she focuses on bridge financings, debt restructuring and defence against insolvency avoidance claims.

Key clients

Aluminium Rheinfelden Gruppe

Bundesministerium für Wirtschaft und Energie

Bundesrepublik Deutschland – Finanzagentur GmbH

Condor Flugdienst GmbH

Facility Agent

Hamburgische Investitions- und Förderbank

Klier Holding GmbH

Leesys – Leipzig Electronic Systems GmbH

Linde + Wiemann

Maredo Gaststätten


Thoughtful Brands, Inc.

Vereinigte deutsche Vapiano Partner e.V.

Veritas AG

Willy Bogner GmbH & Co. KGaA

Wirecard AG

Work highlights

  • Comprehensive restructuring advice for Condor Flugdienst GmbH, including after the insolvency of Thomas Cook in the insolvency plan procedure, on the refinancing caused by Covid-19 and on post-M&A disputes with PGL and most recently on the acquisition of a majority by Attestor.
  • Advising a finance agency on a further stabilization package for TUI AG by the Economic Stabilization Fund; Preparation of the documentation of the stabilization measures and advice in negotiations with the company.
  • Comprehensive advice to Wirecard AG after the uncovering of the accounting scandal; including rescue negotiations with the banks, the preparation and initiation of insolvency proceedings and the sale of various companies.

Allen & Overy LLP

Allen & Overy LLP provides comprehensive advice on pre-insolvency restructuring instruments, measures related to already occurred insolvencies and various special cases such as self-administration, as well as on financing instruments and directors' liability issues. In addition, the team defends clients against claims. The practice acts on shareholder and lender side, resulting in a client base that consists of international banks, investors, shareholders and managers, who benefit from the firm's international network in cross-border restructuring cases. Franz Bernhard Herding specialises in high-yield bonds and direct lending and Sven Prüfer focuses on distressed M&A and promissory notes; they jointly head the practice. Senior Counsel Peter Hoegen recently assisted with matters relating to the new stabilisation and restructuring framework law (StaRUG), while Walter Uebelhoer is one of the key contacts for acquisition financing and syndicated loans.

Other key lawyers:

Peter Hoegen; Walter Uebelhoer


‘High level of commitment and commitment to the customer. Very pragmatic, hands-on.’

‘Outstanding partner: Sven Prüfer.’

‘Extremely high commitment, always available (24/7), very pragmatic and pleasant, little theoretical, hands-on, creative, good client management.’

‘We were advised by A&O on a loan restructuring. It was good that the advice was always provided by the partner or an employee of sufficient seniority and practical experience.’

‘Franz Bernhard Herding: Very well connected in the “restructuring community”, which enables him to negotiate with the other parties involved on an equal footing, even in complex restructurings. Legally very strong, but at the same time solution-oriented.’

Key clients


Commerzbank AG

Enercon Gruppe


GERRY WEBER International AG

Hamm Reno Gruppe


KCA Deutag


Work highlights

  • Comprehensive advice to the fashion manufacturer and retailer Gerry Weber International AG in connection with its restructuring.
  • Advising a European banking consortium on the insolvency of the German and English FinTyre companies and the restructuring of the Italian arm of the FinTyre Group.
  • Advising the family shareholders of the BENTELER Group in connection with the refinancing of existing financial liabilities as part of the group’s restructuring program.


Dentons advises lenders and creditors – predominantly financial institutions and investors – on syndicated loans, distressed M&A transactions, self-administration and protective shield proceedings. The practice has established a particularly good reputation with regards to trusteeships and the coordination of promissory note loan creditors. Andreas Ziegenhagen, who jointly heads the practice with Arne Friel, regularly assumes trusteeships in crises and restructuring situations as well as the role of general representative in self-administration proceedings. Friel is well versed in corporate-related insolvency matters and experienced in assisting with insolvency plan debt-equity swaps. Holger Ellers, who joined from Baker McKenzie in September 2020, particularly assists with international distressed M&A transactions.


‘The team was approachable and available at all times and the team members are proven experts in their field across all departments.’

‘Experienced colleagues who are particularly active in the area of trusteeship and representation of promissory notes. Excellent knowledge of the market and a realistic view of the possibilities that can be implemented as part of a restructuring.’

‘The team around Andreas Ziegenhagen and Dirk Schoene gave me excellent support in insolvency proceedings under self-administration. The team clarified all relevant legal issues and worked on the overall solution.’

‘High professional competence, pragmatic nonetheless. Good accessibility. Commercial understanding present.’

‘Daniel Fritz: Great expertise, especially in the international arena, and very solution-oriented.’

‘Despite threats and great complexity, a cool head was kept at all times, which gave us as a client the security for the respective decision. Excellent consultants do their utmost for the client and at the same time give a clear indication when “a limit has been crossed” in order to be able to make the best decision. This description fully applies to practice. In addition, we were able to draw on a large, valuable network for various challenges, and connections were made quickly and professionally.’

‘The practice has very good expertise and extensive experience in the field of restructuring and insolvency, including insolvency proceedings. It is characterized in particular by the fact that, on the one hand, it has a wide range of advice through Dentons, and on the other hand, it can conduct insolvency proceedings – especially self-administration proceedings – itself. Haven’t seen it on the market yet, but these skills should also be easy to apply to the StaRUG. In addition, a large and diverse restructuring team with several acquisitions in recent years.’

‘Andreas Ziegenhagen is one of the key figures in the German restructuring market.’

Key clients

Air Berlin PLC

Arlington Germany GmbH

Astaris Capital Management und weitere Anleihegläubiger der TUI AG


DIHAG Holding GmbH

Dradura Holding GmbH & Co KG

Dräger Wullenwever


Harz-Metall GmbH

Heidelberger Druckmaschinen AG



Losberger de Boer





Stadtbäckerei Münster Limberg

Treveria F S.Ŕ.R.L.

Wealth Option Trust Ltd.

Weser-Metall GmbH

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 the existing euro trade receivables securitization program for Benteler.
  • Advising Weser-Metall GmbH on the sale of its business operations to companies in the Swiss Glencore Group as part of its insolvency.
  • Advising the insolvent Arlington Germany on the sale of their business to the US financial investor Cartesian Capital Group.


By combining expertise from the firm's various legal departments, Linklaters offers clients full-service restructuring advice. Thus, the group is well equipped to assist with cross-border restructuring on behalf of creditors and companies, with acquisitions and sales of insolvent companies as well as with the defence against and enforcement of liability and rescissory actions. Practice head Sven Schelo routinely advises on the restructuring of banks and financial institutions and assists shareholders of insolvent companies with restructuring processes. Sabine Vorwerk advises creditors on the enforcement of collaterals as well as shareholders and investors in financial distress and on distressed M&A transactions. The group focuses on the shipping, automotive, tourism and manufacturing industries.

