Best Restructuring & Insolvency Lawyers in Austria

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Founded in 1962
200 people in their team
German
English
The Courage to Guide our ClientsWe offer advice that is clear and solution-oriented, so that our clients can make the right decisions.We fight for the goals of our clients and achieve the results they need.The people of Binder GrösswangWe are outstanding specialists with an eye for the...
Graz, Austria

Founded in 1985
English
Established in 1985, the law firm of Dr. Franz Unterasinger in Graz, Austria, offers comprehensive legal services across multiple disciplines, including contract law, civil law, public law, media law, real estate law, and construction law. The firm provides a full spectrum of legal support,...

Founded in 2023
English
GSR Grüner Seekirchner Rechtsanwälte GmbH, located in Innsbruck, Austria, offers specialized legal services in corporate law, real estate law, and administrative law. The firm is led by MMag. Jakob Grüner, LL.M., who has extensive experience in these areas, and Mag. Roswitha Seekirchner, whose...

English
Law firm Mag. Dr. Andreas Mauhart, located in Linz, Austria, specializes in providing comprehensive legal services with a focus on criminal defense. The firm is led by Mag. Dr. Andreas Mauhart, who brings extensive experience and a deep understanding of the Austrian legal system to his practice....
DORDA Rechtsanwälte GmbH
Vienna, Austria

Founded in 1976
200 people in their team
German
English
DORDA Attorneys at Law. We deliver clarity. Our strengths are precision, innovation and flexibility. Our services in all areas of business law ensure our clients optimal clarity in their decision making. Our success is based on commitment and internationality. We nurture our cooperation with...
JAEGER & Partner
Linz, Austria

Founded in 2013
50 people in their team
German
English
Since 2013, our law firm has had a completely new look at its location at Hauptplatz 30. We have chosen a property that matches our personality and philosophy. The revitalized old building on Hauptplatz in Linz is a successful combination of tradition and modern office architecture.However, the...
LIKAR Rechtsanwälte
Graz, Austria

Founded in 2000
50 people in their team
German
English
With the presence of our academic and business consultants plus the interdisciplinary co-operation with economical advisers, management consultants, chartered accountants, notaries and financing-experts we are able to offer comprehensive solutions for extensive projects (one-stop-shop).For...

Founded in 1988
English
HFH Holler Fauland Hirschbichler Rechtsanwälte GmbH, established in 1988, has been a cornerstone of legal expertise in Southern Styria for over three decades. Located in the Midtown Tower in Leibnitz since 2018, the firm offers a comprehensive range of legal services, including family and...

English
Bartl & Scala Rechtsanwälte OG, located in Graz, Austria, offers comprehensive legal services across various domains, including civil law, criminal and financial criminal law, real estate and family law. The firm's attorneys possess extensive expertise and decades of experience, ensuring clients...

English
Rechtsanwalt Salzburg | Mag. Sanela Schaidreiter is a distinguished law firm located in Salzburg, Austria, specializing in a comprehensive range of legal services. The firm offers expertise in areas such as labor and social law, family law, tenancy and condominium law, contract law, and civil law....
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About Restructuring & Insolvency Law in Austria

Restructuring and insolvency law in Austria provides a legal framework to manage financial distress for both individuals and businesses. Austrian law seeks to balance the interests of debtors and creditors, providing mechanisms to restructure debts, reach settlements, or, if necessary, initiate insolvency proceedings. The aim is to offer struggling businesses a chance to regain viability while ensuring creditors receive fair treatment. For individuals, insolvency laws offer a structured path for debt relief and a potential fresh start.

Why You May Need a Lawyer

Restructuring and insolvency situations can be complex, and the consequences of legal missteps may be severe. Common situations where legal assistance becomes essential include:

- Your company is unable to meet its financial obligations and you want to explore restructuring options. - Creditors are threatening to initiate insolvency proceedings against your business. - You are an individual facing overwhelming debt and considering private bankruptcy. - You are a creditor seeking to recover debts from an insolvent business or individual. - Agreements with creditors need to be negotiated and formalized. - You are involved in cross-border insolvency issues that touch Austrian jurisdictions. A qualified lawyer helps assess risks, protects your interests, ensures compliance with local laws, and guides you through procedural complexities.

