Wolf Theiss

INSOLVENCY, RESTRUCTURING & CRISIS MANAGEMENT

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.

Contact
Nikolaus Paul
Nikolaus
Paul
Partner
T. +43 1 51510 5430
F. +43 1 51510 665430
Schubertring 6
1010 Vienna
Austria
Eva Spiegel
Eva
Spiegel
Partner
T. +43 1 51510 5120
F. +43 1 51510 665120
Schubertring 6
1010 Vienna
Austria
Nataša Lalović Marić
Nataša
Lalović Marić
Partner
(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
Serbia
Lech Giliciński
Lech
Giliciński
Partner
T. +48 22 378 8900
ul. Mokotowska 49
00-542 Warsaw
Poland
Lawyers
Nataša Lalović Marić
Nataša Lalović Marić
Partner
(independent attorney-at-law in cooperation with Wolf Theiss)
Klara Miletič
Klara Miletič
Partner
- Law Office Klara Miletič d.o.o.
Isabel Firneis
Isabel Firneis
Senior Associate
George Ghitu
George Ghitu
Senior Associate
Zeno Grabmayr
Zeno Grabmayr
Senior Associate
Michał Kulig
Michał Kulig
Senior Associate
Maria Nikolova
Maria Nikolova
Senior Associate
Simon Tecco
Simon Tecco
Senior Associate
Jasmina Uzova
Jasmina Uzova
Senior Associate
Sergii Zheka
Sergii Zheka
Senior Associate
Alexander Zollner
Alexander Zollner
Senior Associate
Andreea Anton
Andreea Anton
Associate
Sorin Dumitru
Sorin Dumitru
Associate
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  Postponing Restructuring until after the Pandemic threatens creditors and the economy as a whole

Warsaw, 25 May 2020 – Postponing the obligation to file for bankruptcy for a period after the outbreak has been declared may be abused. There is a...

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...

Newssquare  WOLF THEISS FREUT SICH ÜBER IFLR AWARD 2017: HETA-DEAL ALS "RESTRUCTURING DEAL OF THE YEAR" GEKÜRT

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  SLOVAKIA: new rules governing the liquidation of companies are intended to offer more protection for creditors

On 1 October 2020, a new amendment to the Commercial Code and related laws became effective in Slovakia, introducing, among other things, several...

Newssquare  FURTHER TIGHTENING OF FOREIGN DIRECT INVESTMENT SCREENING IN HUNGARY

On 17 June 2020, the Hungarian Parliament reconfirmed in a new act the rules adopted by the Hungarian Government earlier in May 2020 which...

Newssquare  SLOVENIA ADOPTS FOREIGN DIRECT INVESTMENT SCREENING MECHANISM

On 31 May 2020, a third legislative package to contain the consequences of the COVID-19 epidemic ("Act") introduced a screening mechanism for foreign...

Newssquare  SLOVENIA – NATIONAL ASSEMBLY ADOPTS NEW INTERVENTION ACT PROVIDING SUPPORT FOR POST-EPIDEMIC PERIOD

Simultaneously with the official end of epidemic in Slovenia on 31 May 2020, the second set of intervention measures (ZIUZEOP) ceased to apply. Since...

Newssquare  AUSTRIA - CORONA-RELIEF FUND – GUIDELINE FOR GRANTS TO COVER NON-REPAYABLE FIXED COSTS IN THE TOTAL AMOUNT OF EUR 8 BILLION (FROM THE CORONA-RELIEF FUND)

Starting from 20 May 2020, companies damaged by the effects of COVID-19 can apply for a non-repayable grant to cover their fixed costs ("Fixed Costs...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 62 - 66 - 17th – 19th May

For today's newsletter we shall analyze the following legislation concerning the newly adopted alert status in Romania:

•Government Emergency...

Newssquare  COVID-19 AND RECAPITALISATION STATE AID: PUBLIC SUPPORT FOR COMPANIES IN THE FORM OF EQUITY OR HYBRID CAPITAL INSTRUMENTS

On 19 March 2020, the European Commission ("Commission") adopted a new Temporary Framework for EU State aid. With the adoption of the Temporary...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 54-59 – 8th May - 12th May

Newssquare  Slovenia – Courts in times of Corona

The amendment to the COVID-19 Measures Act published on 30 April 2020 is the first step towards a continuation of judicial proceedings. The president...

Newssquare  SLOVENIA ADOPTED MUCH AWAITED LIQUIDITY MEASURES FOR BUSINESSES

On 1 May 2020, the Act on Additional Liquidity to the Economy to Mitigate the Effects of the COVID-19 Infectious Disease Epidemic ("COVID-19...

Newssquare  POLAND: RESCUE PACKAGE 2.0

Poland – In connection with the spread of the COVID-19, further legislative steps were taken at the end of last week: over 60 Polish acts were amended...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 33-37 – 16th-21st April: Employment

For today's newsletter we shall analyze the measures adopted by the following:

• Press release issued by the Ministry of Labor and Social Security...

Newssquare  Insolvency Proceedings under the new Lex Covid Justice – Covid-19 legal update

On 17 April 2020, the Senate approved a draft law aiming to mitigate the impact of the COVID-19 pandemic on persons involved in various legal...

Newssquare  Lex Covid: relief for legal entities

On 17 April 2020, the Senate approved a draft law aiming to mitigate the impact of the COVID-19 pandemic on persons involved in various legal...