Practice head(s):

Sven Schelo

Other key lawyers:

Sabine Vorwerk


‘Very well-founded specialist knowledge, the team is approachable and unpretentious.’

‘Sven Schelo provides qualified and committed advice.’

‘Deep and innovative expertise that is gladly shared.’

‘Sven Schelo thinks very solution-oriented.’

‘Sven Schelo: Always on the ball with excellent solutions.’

Sidley Austin LLP

Sidley Austin LLP advises on financial and operational reorganisations, corporate reorganisations and the acquisition and sale of companies emerging from the crisis; clients are also represented in rescissory proceedings. Due to the firm's focus on the private equity market, the team shows particular strengths in restructuring advice to private equity funds, including on the realisation of collateral and bridge financing as well as on troubled portfolio companies, with matters predominantly entailing cross-border aspects. The client base also includes bondholders, large banks and alternative lenders. Kolja von Bismarck heads the practice, which also includes Andreas Steiger, who made partner at the beginning of 2021; he advises investors, shareholders and debtors on operational and financial restructuring issues, including pre-insolvency scenarios.

Practice head(s):

Kolja von Bismarck

Other key lawyers:

Andreas Steiger


‘Enormous commitment – always approachable – very responsive – very solution-oriented – English (written and oral) like native speakers.’

‘Always economically thinking and solution-oriented. Very good team building with the lawyers working on the client side and other stakeholders.’

‘Kolja von Bismarck: Brings the necessary competence and gravitas for high-end situations.’

‘Sidley’s Restructuring Group offers – like the firm as a whole – legal advice of the highest quality. The partners are characterized by extensive experience, a precise view of the client’s commercial needs and the ability to develop pragmatic, creative and legally carefully analyzed and viable solutions.’

‘Andreas Steiger is an extremely committed, always available and experienced colleague with a keen sense of the needs of the client in the specific situation. Very creative in bridging negotiation deadlocks to efficiently achieve client’s goals.’

Key clients

AMERRA Capital Management, LLC

Glas Trust Corporation

Hitched Holdings 3 B.V.

Rusal Trade International Limited Rusal Global Management B.V.

Work highlights

  • Advised Glas Trust Corporation on the enforcement of security interests in the Galapagos Group bankruptcy and subsequent contestation processes.
  • Advising the ACPS Automotive Group on its financial restructuring.
  • Advising Rusal Trade International Limited Rusal Global Management BV on the acquisition of the assets of Aluminum Rheinfelden from insolvency.

White & Case LLP

As a major international firm offering insolvency administration and restructuring advice, White & Case LLP‘s activity profile is geared towards major international proceedings. Accordingly, the practice has special sector expertise in areas that are traditionally highly international, such as shipping, automotive, aviation and energy. the group focuses on financial restructuring, in which context it advises financial creditors such as banks and private debt funds on the restructuring of national and international financing; during the Covid-19 pandemic, this expertise led to instructions relating to development loans from rescue and restructuring aid packages, short-time work benefits and tax deferrals. In addition, the team led by Riaz Janjuah and Sven-Holger Undritz is well versed in issues relating to StaRUG proceedings. Janjuah is regularly in charge of the restructuring of international debtor companies using insolvency plans or foreign restructuring instruments, and Undritz advises on the restructuring of loan commitments at risk of default and on acquisitions of insolvent companies. Felix Höpker (financial restructuring, reorganisation, distressed M&A) and Daniel Schwartz (restructuring and insolvency law) made partner in January 2022.

Other key lawyers:

Felix Höpker; Daniel Schwartz


‘The restructuring team not only masters the craft of national and international restructuring, but is also excellent at implementing the dovetailing of legal procedures and practical, or economic, consequences. The strategic importance is always visible and taken into account by the client.’

Key clients

Daimler AG

Deutsche Lufthansa AG

Exporo AG

Feilo Sylvania Germany GmbH

FMC Beteiligungs KG

Hamburg Commercial Bank AG

Karen Millen Holdco 1 Limited

Spiele Max GmbH

STA Travel GmbH

Work highlights

  • Advising Daimler AG on the restructuring of Dura Automotive Systems, Inc.
  • Advising the travel provider STA Travel GmbH, which got into financial difficulties as a result of the Covid 19 pandemic, on the implementation of self-administered insolvency proceedings and the sale of a large part of its nationwide branch network.
  • Advising Spiele Max GmbH on the preparation and implementation of protective shield proceedings.

Anchor Rechtsanwälte

Anchor Rechtsanwälte combines legal and business expertise, thereby enabling strategic and operational advice to avoid crises. The group acts in both insolvency administration and restructuring matters and is therefore experienced in self-administration and protective shield proceedings, restructuring moderation, double-profit trustee structures as well as in restructuring by means of acquisition and sale of insolvent companies. The team consists of Alexander Reus, Vincenz von Braun (both focus on self-administration), Christoph Herbst (double-profit trusteeships), Florian Harig (management consulting) and Christof Schiller (distressed M&A and corporate law).


‘Plans and financial data that were provided were very solid and reliable.’

‘A good team: Can show good solutions in restructuring and convince the stakeholders of them.’

‘Alexander Reus convinces with the reliability and appreciation of those involved. He is looking for solutions that balance interests.’

‘Nationwide collaboration on large cases.’

‘Through and through team player.’

‘Anchor is active in insolvency administration as well as self-administration and consulting. The law firm covers the entire restructuring spectrum and can therefore boast extensive experience in this area.’

‘Mr. Reus is an excellent advisor on all restructuring issues. He often acts as a general representative in self-administration proceedings. In this function, he advises the management and controls the procedures with great experience and adeptness through the self-administration procedures. He is characterized by a high level of practical experience and problem-solving skills.’

‘If you complete your orders quickly and if there are no resources available, let us know without being asked.’

Key clients

Europoles Gruppe

Flughafen Friedrichshafen GmbH

Heinrich Huhn GmbH & Co. KG

Piraeus-Konzern (ehemals TRIA-Gruppe)

Work highlights

  • Preparation and execution of the self-administration of Flughafen Friedrichshafen GmbH in the role of self-administrator.
  • Advising the Piraeus Group (formerly TRIA Group) in the crisis, including preparation and implementation of self-administration.


