Best Restructuring & Insolvency Lawyers in Vienna

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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...
NF LAWYERS
Vienna, Austria

Founded in 2000
50 people in their team
German
English
Welcome to NF Attorneys!LAWYERS GRAZ -REAL ESTATE LAW, CONSTRUCTION LAW, LABOR LAW & INSURANCE LAWWe advise and support you in all legal matters!NF Rechtsanwälte stands for precise, discreet and solution-oriented work. We adapt to the individual needs of each client.Our office is located...
PACHER & PARTNER
Vienna, Austria

Founded in 1957
50 people in their team
German
English
Founded in 1957 as a civil law firm, we have continually expanded our field of activity by bringing on new partners.Our team brings together a wide range of personalities with different professional specializations. As a modern business law firm, we place particular emphasis on the highest legal...

Founded in 2019
50 people in their team
German
English
My focusAre you looking for legal advice, do you have a legal problem or do you need legal assistance in the areas of real estate and commercial law? Due to my many years of work in a renowned, international commercial law firm in Vienna and in particular my specialization in the area of ​​real...

Founded in 2007
50 people in their team
German
English
Dr. Johannes Oehlboeck LL.M2008: Graduated as Doctor iuris, PhD, (with distinction)2008: European Trade Mark and Design Attorney2007: Registered in the List of Attorneys at Law, Member of the Austrian Bar Association.2000 to 2001: Postgraduate Diploma Course in IT Law (Master Thesis: “Access to...
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...
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About Restructuring & Insolvency Law in Vienna, Austria

Restructuring and insolvency law in Vienna, Austria, governs how financially distressed individuals and businesses can reorganize their debts, seek protection from creditors, or go through formal insolvency proceedings. Vienna, as the capital city and financial hub of Austria, sees a wide range of restructuring and insolvency cases each year. These laws aim to balance the interests of creditors seeking repayment and debtors seeking relief or a second chance. Austrian legislation provides several legal routes, including reorganization (Sanierung), insolvency proceedings, and out-of-court settlements. Understanding your options under these frameworks is crucial for making informed decisions during financially difficult times.

Why You May Need a Lawyer

There are numerous situations where legal assistance in restructuring and insolvency matters can be critical. Common reasons to consult a lawyer include:

  • Assessing whether insolvency or restructuring is the best course for your situation
  • Navigating complex Austrian insolvency laws and compliance requirements
  • Representing your interests in negotiations with creditors or opposing parties
  • Filing for insolvency or bankruptcy and preparing necessary documentation
  • Protecting personal assets and understanding liability risks
  • Dealing with international aspects of insolvency, such as foreign creditors or cross-border assets
  • Defending against fraudulent preference claims or clawback actions
  • Advising on director's duties and potential personal liability during financial distress
  • Guiding businesses through restructuring plans to regain solvency
  • Advising creditors on enforcing claims during insolvency proceedings

Local Laws Overview

Austria’s insolvency and restructuring framework is primarily governed by the Insolvency Act (Insolvenzordnung), complemented by the Restructuring Code and other related statutes. Key aspects relevant in Vienna include:

  • Types of Proceedings: Austrian law distinguishes between insolvency proceedings, restructuring (Sanierungsverfahren), and liquidation (Konkursverfahren).
  • Automatic Stay: Upon opening insolvency proceedings, creditors are generally barred from enforcing claims individually.
  • Director's Obligations: Directors must file for insolvency without undue delay (generally within 60 days) once insolvency is recognized, to avoid personal liability.
  • Debtor-in-Possession: Certain restructuring proceedings allow the debtor to maintain control of business operations with court supervision.
  • Debt Relief for Individuals: Personal bankruptcy (Privatkonkurs) offers an avenue for individuals to seek debt discharge under court supervision.
  • Out-of-Court Restructuring: Pre-insolvency solutions are possible through voluntary restructuring agreements with creditors.
  • Cross-Border Aspects: EU regulations may apply for companies or individuals with assets or creditors in other EU countries.

Restrictions, obligations, and rights in these processes can be complex, which is why professional legal guidance is highly recommended.

Frequently Asked Questions

What is the difference between restructuring and insolvency proceedings in Austria?

Restructuring involves reorganizing a company’s or individual’s debts to allow continued operations, often with the approval of a restructuring plan. Insolvency proceedings generally refer to situations where the assets are insufficient to cover liabilities, potentially leading to liquidation.

When is a business legally required to file for insolvency?

A business is required to file for insolvency without undue delay, typically within 60 days, after becoming insolvent (unable to pay debts when due) or over-indebted (liabilities exceed assets).

Can individuals as well as companies file for insolvency in Vienna?

Yes, both individuals (including sole proprietors) and companies can file for insolvency under Austrian law, with different procedures for each.

What liabilities do directors have in insolvency situations?

Directors face personal liability if they delay filing for insolvency or act recklessly with company assets during financial distress. They must act in the best interest of creditors once insolvency becomes apparent.

Is it possible to avoid formal insolvency proceedings?

Yes, companies or individuals can attempt out-of-court restructuring by negotiating agreements with creditors. However, these require creditor cooperation and are not always successful.

What happens to employees in insolvency proceedings?

Employee claims for unpaid wages are typically covered by the Insolvency Remuneration Fund (IEF), which steps in if an employer cannot meet payroll during insolvency.

How long do insolvency proceedings usually take in Vienna?

The duration can vary significantly based on complexity. Some cases are resolved in a few months, while others, especially large business insolvencies, can last several years.

Are cross-border insolvency situations treated differently?

Yes, cross-border cases may invoke EU Insolvency Regulation, determining which country’s courts have jurisdiction and how assets across borders are handled.

What is a debtor-in-possession restructuring proceeding?

This is a form of restructuring where the debtor maintains management of their assets and business under court supervision, aiming to implement a rescue plan while protected from creditor actions.

Can debts be discharged completely in Austrian insolvency proceedings?

Individuals may qualify for a debt discharge after a specific period and satisfying certain conditions. For companies, discharge depends on whether a restructuring plan is approved and successfully completed.

Additional Resources

If you need more information or support, the following resources are helpful:

  • Austrian Ministry of Justice (Bundesministerium für Justiz): Provides official guidance and documentation on insolvency and restructuring proceedings.
  • Austrian Creditors' Protection Associations (KSV1870, AKV, Creditreform): Offer support to both creditors and debtors regarding insolvency procedures.
  • Vienna Chamber of Commerce (Wirtschaftskammer Wien): Provides advice for businesses facing financial distress.
  • Insolvency Remuneration Fund (Insolvenz-Entgelt-Fonds - IEF): Protects employee wage claims during insolvency.
  • Local legal aid organizations: Assist those who cannot afford private legal counsel.

Next Steps

If you are facing financial challenges and believe restructuring or insolvency may be necessary, it is important to act quickly and seek professional advice. Start by gathering relevant financial documents, such as asset and liability lists, contracts, and any creditor correspondence. Contact a qualified lawyer or law firm in Vienna specializing in restructuring and insolvency law. They will guide you through your options, compliance requirements, and representation in negotiations or proceedings. Lastly, do not wait until the situation worsens, as legal obligations such as timely filing are essential to protect your assets and limit personal liability.

Proactive legal consultation can help you navigate this complex area efficiently and maximize your chances of a successful outcome.

Lawzana helps you find the best lawyers and law firms in Vienna 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 Vienna, 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.