Beste Restrukturierung & Insolvenz Anwälte in Österreich

1. About Restrukturierung & Insolvenz Law in Austria

Austria provides a dual-track framework to handle financial distress: restructuring to avoid insolvency and formal insolvency proceedings when debts cannot be repaid. The core statute is the Insolvency Order (Insolvenzordnung, IO), which governs all formal procedures from liquidation to restructurings. The goal is to preserve business value where possible while protecting creditor rights.

In practice, you may use pre-insolvency tools to reorganize a business under the supervision of a court, while a restructuring plan is negotiated with creditors. Common options include Schutzschirmverfahren (protective shield) and Sanierungsverfahren (restructuring procedure) within the IO. Debtors often engage counsel early to map viability, financing needs, and creditor negotiations.

Austria also relies on general corporate law for corporate governance and creditor relations, notably the Unternehmensgesetzbuch (UGB). Cross-border matters are governed by EU rules on insolvency, ensuring recognition of Austrian procedures for foreign creditors and assets. For residents, understanding the IO and related procedures helps determine whether a turnaround is practical or insolvency is unavoidable.

Key sources you can consult for the law texts and official guidance include: RIS - Rechtsinformationssystem des Bundes (Insolvenzordnung), Justiz (Ministry of Justice) and Help.gv.at guidance pages.

“The Austrian Insolvency Order provides for both liquidation and restructuring paths, with tools such as Schutzschirmverfahren to support viable enterprises in distress.”

RIS - Austrian Insolvency Act (Insolvenzordnung) and Justiz - official judiciary information offer official descriptions of procedures and roles of courts, debtors, and creditors.

2. Why You May Need a Lawyer

Legal counsel is essential early in all distress scenarios to protect your rights and optimize outcomes. Below are concrete, real-world situations in Austria where a lawyer’s involvement is crucial.

• Your company faces a liquidity shortfall and you want to explore a Sanierungsplan to reorganize debt while continuing operations. A lawyer helps assess viability, structure the plan, and negotiate with banks and suppliers.
• You have received a petition from creditors or a court filing for insolvency. A lawyer can respond correctly, prevent default consequences, and guide you toward the most appropriate procedure.
• You consider a Schutzschirmverfahren to obtain a pre-insolvency stay on creditor actions while negotiating a restructuring plan. Legal counsel is essential to satisfy court criteria and manage financing needs.
• You oversee cross-border debt with international creditors. A lawyer coordinates recognition of Austrian proceedings under EU cross-border insolvency rules and protects foreign creditor interests.
• You are evaluating potential restructurings, mergers, or acquisitions where clarity on liabilities, employee protections, and creditor consent is required. A lawyer coordinates due diligence, plan terms, and regulatory approvals.

3. Local Laws Overview

The Austrian framework centers on the Insolvencyordnung (IO) as the main statute governing insolvency and restructuring proceedings. It provides the procedural paths for insolvency, restructuring, and related protective measures. In addition, EU cross-border rules shape how Austrian procedures interact with foreign creditors and assets.

Key statutory tools you should know by name:

• Insolvenzordnung (IO) - Insolvency Code: The primary statute for insolvency, restructuring, and related court procedures. It defines debtor obligations, creditor rights, and the roles of trustees and court involvement.
• Schutzschirmverfahren (Protective Shield Procedure): A pre-insolvency restructuring option under the IO that gives a debtor time to negotiate a plan while creditors are restrained from certain actions. This tool is commonly used to stabilize operations during negotiations.
• Ausgleichsverfahren and Sanierungsverfahren (Restructuring and Reconciliation/Out-of-Court Options): IO-based procedures that facilitate debt settlements or restructuring plans under court supervision or with court-driven oversight, aimed at preserving business value where possible.
• EU Insolvency Regulation (EU) 2015/848: Governs cross-border insolvency within the European Union, ensuring recognition of Austrian proceedings and cooperation with foreign courts and creditors. See EU sources for details.

Recent developments at the European level have pushed member states, including Austria, to align restructuring and insolvency frameworks with EU Directive 2019/1023 on restructuring and insolvency. Austria has implemented transpositions effects through amendments to IO and related regulations, with ongoing guidance from official portals.