CMS focuses on financial restructuring and restructuring by means of acquisition and sale in crisis situations. As one of the few large international firms, it also assists with the administration of judicial insolvency proceedings in addition to providing advice on restructuring and reorganisation. In line with the team’s focus on distressed M&A, practice head Alexandra Schluck-Amend oversees internal and external financing and restructuring, as well as insolvency-related liability issues. The client portfolio includes companies, including management and shareholders, investors, creditors and insolvency administrators. The latter are frequently defended and represented in liability and rescissory proceedings. Rolf Leithaus is another key contact and particularly advises foreign parent companies on the restructuring and liquidation of their German subsidiaries.

Practice head(s):

Alexandra Schluck-Amend

Other key lawyers:

Rolf Leithaus


‘The law firm has Dr. Alexandra Schluck-Amend and Dr. Rolf Leithaus about two very distinguished partners who, together with their teams – if necessary involving other competencies of the law firm – have many years of experience, even in very complex cases.’

‘Dr. Alexandra Schluck-Amend is an outstanding lawyer who has been advising on restructuring for more than 20 years. Her sovereign and consistent conduct of negotiations deserves special mention.’

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

‘Miss Dr. Schluck-Amend combines deep expertise, assertiveness and creativity. She is very resilient and always friendly, even in difficult situations – and determined.’

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

Key clients

AVANA Invest GmbH

Modine Manufacturing Company

Work highlights

  • Advising AVANA Invest GmbH on issues related to the first insolvency of a capital management company in Germany and the resulting new legal issues in the area of tension between insolvency law, capital investment law and investment tax law.
  • Advice to the German Property Group on the preparation and execution of more than 100 real estate sales and the examination of the enforcement of liability claims.
  • Corporate, restructuring and financing law support for the sale of the European group companies of the Modine Manufacturing Company with a focus on avoiding liability risks for shareholders and managing directors.

DLA Piper

DLA Piper primarily advises companies and banks on financial restructurings – especially in the real estate sector – as well as on distressed M&A, cross-border NPL transactions, insolvency challenges and directors' liability. Practice head Dietmar Schulz also focuses on these topics and is supported by Mike Danielewsky, who predominantly assists national and international banks, investment companies, funds, investors and companies including their bodies. The group's industry expertise includes automotive, aviation, hospitality and leisure as well as retail.

Practice head(s):

Dietmar Schulz

Other key lawyers:

Mike Danielewsky


‘Professionally excellent, very practical and solution-oriented. Very good international expertise and cross-legal know-how.’

‘Dietmar Schulz is a very agile and solution-oriented colleague.’

‘Practice-oriented specialist knowledge with solution-oriented application.’

‘Dr. Dietmar Schulz is a very good team player with excellent leadership qualities.’

Key clients

Heidelberger Druckmaschinen AG

InterContinental Hotels Group (IHG) Hotels & Resorts

Lufthansa Group

Work highlights

  • Advising the InterContinental Hotels Group (IHG) Hotels & Resorts on the continuation of ten hotels of the franchisee Tidal Operations Germany GmbH (TOG) and their transfer to the new operator, the Westmont Hospitality Group.
  • Advising the insolvency administrator of the automotive supplier FLABEG on the sale of the group of companies with headquarters in Germany and international locations to an international investor.
  • Advising the Lufthansa Group with its companies Deutsche Lufthansa AG, Lufthansa Technik AG and SWISS as the main customer and main creditor in the insolvency proceedings of ZIM Flugsitz GmbH.

Hengeler Mueller

Hengeler Mueller covers a wide range of restructuring issues, such as acquisitions and sales of insolvent companies as well as claims enforcement in insolvency proceedings. The company has particular expertise in financial products that are used in the context of distressed financing, as well as in restructuring advice related to real estate portfolio companies and securitizations. Key contacts include Daniel Weiß, who focuses on loan and bond restructuring as well as on the representation of insolvency administrators in claim enforcement proceedings; Martin Tasma, who specialises in distressed M&A; and Johannes Tieves, who advises foreign banks and funds on restructuring, hybrid financing, syndicated loans and high-yield bonds.


‘An outstanding team of experts in matters of insolvency and restructuring, which deals with the topics with absolute reliability and depth of content!’

‘Dr. Martin Tasma is very responsive and unbeatable in terms of content!’

‘Top team with outstanding expertise and experience.’

Heuking Kühn Lüer Wojtek

Heuking Kühn Lüer Wojtek‘s advice spectrum ranges from litigation to insolvency and restructuring plans. Here, its network of relevant specialists, specialized foreign firms and insolvency administrators enables the group to advise on large and international restructuring and reorganisation cases. The practice is headed by Georg Streit, who predominantly handles plan restructuring, acquisitions and sales in crisis situations and insolvency disputes; the latter are includes advice on liability and criminal law risks. Kai Uwe Büchler is a key contact for credit and credit security law.

Practice head(s):

Georg Streit

Other key lawyers:

Kai Uwe Büchler


‘High competence.’

‘Highly competent team with proven experts who can answer ALL questions safely, accurately and in a way that everyone can understand.’

Very quick to react, super competent in anticipatory action. Very well networked and able, if necessary, to extend the workbench at will with the help of external third parties.’

‘Excellent expertise, exceptionally good communication, excellent work commitment, consistent availability, excellent responsiveness. Particularly noteworthy are Prof. Dr. Georg Streit – one of the best lawyers for questions of insolvency law.’

‘The team covers a wide spectrum and uses this spectrum quickly, easily and very effectively not only to cover the legal aspect, but also to convert it into sensible and applicable solutions.’

‘My experience is essentially based on working with Prof. Streit. I really appreciate his high level of competence, his pragmatic approach and the opportunity to work out solutions in a very good dialogue. In addition, there is always very good availability, which is sometimes critical in this field.’

‘Very broad legal know-how in the area of restructuring and insolvency. From litigation to insolvency and restructuring plans. Highly recommended.’

‘Georg Streit: High analytical skills, very broad specialist knowledge.’

Hogan Lovells International LLP

Hogan Lovells International LLP not only advises on the whole array of insolvency and restructuring issues, but also on upstream financing to avert the need for restructuring if possible. Once the crisis has occurred, the team uses all available restructuring instruments, such as self-administration and protective shield proceedings, insolvency plans, NPL transactions, bridge and restructuring loans and corporate restructuring. The client base includes companies, financiers, investors, creditors as well as insolvency administrators; Markus Huber, among others, assists the latter with their defence against claims. Christian Herweg is the key contact for the enforcement of security rights. Practice head Heiko Tschauner is experienced in the implementation of insolvency plans as part of protective shield proceedings, in distressed investments and insolvency risks.