Newssquare  AUSTRIA - CORONA-RELIEF FUND - GUIDELINES FOR THE ISSUANCE OF GUARANTEES AND DIRECT LOANS FROM THE EUR 15 BILLION CORONA-RELIEF FUND

By way of Ordinance BGBl. II 143/2020, and on the basis of Section 3b para. 3 of the ABBAG-Act (3rd COVID-19 Act, BGBl. I No. 23/2020), the Ministry...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 28-32 – 13th-15th April: Employment/Dispute resolution/Healthcare/Corporate/State-Aid

For today's newsletter we shall analyze the measures adopted by the following:

• Presidential Decree no. 240/2020 on extending the emergency status;...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 23-25 – 8th-10th April: State-Aid/Healthcare/Banking & Finance

For today's newsletter we shall analyze the measures adopted by the following:

• Military Ordinance no. 8/2020;

• Government Emergency Ordinance no....

Newssquare  State support measures available for companies in Romania in the context of Covid-19

First, the Romanian Government approved, via GEO 30/2020, a support scheme for technical unemployment (furlough). In an attempt to prevent dismissals...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 22 – 7th April: State-Aid/Healthcare

For today's newsletter we shall analyze the measures adopted by the following:

• Military Ordinance no. 7 ("MO no. 7/2020");

• Government Emergency...

Newssquare  HUNGARY: CHANGES IN RULES OF CIVIL PROCEDURE DURING COVID-19 CRISIS

Due to the COVID-19 crisis, the Hungarian government has declared a state of emergency as of 11 March 2020 by Government Decree 40/2020 (III.11.). As...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Days 18 - 21 3rd – 6th April: Banking & Finance/Employment

European and national finance authorities are pushing for deadline extensions during the COVID-19 pandemic in order to help regulated entities. The...

Newssquare  SLOVENIA'S SECOND COVID-19 LEGISLATIVE PACKAGE PROVIDES BREATHING SPACE FOR DEBTORS

On 2 April 2020, the Slovenian Parliament adopted the Act on emergency measures to control the COVID-19 epidemic and mitigate its effects on citizens...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 17 – 2nd April: Healthcare/Employment

The State measures aimed at limiting the effects of the pandemic continue with a relaxation of the regulatory authorization process of the medical...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Days 12-16 28th March – 1st April: Healthcare/Banking/Employment/Fiscal

As the emergency status continues in Romania a long list of measures have been taken in the last recent days. As such, the Government established a...

Newssquare  COVID-19 AND STATE AID

In situations such as the current COVID-19 pandemic, governments are pledging to support businesses which suffer from the public health measures aimed...

Newssquare  Changes to Austrian and European Competition rules amid COVID-19 pandemic

The coronavirus and the effort to slow its spread have affected our lives in various ways: our health of course, our social contacts, the economy, and...

Newssquare  COVID-19 Logbook: Romanian Legal Updates – Day 10-11 – 26th-27th March: Healthcare/Banking and Finance/Dispute resolution/Competition

As the emergency status continues in Romania: (i) the Judges section of the Supreme Council of Magistrates ("CSM") has decided to step in to unify the...

Newssquare  BOSNIA AND HERZEGOVINA INTRODUCES INTERIM RELIEF MEASURES TO ASSIST LOCAL BANKS IN MITIGATING NEGATIVE CONSEQUENCES OF THE COVID-19 OUTBREAK

On 20 March 2020, the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) and the Banking Agency of Republika Srpska (BARS), the...

Newssquare  COVID-19 Logbook: Romanian Legal Updates - Days 8-9 – 24-25 March: Social/Banking/Employment/Competition

We continue our COVID-19 Logbook: Legal Updates series and we follow up today with measures taken by the Government to limit the movement of people....

Newssquare  Are Polish distressed assets selling more smoothly?

Can distressed assets be disposed of more quickly during the upcoming economic downturn? On 24 March 2020, amendments to the Polish bankruptcy law...

Newssquare  M&A in times of Covid-19 – Watch out for new developments

We expect that the world of M&A will look quite different in the coming weeks. Will M&A die down completely? Probably not, even though there might be...

Newssquare  COVID-19 Logbook: Legal Updates - Day 5-7

We continue our COVID-19 Logbook: Legal Updates series and we follow up today with measures taken by the Government as to boost the business...

Newssquare  COVID-19 Legal update – Czech Republic

As of 12 March 2020, a state of national emergency has been declared in the Czech Republic by a decree of theCzech government (No. 69/2020 Coll.) for...

Newssquare  HUNGARY: NEW LENDING MARKET PROVISIONS DUE TO COVID-19

Due to the COVID-19 outbreak, the Hungarian government has declared a state of emergency as of 11 March 2020. On 18 March 2020, the Hungarian...

Newssquare  COVID-19 LOGBOOK: ROMANIAN LEGAL UPDATES - DAY 3&4 – 18&19 MARCH: SOCIAL/EMPLOYMENT/CORPORATE/TAX

As the next round of our regular coverage on the rapidly changing situation in Romania, we follow up today with updates on the new Military Ordinance...

Newssquare  COVID-19 Logbook: Legal Updates - Day 1&2

COVID-19 Logbook: Legal Updates is an initiative undertaken by the Bucharest Office of Wolf Theiss as to keep all clients, partners and the Romanian...

Newssquare  THE COVID-19 LAW - AUSTRIA

Austria has implemented a range of laws and regulations to address and mitigate the adverse consequences of Covid-19 (the "Covid-19 Law"). The...

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...

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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