For official texts and updates, see these sources:

• RIS - Rechtsinformationssystem des Bundes (Insolvenzordnung and related provisions)
• Justiz - Austrian Ministry of Justice (official guidance on court procedures and insolvency)
• Help.gv.at (consumer and business insolvency guidance and step-by-step help)

“EU cross-border rules ensure that Austrian creditors and assets are coordinated with proceedings in other EU member states.”

Sources: EU Regulation 2015/848 and Austrian guidance can be found at the links above and through EU portals such as EUR-Lex - EU Insolvency Regulation.

4. Frequently Asked Questions

What is the Insolvenzordnung and how does it affect me in Austria?

The Insolvencyordnung (IO) is the main statute for insolvency and restructuring procedures. It determines when an insolvency case can be opened, how a debtor is represented, and how creditors participate.

What is the difference between Sanierungsverfahren and Insolvenzverfahren?

Sanierungsverfahren is a restructuring track intended to salvage a business through a plan, while Insolvenzverfahren may lead to liquidation if recovery is not feasible. Sanierungsverfahren focuses on value preservation and creditor compromise.

When should I involve a lawyer early in potential insolvency situations?

Engage a lawyer as soon as distress becomes predictable or unavoidable. Early advice helps protect assets, preserve financing options, and position you for the most favorable procedure.

How long does a Schutzschirmverfahren typically last in Austria?

Schutzschirmverfahren aims to provide a defined window for negotiating a restructuring plan with creditor input. Timelines vary with case complexity, but courts generally grant a limited stay to allow plan development.

Do I need to be insolvent to request a Schutzschirmverfahren?

No, you can file a Schutzschirmverfahren when insolvency is reasonably imminent or upon threat of inability to meet debts. The purpose is to avert a crisis by stabilizing the business.

What costs are involved with restructuring proceedings in Austria?

Costs include court fees, administrator or trustee fees, and legal counsel. A lawyer can help forecast total costs, optimize the choice of procedure, and manage fee arrangements.

Is cross-border insolvency recognized in Austria under EU rules?

Yes, EU Regulation 2015/848 governs cross-border insolvencies within the EU, ensuring cooperation between Austrian courts and foreign proceedings and enabling recognition of proceedings abroad.

What is a creditors' committee and when is it formed?

A creditors' committee is formed in many insolvency and restructuring proceedings to represent creditor interests and supervise the process. The committee typically includes major creditors and specific categories of creditors.

Can an individual file for personal insolvency in Austria?

Austria allows individuals to seek debt relief through personal insolvency procedures, subject to certain income, asset, and debt criteria. A lawyer can assess eligibility and guide the filing process.

What is the role of a legal counsel in a restructuring plan?

A lawyer advises on viability, negotiates with creditors, prepares the plan, ensures compliance with IO, and coordinates with the court and any appointed administrators.

What is the typical timeline for an Austrian insolvency case?

Timelines vary by complexity and procedure but usually range from several months for straightforward cases to multiple years for complex restructurings. Early planning with counsel can shorten some phases.

How do I compare different Austrian insolvency lawyers?

Compare track record with mid-market restructurings, familiarity with IO procedures, and a transparent fee structure. Seek reports or references from peers and consider initial consultations.

5. Additional Resources

Use these official sources for authoritative guidance and texts related to Restrukturierung & Insolvenz in Austria:

• RIS - Rechtsinformationssystem des Bundes - Insolvenzordnung and related laws.
• Justiz - Austrian Ministry of Justice - Official information on court procedures and insolvency.
• Help.gv.at - Guidance for consumers and businesses on insolvency and restructuring.

For cross-border matters, see EU sources such as EUR-Lex - EU Insolvency Regulation.

6. Next Steps

1. Assess the distress level with your management team and financial advisor to identify possible restructuring options within IO or the need for insolvency protection.
2. Gather key documents early: financial statements, creditor schedules, contracts, employee costs, and bank communications to inform counsel.
3. Consult a qualified Austrian insolvency lawyer to review options (Sanierungsverfahren, Schutzschirmverfahren, or insolvency) and determine the best path.
4. Request an initial consultation to outline a plan, estimate costs, and agree on a timeline for filings and negotiations with creditors.
5. Prepare a credible restructuring plan and financing strategy with your lawyer, including potential creditor concessions and management roles.
6. Engage any required court or administrator early and ensure communication with all major creditors to minimize surprises.
7. Proceed with the chosen process, monitor milestones, and adjust the plan as needed with ongoing legal guidance.