Practice head(s):

Heiko Tschauner

Other key lawyers:

Christian Herweg; Markus Huber


‘In my opinion, the best insolvency/restructuring team in Munich. dr Heiko Tschauner is an intellectual for difficult out-of-court cases.

dr Markus Huber is one of the best insolvency law litigators in Munich. Transparent and fair billing.’

‘I work a lot and enjoy working with Dr. Markus Huber together. Quick thinking, excellent writing, scientific approach to casework. Despite being young, ready for the big falls.’

Key clients


Boston Consulting Group

Bundesrepublik Deutschland – Finanzagentur GmbH


Europäische Investitionsbank (EIB)

Gilead Sciences

LEGO Gruppe

ProSiebenSat.1 Media SE

Shinhan Investment

Zinc Nacional S.A.

Work highlights

  • Advising the Federal Republic of Germany – Finanzagentur GmbH on the stabilization measures for Deutsche Lufthansa AG and Galeria Karstadt Kaufhof GmbH.
  • Advising the biopharmaceutical company Gilead Sciences on the partial acquisition of the fixed assets of the insolvent public limited company MOLOGEN AG.
  • Advised Shinhan on an investment in a portfolio of German Property Group’s distressed real estate projects in Germany.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP

McDermott Will & Emery Rechtsanwälte Steuerberater LLP advises on the entire spectrum of restructuring and insolvency-related scenarios with strong sector expertise in the retail industry, making branch portfolio adjustments as well as out-of-court restructuring and liquidations key elements of its practice. The group is also experienced in the automotive, fashion, media and renewable energy industries. The range of services includes protective shield proceedings, distressed M&A, insolvency plans as well as the examination, enforcement of and defence against liability, avoidance and other payment claims as well as of rights of separation and preferential treatment. Practice heads Uwe Goetker and Matthias Kampshoff regularly advise on financing structures, while Kampshoff also assists with crisis and insolvency-related transactions. Marc Oberhardt is a key contact for protective shield proceedings, self-administration, insolvency plan proceedings and debt restructuring. Distressed M&A specialist Björn Biehl made partner in early 2021.

Other key lawyers:

Marc Oberhardt; Björn Biehl


‘Advice is always given at senior level and response times are short. You always have a contact person who also coordinates the other departments internally or, if necessary, the preliminary work of external colleagues.’

‘Dr. Matthias Kampshoff: Extremely experienced and negotiating colleague.’

‘The colleagues are always precise and uncomplicated when it comes to implementation.’

‘Dr. Marc Oberhardt and Dr. Matthias Kampshoff are solution-oriented and always give recommendations that can be implemented. Even when analyzing complex issues, her writings are understandable and to the point.’

‘High economic competence. Fast, careful work.’

‘Dr. Matthias Kampshoff is very pleasant at work. He has very good knowledge of insolvency law.’

‘With Dr I have worked together with Kampshoff on several occasions. In particular, his pleasant way of working together should be emphasized – above all, he thinks very economically.’

Key clients

Borgers Gruppe

Galeria Karstadt Kaufhof

van Laack Gruppe

Edelmann Group

SIGNA Gruppe

Work highlights

  • Advising the global German automotive supplier Borgers on the financial restructuring.
  • Representation of Galeria Karstadt Kaufhof GmbH in connection with the protective shield proceedings and the restructuring as well as within the framework of the financing by the Economic Stabilization Fund.
  • Advising the van Laack Group on the acquisition of parts of the branch portfolio of the insolvent Sor Rusche GmbH.

act AC Tischendorf Rechtsanwälte

act AC Tischendorf Rechtsanwälte's range of restructuring services ranges from operational measures and financial restructuring measures to distressed M&A as well as reorganisation investors and trusteeships solutions. With offices in ten European countries, the practice is also well positioned for international matters. Clients also benefit from various software solutions, such as a specially developed restructuring cost calculator, which budgets the costs of a restructuring project and monitors it throughout the entire process. The team is jointly led by Sven Tischendorf, Alexander Höpfner and Matthias Müller. In self-administration cases, in particular protective shield proceedings, Tischendorf and Höpfner act as chief restructuring officer (Tischendorf) and chief insolvency officer (Höpfner), while Müller routinely oversees mid-cap transactions.


‘We were very competently advised and looked after by a team of two from AC Tischendorf Rechtsanwälte. All legal areas and disciplines relevant to the project were excellently covered. As a result, we were able to quickly establish a good atmosphere of cooperation and a high degree of trust in AC Tischendorf Rechtsanwälte’s ability to perform and implement, particularly due to the professional communication with trade union and employee representatives.’

‘In addition to his high level of professional expertise, Sven Tischendorf is characterized by his authentic, extremely flexible and always goal-oriented communication skills in rapidly changing negotiation situations. As a result, we were able to successfully implement the restructuring project with the support of AC Tischendorf within the budget allocated for it faster and with a higher than planned savings volume.’

‘High commitment and very high pragmatism.’

‘Very high practically proven competence in restructuring projects. Extremely sensitive and successful in dealing with trade unions and works councils. Enormous flexibility in terms of regulation content.

Extremely quick adaptation and implementation of change needs. Very high flexibility in terms of time. Outstanding network, also with an international focus. The decisive factor: timely implementation of the operational change within the previously defined framework conditions.

‘Sven Tischendorf: Outstanding professional expertise, enormously flexible – in terms of content and time. Impressive network – global. Very high customer orientation; always friendly; available at any time. They always call back the same day – the response time is outstanding.’

Key clients

ACHAT Hotel- und Immobilienbetriebsgesellschaft mbH

Beinbauer Automotive Group

Läpple Gruppe

H.I.G. Capital

All4Labels Global Packaging Group


Edscha Gruppe

Beinbauer Automotive Group

Eurofins Scientific Gruppe

Vossloh-Schwabe Gruppe

PICARD Lederwaren GmbH & Co. KG

Exel Industries

Baden Board Gruppe

Gusswerke Saarbrücken/Leipzig (vormals neue Halberg Guss)

Greiner Gruppe

Acciona Airport Services


Work highlights

  • Advising TECHNIPLAS on the takeover of the business operations and the main assets of the listed Nanogate Group from insolvency.
  • Responsibility for self-administration of the JMT Germany Group and part of the Dutch Boemer group of companies.
  • Advising the Beinbauer Automotive Group on the acquisition of the traditional foundry company Walter Hundhausen GmbH from insolvency.

