Wolf Theiss


In times of financial uncertainty and unstable markets, companies, financial institutions and their shareholders come to us for our understanding of distressed debt, the sale of distressed assets and the restructuring of transactions and businesses. You can rely on our wide-ranging experience advising on underperforming and distressed situations, including complex litigation cases. In addition, our specialists in various disciplines can assist you even with the most sophisticated cross-border cases. Our clients include debtors, lenders, government entities, trustees, shareholders, senior executives and distressed debt and asset buyers and investors.

We can support you in out-of-court restructurings in order to minimize risks and maximize returns and as a creditor represent you in and out of court in relation to bankruptcy administrators, judicial liquidators, debtors and competing creditors. You can depend on us for sensitive bankruptcy filings and restructuring issues aimed at minimizing the likelihood of future legal challenges or the triggering of personal liability. We also craft solutions that mitigate the risk of successful challenges to your transaction during the applicable preference periods or set asides under avoidance rules. Our team members have extensive experience in handling contentious issues arising from restructurings and insolvencies and can advise you across the CEE/SEE region on investigation, enforcement, litigation and asset recovery.

Whether you are in financial distress or face crises such as an administrative or government investigation, a cyber-attack or data leak, the last thing you want is the wrong message in the media making the situation worse. We work together with specialists in crisis PR to ensure the right message goes out. We also help in putting crisis management and communication plans and procedures in place, so that if it comes to the worst, you are well prepared.

Nikolaus Paul
T. +43 1 51510 5430
F. +43 1 51510 665430
Schubertring 6
1010 Vienna
Eva Spiegel
T. +43 1 51510 5120
F. +43 1 51510 665120
Schubertring 6
1010 Vienna
Nataša Lalović Marić
Lalović Marić
(independent attorney-at-law in cooperation with Wolf Theiss)
T. +381 11 330 2900
F. +381 11 330 2925
Bulevar Mihajla Pupina 6
11070 Belgrade
Lech Giliciński
T. +48 22 378 8900
ul. Mokotowska 49
00-542 Warsaw
Areas of Specialisation

Insolvency, De-leveraging & Bankruptcy

If you are a creditor we can represent you in domestic and cross-border insolvency proceedings, asset recovery and claims enforcement, as well as in negotiations with bankruptcy administrators or in the acquisition of assets out of insolvency proceedings. We help you in de-leveraging bank assets and advise on bankruptcy filings and restructurings to help minimise future legal challenges and potential liability hazards. We also address risks stemming from challenges to your transaction, from their characterisation as preferential to their cancellation under avoidance rules. You can also rely on our considerable experience in insolvency-related litigation. Learn more about our Litigation practice.

Debt Restructuring

You benefit from our long experience in successfully advising clients on complex financial products, financings and restructurings. This allows us to propose solutions best tailored to your commercial needs; allowing you to plan ahead and most effectively manage risk. We advise you on all manner of debt restructurings and work-outs, including debt re-financing and debt for equity swaps, as well as on the acquisition or sale of distressed debt. Our extensive coverage allows us to handle this seamlessly for you throughout the region.

Non-Performing Loans

Due to shrinking liquidity and the current recessionary environment, NPA and NPL transactions have become a world-wide phenomenon. This is especially true in the CEE/SEE region. Whether you are on buy-side or sell-side, you can rely on our considerable experience advising on all aspects of NPL transactions, often working under extremely challenging timeframes and under applicable local laws. We frequently provide work-out advice and if you are an investor we can support you in developing new financing concepts and strategies following an NPL acquisition. We also advise you on non-classic solutions such as sell-ons and specific restructurings. Learn more about our Banking & Finance practice.

Real Estate Restructuring

Both healthy and troubled institutions sometimes struggle with their portfolios of non-performing loans and other real estate owned assets (OREO); seeking to identify solutions for effective NPA management and dispositions. Our specialized Real Estate team can advise you on cross-border real estate restructuring, property financing restructuring, real estate work-outs, and the distressed sale and acquisition of real estate. Our advice includes drafting creditor stand-still agreements, assisting with the shut-down of properties as well as with the sale of real estate or leasing portfolios, and the granting and enforcement of securities.