Local Laws Overview

Austrian restructuring and insolvency law is primarily governed by the Insolvency Act, known in German as the Insolvenzordnung. Key features include:

- There are two main types of corporate insolvency proceedings: reorganization proceedings (Sanierungsverfahren) and bankruptcy proceedings (Konkursverfahren). - Reorganization proceedings allow debtors to restructure debts with the goal of keeping the business operational. - Bankruptcy proceedings aim for an orderly liquidation of assets to satisfy creditor claims. - Both voluntary and involuntary insolvency proceedings exist, and initiation is possible by either the debtor or a creditor. - There are strict obligations on debtors and management boards to file for insolvency without undue delay if insolvency criteria are met. Failure to comply may result in personal liability. - Court supervision is central throughout the process, with appointed insolvency administrators overseeing affairs and creditor interests. - For individuals, debt relief procedures exist, culminating in a discharge of residual debt under specific conditions. - The law also recognizes cross-border situations, providing rules for cooperation with EU member states.

Frequently Asked Questions

What is the difference between restructuring and insolvency in Austria?

Restructuring focuses on reorganizing debts and operations to enable a business to continue, often under court supervision. Insolvency, in contrast, involves formal proceedings for businesses or individuals unable to pay debts, and may result in liquidation or debt discharge.

When must a company file for insolvency in Austria?

A company is legally obligated to file for insolvency without culpable delay, and at the latest within 60 days after the occurrence of insolvency or over-indebtedness. Failing to do so can result in personal liability for directors.

Can individuals also declare bankruptcy in Austria?

Yes, individuals overwhelmed by debt may file for personal bankruptcy. The law provides procedures aiming for equitable satisfaction of creditors and potential debt discharge for the debtor.

What are the main stages of corporate insolvency proceedings?

Proceedings typically begin with a court filing, followed by either a reorganization (sanierungsverfahren) or bankruptcy (konkursverfahren) process, appointment of an administrator, evaluation and realization of assets, creditor meetings, and, if possible, debt settlement or liquidation.

What is an insolvency administrator?

An insolvency administrator is a court-appointed professional who manages the assets of the insolvent debtor, represents the creditors' interests, and oversees the conduct of proceedings.

How are creditors’ interests protected in Austrian insolvency cases?

Creditors can register claims, participate in creditors' meetings, and vote on restructuring plans. Their claims are ranked, with secured and preferential creditors given priority in payments from the insolvency estate.

Can insolvency proceedings affect contracts with suppliers or customers?

Yes, insolvency may impact contractual relationships. Some contracts can be continued, while others may be terminated or renegotiated depending on the court and administrator’s decisions.

What are the consequences of being declared insolvent in Austria?

Typical consequences include loss of management control over assets, impact on credit ratings, and potential liquidation of assets. However, successful restructuring can allow business continuation.

Is international cooperation possible in cross-border insolvency cases?

Yes, Austrian law incorporates regulations on cross-border insolvency, particularly for cases involving EU member states, to ensure orderly proceedings and creditor coordination.

How long do insolvency and restructuring proceedings usually last?

The duration varies; straightforward bankruptcies may conclude within several months, while complex restructurings can take one to several years, depending on the size of the estate and the nature of the creditors' claims.

Additional Resources

For more information and assistance, you may find the following resources useful:

- Austrian Federal Ministry of Justice, which oversees insolvency and restructuring proceedings. - The Austrian Bar Association, providing directories of qualified insolvency lawyers. - Local chambers of commerce and industry, often offering guidance for businesses in distress. - Debt advisory services (Schuldnerberatung) offering support for individuals. - Regional courts (Landesgerichte) where insolvency cases are processed, with public information available. These organizations can provide practical help, legal information, and referrals for professional support.

Next Steps

If you are facing financial difficulties or have concerns about insolvency or restructuring, consider the following steps:

- Assess your situation early; do not delay seeking advice if you foresee financial trouble. - Collect all relevant documents, including financial statements, debt contracts, and correspondence with creditors. - Consult a qualified restructuring or insolvency lawyer familiar with Austrian law. - Be transparent and honest with your advisor to allow for the best possible strategy. - Explore all available options, from informal negotiations to formal court proceedings. Taking timely and informed action with professional guidance greatly improves your chances of reaching a positive resolution.

Lawzana helps you find the best lawyers and law firms in Austria through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Austria - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.