Ashurst LLP

Ashurst LLP advises financial creditors and investors, such as debt funds and private equity houses, as well as companies in crisis, with a focus on financial restructuring. This includes distressed investments, distressed M&A and NPL transactions, various financing instruments and loan negotiations, among other matters. With practice head Alexander Ballmann, the group also has particular experience in insolvency litigation. His team includes Matthias Weissinger, who advises on out-of-court reorganisations and complex restructuring of financial liabilities, and Karsten Raupach, who is experienced in international financial restructuring. Industries of expertise include automotive, telecom, media, technology, healthcare and life sciences.

Practice head(s):

Alexander Ballmann


‘The team around Alexander Ballmann advises in restructuring situations at the highest professional level. All team members are extremely well versed in their field – you won’t find mediocrity there.’

The restructuring team has a high level of knowledge of how the restructuring processes work for those involved (banks, credit insurers, car manufacturers, other financiers) – they therefore deliver excellent solutions that are accepted by all stakeholders.’

The team is very international, which is very helpful in large restructuring and investor processes.’

‘Alexander Ballmann: As the “brain” and boss of the team, he is extremely experienced, pragmatic and commercially oriented. His legal expertise is excellent. His international expertise is particularly helpful. In addition, he is extremely well respected in the restructuring scene.’

‘To be recommended without reservation both in insolvency and restructuring law as well as in the area of M&A. Highly versed in law, strong negotiator, extremely willing to work, imaginative and solution-oriented.’

‘Alexander Ballmann has been a highly valued expert in Germany for many years. Eloquent, extremely willing to work, technically at the highest level, excellently networked and goal-oriented. The ideal advisor for the most difficult situations.’


When liquidity crises occur, BRL BOEGE ROHDE LUEBBEHUESEN's team of lawyers, auditors and tax consultants, assists the management of ailing companies with operational business issues. Typical instructions relate to liquidity and corporate planning, scenario calculations as well as taking on the role of chief insolvency officer and chief restructuring officer in self-administration. The group also advises on financial restructuring. Practice heads Stefan Denkhaus and Dominik Demisch both have experience in advising group (subsidiary) companies in crisis scenarios and in assisting the public sector with restructuring and insolvency tax issues. Corporate and insolvency expert Nils Harbeck made salary partner at the beginning of 2021.


‘Very good dovetailing of theory and practice, always with a focus on tax law.’

Key clients

Dernbacher Schwestern

Kreiskrankenhaus Groß-Gerau

Work highlights

  • Advising the Dernbacher sisters on the restructuring of the group of companies through the takeover of the Dernbacher group Katharina Kasper by the Alexians.
  • Advice on labor law and insolvency law to the Groß-Gerau district hospital during the restructuring of the company owner in self-administration proceedings.

Greenberg Traurig Germany

Greenberg Traurig Germany handles various restructuring issues, including acquisition and sales transactions arising from a crisis and operational and financial restructuring as part of self-administration proceedings. In self-administration proceedings, Gordon Geiser and Christian Köhler-Ma regularly act as restructuring board members or restructuring directors. They jointly head the practice with Jesko Stark, who also acts as a court-appointed insolvency administrator and trustee and focuses on pre-insolvency restructuring and reorganisation of international companies. Benedikt de Bruyn has expertise in related tax issues.

Other key lawyers:

Benedikt de Bruyn


‘Available at all times, flexible and team-oriented work, also good cooperation with external colleagues.’

‘Collaboration with Dr. Gordon Geiser was highly professional. Accessibility at all times and up-to-date know-how on the subject of insolvency plans. Assertive and convincing. Good teamwork as well.’

‘The team managed effortlessly to understand our complex business model in a very short time and to provide the required resources. It was not just a matter of clarifying individual legal issues, but of getting the company fit again as a whole. The necessary pragmatism was also shown for this. We experienced the work with GT as “as if from one mould”.’

‘I would like to give special praise to Mr Benedikt de Bruyn. He was extremely honest, committed and available to us at practically any time. In addition to legal knowledge, he has important business knowledge and the necessary understanding of numbers. He is very familiar with fast-growing technology companies. I would particularly like to emphasize his sensitivity in dealing with the employees of a company that was in a serious crisis.’

‘Mr. dr Gordon Geiser has excellent specialist knowledge and is able to provide an initial assessment of the situation and the measures derived from it in a very short time with manageable information, which in its basic orientation turns out to be correct in most cases. In addition, Mr. Geiser to what I mean in the truest sense of the meaning.’

‘Highly professional and focused. Extraordinarily competent, fast, powerful and assertive.’

‘Both Mr. Köhler-Ma and Dr. Geiser grasp the problem extraordinarily quickly and offer quick and suitable solutions. The two partners are characterized by excellent negotiating skills paired with broad and deep knowledge of the subject.’

Key clients

Pluradent Gruppe

Krankenhaus 14 Nothelfer




Gebrüder Götz GmbH & Co. KG

Heck & Becker GmbH & Co. KG

Getsurance GmbH

Work highlights

  • Support for Heck & Becker GmbH & Co. KG in its insolvency under self-administration; Appointment to restructuring manager.
  • Accompanying the Pluradent Group during the restructuring process, including two parallel self-administration procedures for the parent company Pluradent and its logistics subsidiary GLS. Insolvency proceedings could be avoided for the other German and foreign subsidiaries.
  • Advice to the 14 Nothelfer hospital on the self-administered restructuring process, in the course of which a new type of elderly care concept is being continued.

Grub Brugger

In addition to traditional insolvency administration, Grub Brugger also advises companies and their creditors on restructuring in the crisis. Here, the group focuses on corporate, insolvency and employment issues as well as trusteeships and corporate transactions. Practice heads Volker Muschalle, Hans Schenk and Michael Vilgertshofer advise companies of all sizes as well as shareholders, creditors as well as management and bodies of companies with special sector expertise in the aviation, automotive and construction industries. The team's range of services further includes assistance with distressed debt and NPLs as well as defence against claims. For the latter segment, Hendrik Wolfer and Julius Beck are the key contacts. The integration of Menold Bezler's former insolvency law team in August 2021, including Jasmin Urlaub, Frank Schäffler and Jochen Sedlitz, strengthened the practice significantly.

Key clients

Hans Riegelein & Sohn GmbH & Co. KG

Thomas Cook Aviation (CONDOR-Gruppe)

Thomas Cook Crewing Company GmbH

Kex Chocolat SA

Weber Automotive

Willi Elbe Group

Work highlights

  • Advising Germanwings GmbH and other Lufthansa Group companies in the course of the aviation crisis and the effects on the Lufthansa Group.
  • Advising a furniture manufacturer on follow-up financing and financing from Covid-19 funds and supporting a restructuring.