Corporate Restructuring

Whether carried out as part of an M&A transaction, due to financial distress or for tax optimisation reasons, we can advise you on all legal and tax aspects of company reorganisations and cross-border restructurings of groups. This includes intra-group restructurings by way of mergers, cross-border mergers, cross-border transformation of companies, transfer of intra-group companies, conversions, contributions, de-facto splitting and share capital increases. We help you in developing restructuring plans best suited for your business, and in implementing these plans. Our full scope service means that we can cover all related aspects such as finance, real estate, state aid or employment issues. Saving you time and nerves. Learn more about our Corporate, Commercial & M&A practice.

Distressed M&A

You benefit from our experience in all types of distressed transactions; from domestic and cross-border group restructurings aimed at reducing the debt burden of companies, to advising debt or equity stakeholders on optimizing their legal position in the course of implementing reorganizations and turnarounds. When it comes to distressed M&A, our corporate and insolvency lawyers work hand in hand with banking and litigation experts to advise you on the acquisition of companies on the brink of insolvency or already in liquidation. This can be tricky and you need an advisor who recognises the risks and knows how to manage these. Our clients include companies, international, regional and national financial institutions, lenders, alternative debt and equity providers as well as special situation funds. Learn more about our Corporate, Commercial & M&A practice.

Press Releases

Newssquare  Wolf Theiss sees distressed M&A rising as CEE Economy slows

Warsaw, 16 October 2019 – Growing uncertainty about the global economic outlook has cut M&A activity in Central and Eastern Europe this year despite...

Newssquare  Wolf Theiss advises DDM Group and B2Holding in the Acquisition of an 800 Million (Face Value) NPL Portfolio from HETA

Vienna/Zagreb, 17 January 2019 – DDM Group, a multinational investor and manager of distressed assets, together with B2Holding, a leading player in...

Newssquare  Wolf Theiss vertritt Steinhoff beim Verkauf des Kika/Leiner Immobilienportfolios an die Signa-Gruppe

Wien, 21. Juni 2018 - In einem Herzschlagfinale ist es der Steinhoff-Gruppe am Donnerstag gelungen, mit rechtlicher Unterstützung durch Wolf Theiss...

Newssquare  Wolf Theiss Warsaw Conference Discusses Management Liability in M&A Transactions

Warsaw, 28.03.2018 – Increased volatility on financial markets is putting pressure on company management teams when setting valuations in M&A...

Newssquare  Wolf Theiss Supports Young Lawyers’ Career Development

Warsaw, 14 March 2018 – Members of the Wolf Theiss Warsaw team attended the Law Career Fair (Prawnicze Targi Praktyk i Pracy) on March 13, presenting...


Wien/London, 21. April 2017 - Wolf Theiss wurde bei der Verleihung der 2017 International Financial Law Review European Awards mit dem Preis...

Client Alerts / Newsletters

Newssquare  Significant changes brought to the romanian insolvency legislation by government emergency ordinance no. 88/2018

On 2 October 2018, the Romanian Official Gazette published Government Emergency Ordinance, ("GEO 88/2018"), for the amendments of certain regulations...

Newssquare  Romanian Law Implementing The GDPR Has Been Submitted To The Senate

On March 14, 2018 the Romanian law for implementing measures on EU Regulation no. 2016/679 on the protection of individual rights with regard to the...

Newssquare  New Court Decision Confirms that Enterprise Pledges under Bulgarian Law Remain an Efficient Tool for Lenders

In its decision of 3 January 2018, the Sofia City Court followed Wolf Theiss' argumentation and confirmed that the privilege of first ranking...

Newssquare  Lex Mercator Passed in Slovenia in Response to Agrokor's Distress

The New Law Aims at Protecting Entities against the Negative Effects of Insolvency by their Majority Owners


On 6 April 2017 the Croatian Parliament passed the Act on Special Administration Procedure for Companies of Systemic Importance for the Republic of...

Newssquare  Claims Settlement Order in Bankruptcy Proceedings Declared Unconstitutional

The Constitutional Court of FBiH has found that the current order of settlement of workers' claims in bankruptcy proceedings is unconstitutional.


Almost two decades after being adopted following the model of the World Bank and UNCITRAL for non-possessory registered pledges, the Special Pledges...

Wolf Theiss Guides

Newssquare  Restructuring Loans and Enforcement of Security

The most important lessons learned since the collapse of Lehman Brothers are that no bank is too big to fail and that national banking systems are...

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