Jones Day

Jones Day particularly focuses on international restructuring, which often leads to cross-location and cross-practice cooperation. In addition to advice on domestic matters, this enables the support of foreign proceedings, such as US Chapter 11 proceedings. Day-to-day matters include the assistance of shareholders, management and corporate bodies with the sale and acquisition of companies or parts of companies in crisis, restructuring loans and defence against liability claims. Practice head Olaf Benning represents banks and financial investors in connection with the insolvency of portfolio companies and subsidiaries, among other matters, and has particular expertise in the automotive, financial services and retail sectors. Sandra Kamper is experienced in distressed assets, NPLs and internal group restructuring.

Practice head(s):

Olaf Benning

Other key lawyers:

Sandra Kamper

Key clients

Deutsche Bank AG (DWS)

Koch Industries


Atlas Arteria

Work highlights

  • Advising one of the rental companies of GALERIA Karstadt Kaufhof GmbH regarding the conclusion of an addendum to the rental agreement.
  • Advised Solvay SA on the sale of two business units in Germany to Latour Capital.
  • Advising Atlas Arteria Service Co Pty Ltd on the conclusion of a new long-term loan agreement to refinance the Warnow Tunnel.

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH‘s restructuring advice includes financial restructuring, distressed M&A, self-administration, protective shield proceedings as well as refinancing using complex multi-stage loan tranches and associated collateral packages. In addition to this range of topics, the company provides its client base with special expertise in the healthcare, life sciences (here in the form of experience with hospital transactions) and shipping sectors. The team is led by Reinhard Willemsen and Marcus Backes and was recently successfully involved in some of the very first proceedings under the new StaRUG. Gunnar Müller-Henneberg joined from Schultze & Braun in September 2020; he is experienced in advising shareholders and creditors on enforcement of and defence against claims. In July 2021, however, international restructuring and insolvency expert Frank Tschentscher left for Deloitte Legal Rechtsanwaltsgesellschaft mbH.

Other key lawyers:

Gunnar Müller-Henneberg


‘Gunnar Müller-Henneberg: High commitment, high availability, good guidance in liability-related cases.’

‘Excellent team with experience from an insolvency administration office, also self-administration on offer, this is the exception for large consulting firms.’

‘Gunnar Müller-Henneberg: excellent fast work, eye for the essentials, result-oriented and assertive.’

‘Reinhard Willemsen has been our main contact for many years. We appreciate his competence and his sense of humor. He leads the team and we receive contemporary and reasonably priced service.’

‘Experienced consulting practice, also with a practical background in insolvency administration.’

‘Dr. Marcus Backes is an experienced advisor with a practical background in insolvency administration.’

‘Well networked, very good teamwork.’

‘Gunnar Müller-Henneberg: Good moderator in difficult restructuring cases, very pragmatic.’

Key clients

Siem Europe S.à.r.l.

SBB Schweizerische Bundesbahnen AG

Hansa Heavy Lift GmbH

MIBRAG Mitteldeutsche Braunkohlegesellschaft mbH

Deutsche Bank Luxembourg S.A.

Work highlights

  • Support of THIELMANN UCON GmbH in self-administration or protective shield proceedings.
  • Representation of an international banking consortium in connection with the financial restructuring of a federal motorway expansion model.
  • Comprehensive advice to GETI WILBA GmbH & Co. KG in the area of restructuring and insolvency as well as support for the initiated M&A process.

Mayer Brown LLP

Mayer Brown LLP specialises in financial restructuring and also advises on real estate and corporate restructurings, distressed acquisitions, shareholder loan transfers and contestation risks. The group has particular expertise in assisting with special fiduciary models such as collateral trust arrangements, which also includes advice on pension liabilities. The client base consists of insolvency practitioners, lenders, debtors, creditors' committees and trustees. Practice head Marco Wilhelm advises international and family-run companies on financial and profit-related restructuring in times of crisis and insolvency.

Practice head(s):

Marco Wilhelm


‘Dr. Wilhelm thinks extremely holistically and can be reached anytime, anywhere. His personal commitment is above average.’

‘An excellent team. Very good accessibility and always the roadmap in mind. Clear focus on the essential topics. Very good sparring.’

‘Dr. Marco Wilhelm has a great understanding of business and delivers practical solutions in a short time.’

Norton Rose Fulbright

With the addition of Sylwia Maria Bea (previously at White & Case LLP) and Regina Rath (previously at Simmons & Simmons) in the first half of 2020, Norton Rose Fulbright was able to significantly strengthen its restructuring profile. Bea, co-founder and board member of the network Distressed Ladies – Women in Restructuring eV, specialises in insolvency-related liability issues and in advising investors and insolvency administrators on acquisitions and sales of companies in the crisis, while Rath primarily assists financial investors and lenders and, as a litigator, also handles contentious insolvency issues. The team is led by Oliver Sutter, who was recently involved in some of the very first StaRUG cases in Germany. Counsel David Schrader (restructuring and bankruptcy) joined from Baker Tilly Roelfs in September 2021.

Practice head(s):

Oliver Sutter

Other key lawyers:

Sylwia Maria Bea; Regina Rath


‘The entire range of complex legal situations is mastered, including the effects on the capital market. The support is comprehensive and competent. The wealth of experience helps to deal with upcoming questions.’

New legal regulations, but also possibilities, are quickly included in the considerations. You are a sparring partner when difficult discussions are pending, and you have access to a large network that is put at the service of the cause.’

‘Very committed team with a high level of expertise. The work was very solution-oriented. Conducted the negotiations with a steady hand and a cool head.’

‘Miss Dr. Sylwia Bea: Strong and convincing personality. High willingness to perform with above-average ability to master critical situations.’

‘Very good understanding of the particular interests of the stakeholders. Very high professionalism!’

‘Dr. Sylwia Bea has earned an excellent reputation, which gives her an additional voice even in difficult negotiations. You feel very well looked after with her by your side.’

‘Norton Rose Fulbright’s restructuring and bankruptcy practice has grown remarkably in a short period of time. The team is extremely visible on the market and can definitely compete with the established sizes. Extremely strong, especially on the creditor side, with proven industry strength in the automotive and aviation sectors.’

‘Regina Rath works at the highest legal level and is extremely well-versed in StaRUG issues.’

Key clients

LCM Partners

Peter Möhrle Management GmbH

Neue Mitte am Hochschulcampus Garching GmbH & Co. KG

Work highlights

  • Advising and representing a major international bank in several well-known restructuring and insolvency proceedings, including as one of the creditor banks in the refinancing and restructuring of the BENTELER Group, as one of the creditor banks in the insolvency proceedings of the international payment service provider group WIRECARD and as one of the creditor banks in the protective shield and Self-administration proceedings Tadano.
  • Advising and representing LCM Partners on the acquisition of various NPL portfolios.
  • Advising a banking consortium on the restructuring of an automotive supplier.

Taylor Wessing

Taylor Wessing has special expertise in pre-insolvency and insolvency litigation, resulting in regular instructions by insolvency administrators, creditors and financial investors. The team also assists with distressed M&A transactions and financial restructuring and advises on the preparation of orderly insolvency proceedings as well as on bank pools and creditor committees. Hendrik Boss is routinely instructed by creditors and investors to assist with crisis situations and protective shield proceedings. Headed jointly heads the practice with Martin Heidrich, who is experienced in protective shield, self-administration and insolvency plan proceedings. Ingo Gerdes (focus on insolvency litigation) is another key contact.

Practice head(s):

Hendrik Boss; Martin Heidrich

Other key lawyers:

Ingo Gerdes


‘Very competent advice for insolvency administrators.’

‘Hendrik Boss: Quick learner, very pragmatic.’

‘The Düsseldorf team is characterized in particular by a high level of expertise and a wealth of experience. In many years of cooperation in several major insolvency proceedings, rescission and directors’ liability claims have been successfully asserted and liability claims averted.’

‘Competent team, very good division of tasks and competence strengths.’

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

‘We have been working successfully and trustingly with the Taylor Wessing team for many years and value the colleagues for their reliability, the extremely high level of expertise and the uncomplicated approach to new projects. Particularly noteworthy is the competence in the field of insolvency litigation.’

‘Hendrik Boss: an exceedingly competent contact person for restructuring – especially in the cross-border area.’

Martin Heidrich is a very experienced, pragmatic restructuring expert.’

Key clients


Farallon Capital

Adiuva Capital

Bayerische Landesbank

Cordet Capital

Work highlights

  • Advising the insolvency administrator on the sale of the kitchen manufacturer Poggenpohl to the Chinese investor Jomoo Group.
  • Support of the insolvency administrator in an M&A process of the insolvent Veritas AG.
  • Advising the trustee of Senvion GmbH on the examination and assertion of insolvency-specific claims with a challenge volume of around €100 million (including directors’ liability).

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP's German restructuring practice is closely linked to the firm's global network, making international – and in particular transatlantic – restructuring cases a key element of its practice. With a focus on financial restructuring, the group advises portfolio companies, lenders, sponsors and financial institutions on NPL transactions, debt-equity swaps, bond restructuring and distressed M&A. Through the cross-practice cooperation, the team also covers various related topics, including the representation in insolvency disputes. Managing partner Gerhard Schmidt is regularly instructed by clients from the automotive and shipping sectors.

Practice head(s):

Gerhard Schmidt


Technically very solid. Great customer service.

Key clients

Exide Technologies

Odeon Cinemas Group

Joint Special Administrators von MF Global


Work highlights

  • Global restructuring for Exide Technologies.
  • Financial restructuring for the Odeon Cinemas Group.
  • Representing a financial services company in an insolvency challenge action.

Baker McKenzie

With the addition of the two restructuring and insolvency law experts Joachim Ponseck (previously at Clifford Chance) and counsel Artur Swierczok (previously at CMS), Baker McKenzie's restructuring practice was reorganised after Holger Ellers left for Dentons in September 2020. Ponseck heads the practice and is experienced in defending and enforcing liability claims and insolvency avoidance claims for insolvency administrators and managing directors. Swierczok advises shareholders, creditors and other stakeholders of national and international companies on all restructuring and insolvency issues and has an additional focus on M&A transactions in the context of crises and insolvency. The team has particular experience in the banking and financial services sector.

Practice head(s):

Joachim Ponseck

Other key lawyers:

Artur Swierczok


‘Joachim Ponseck and Artur Swierczok impress with their really outstanding competence and their unconditional commitment to their clients – and they are also the most likeable lawyers one can ever imagine!’

‘In addition to the specialist knowledge, an eye for what makes operational sense and what can be implemented. So very practical for implementation. Language/communication kept in such a way that non-professionals can follow very easily.’

‘Mr Ponseck stands out in a very positive way.’

Möhrle Happ Luther

Möhrle Happ Luther applies a multidisciplinary approach in its reorganisation and restructuring practice by involving in-house auditors and tax consultants, which enables the team to also cover special tax issues relating to reorganisation profits among other matters. Key areas include advice on the enforcement of and defence against liability claims on the part of insolvency administrators and companies, while the Hamburg-based team led by Helge Hirschberger and Sebastian Siepmann demonstrates particular experience in the tourism, renewable energy, retail and shipping sectors. The client base also includes various shipping companies and shipyards.

Key clients

LPP Deutschland GmbH

China Tours Hamburg GmbH

SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH

SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH's restructuring practice offers a comprehensive range of services that includes advice on self-administration, including protective shield proceedings, as well as transferring reorganisations, administrations and the assumption of trusteeships. The team focuses on restructuring by means of an insolvency plan, company transfers and self-administration proceedings. The practice is jointly headed by Thomas Oberle, who regularly assumes the role of self-administrator, trustee and insolvency administrator, and Marc-Philippe Hornung, who assists clients with the enforcement of and defence against liability claims, among other matters.


‘Very pragmatic and goal-oriented way of working; excellent and very broad legal knowledge; very good understanding of business relationships.’

‘Thomas Oberle: Very experienced and prepared for all procedural changes; very balancing character, ensures consensual solutions and a good balance between all stakeholders; very confident project management.’

‘Marc-Philippe Hornung: Very experienced restructuring lawyer and an excellent all-rounder in the best sense; very pragmatic approach; excellent negotiation skills.’

Key clients


Lunux GmbH


ZIM Immobiliengesellschaften

Sun Express GmbH

Thielmann UCON

Work highlights

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

GvW Graf von Westphalen

GvW Graf von Westphalen advises on the whole array of insolvency, restructuring and executive liability issues. The consulting repertoire includes advice on self-administration, management buyouts in insolvency proceedings and refinancing as well as insolvency-related dispute resolution, including criminal insolvency proceedings, which is considered a particular strength. Here, the team represents managing directors, supervisory board members, creditors and insurance companies in directors' liability claims, insolvency challenges and professional liability claims; recently, the group successfully acted before both the Federal Court of Justice and the Constitutional Court. Due to its special sector expertise in the hotel industry, the client base includes individual hotels, hotel operator groups, rental companies and global licensors. Wolfram Desch and Carsten Liersch, who also acts as an insolvency administrator, jointly head the team.

Practice head(s):

Wolfram Desch; Carsten Liersch

Key clients

AccorHotels Deutschland GmbH

BayWa AG

Choice Hotels Licensing BV


Invesco Real Estate

MAN Truck & Bus AG

Recon Global Inc.

Union Investment Real Estate GmbH

Verbraucherzentrale Bundesverband e.V.

Vereinigung Cockpit e.V.

GSK Stockmann

In accordance with the firm’s specialisation in real estate, banking, supervisory and public law, GSK Stockmann‘s restructuring team is particularly active at the interfaces to those practice areas. In real estate-related matters, the group advises landlords whose tenants are insolvent or face the threat of insolvency. Okko Hendrik Behrends is adept at assisting with bank insolvency matters as well as at advising funds on restructuring law. Andreas Dimmling and Raoul Kreide head the team.

Practice head(s):

Andreas Dimmling; Raoul Kreide

Other key lawyers:

Okko Hendrik Behrends


‘High level of integration of team members.’

‘Outstanding expertise, analytics and solution orientation; extremely customer-centric cooperation behavior of Dr. Raoul Chalk.’

‘Very quick response, very practical and, in terms of the specific request, a specific recommendation for action.’

‘Practical collaboration. Going into “reality”.’

‘Dr. Roul Kreide is technically very competent. Can respond to clients very well.’

Key clients

ABLV Bank und deren Gesellschafter

AFIAA Germany 2 AG

Anglo Austrian AAB AG (vormals Meinl Bank)

Centerscape Deutschland GmbH & Co. KG

Circtec-Gruppe (UK)

Greenmarck Fund Solutions GmbH

K & U Bäckerei GmbH

Party Fiesta Deutschland GmbH

PPRO Financial Limited

Recylex S.A.

Schiebe und Collegen

Vereinigung Cockpit e.V.

TUIfly GmbH

Work highlights

  • Advising the French Recylex Group on the insolvency and self-administration of the entire German subgroup.
  • Advising several landlords from more than 15 Karstadt locations.
  • Legal proceedings before the European Court of Justice for ABLV Bank and its shareholders in the area of the Single Resolution Mechanism.

HWW Hermann Wienberg Wilhelm

HWW Hermann Wienberg Wilhelm is active both in restructuring matters and in insolvency administration and thus offers clients various insolvency law instruments across a wide variety of scenarios. This includes trustees, self-administration, protective shield proceedings, taking over as interim management and the preparation of restructuring reports. Practice head Rüdiger Wienberg regularly assumes the role of chief restructuring officer or trustee in self-administration and administration and is also experienced in trusteeships. Expertise in D&O liability complement the advice offering.

Practice head(s):

Rüdiger Wienberg

Key clients

Thomas Cook-Gruppe

Solibro Hi-Tech GmbH


Gina Tricot GmbH

Andersson-Recycling GmbH

Minit Service GmbH

Assmus Metallveredelung GmbH

Wehrhold Oberflächentechnik GmbH

BF Transport GmbH

Minda KTSN Plastic Solutions GmbH & Co KG

picturesafe media/data/bank GmbH


Hartmann Spezialkarosserien GmbH

Dach & Fassaden Sanierungen GmbH

Hotel Royal Betriebs-GmbH

immoMassivBau GmbH

LHR Betriebs UG

Mellingers Fahrzeugservice UG (haftungsbeschränkt) i.L.

Radissimo GmbH

bio.logis Genetic Information Management GmbH

Fritz Nols AG

Heck & Becker GmbH & Co. KG



VAP Kaiserslautern GmbH & Co. KG

Zeitgeist GmbH


Leesys – Leipzig Electric Systems GmbH


Delivery Mates GmbH

Weiß Fruchtimport GmbH

BDB Berliner Dachbau GmbH

LLS Internet GmbH

COMTOUR communication & tourism GmbH

Bo Parts GmbH

AccuMeda Health Invest GmbH

MEG Mechanik GmbH

Kahla/Thüringen Porzellan GmbH


Milbank offers a comprehensive range of advice on in-court and out-of-court financial restructuring and financing in times of crisis, including the whole array of related issues. This includes assistance with distressed M&A, liability management, collateral enforcement and insolvency litigation. The client portfolio is similarly broad and consists of both creditors and borrowers, including banks, distressed debt investors, mezzanine lenders and subordinated creditors as well as shareholders and sponsors. Practice head Mathias Eisen is experienced in advising on cross-border loan and bond financing as well as bridge and restructuring loans.

Practice head(s):

Mathias Eisen

Key clients


Signal Capital Partners




Carlyle Aviation Partners




KSBG Kommunale Beteiligungsgesellschaft GmbH & Co. KG


Work highlights

  • Advised the Ad Hoc Committee of Subordinated High Yield Noteholders in relation to the (non-consensual) restructuring of the Galapagos Group.
  • Advising Pemberton on the recapitalization and takeover of the E3 Group.
  • Advised the Flint Group on extending their credit facilities.

Schultze & Braun

Practice head(s):

Eberhard Braun

THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB

Restructuring and reorganization advice is one of the core offerings of commercial law firm THEOPARK Rechtsanwälte und Steuerberater Partnerschaft mbB, which specialises in tax and corporate law. The group focuses on company acquisitions and sales in the crisis as well as on the examination and enforcement of liability and avoidance claims for insolvency administrators and companies. Due to its specialisation in tax law, company's accounting audits are a key element of its practice, which enables the team to identify possible liability risks and contestation facts in the run-up to insolvency proceedings. Practice head Rainer Schaaf specialises in assisting with restructuring proceedings and distressed M&A, while Alexander Saueracker routinely advises on complex court proceedings relating to distribution and insolvency law.

Practice head(s):

Rainer Schaaf

Other key lawyers:

Alexander Saueracker

Key clients

GRR Real Estate Management GmbH

Max Bögl Gruppe

MSB GmbH & Co. KG

NürnbergMesse GmbH

PVL Probosch – Vogt – Loos GmbH

Work highlights

  • Comprehensive advice to the shareholders of Schulte & Schmidt GmbH & Co. Leichtmetallgiesserei KG on the takeover by Bayerische Beteiligungsgesellschaft mbH and an entrepreneurial investment company as well as on the restructuring of the real estate company.
  • Regular advice to insolvency administrators in the context of distressed M&A transactions, including recently advising the insolvency administrator of child car seat manufacturer kiddy GmbH on the sale of the company’s assets to the Polish baby equipment supplier 4Kraft Sp. z oo
  • Ongoing insolvency law advice to Nürnberg Messe GmbH in connection with business partners who are in crisis.