Business restructuring & crisis
Restructure before a crisis turns into insolvency
The earlier you act, the more options you have. We advise managing directors, shareholders and entrepreneurs in crisis: securing liquidity, avoiding personal liability and turning the business around – out of court, in restructuring proceedings or in reorganisation proceedings. As insolvency administrators we know the other side of the table.
Confidential first meeting+43 1 34 601 71office@advokat-wien.atThe clock is ticking – why timing is everything
In case of illiquidity the insolvency petition must be filed without culpable delay and no later than 60 days (§ 69 (2) Austrian Insolvency Code). In case of over-indebtedness: without culpable delay.
Acting too late means personal liability – for creditors' losses, for taxes (§ 9 BAO) and social security contributions (§ 67 (10) ASVG). Criminal liability under § 159 StGB is possible.
An equity ratio below 8 % and a notional debt repayment period above 15 years indicate a need for reorganisation. Without reorganisation proceedings, directors are liable up to € 100,000 each (§ 22 URG).
Your ways out of the crisis
Not every crisis needs insolvency proceedings. Together we choose the route that best protects your business and your assets.
Out-of-court restructuring
Discreet negotiations with banks, suppliers, landlords and authorities. Deferrals, instalment plans, debt waivers – without public proceedings.
Restructuring proceedings (ReO)
When insolvency is likely but has not yet occurred. You keep running the business; a stay on enforcement protects you for up to three months, six months at most in total (§ 22 ReO).
Reorganisation with self-administration
You stay in charge under the supervision of a reorganisation administrator. The plan must offer at least 30 % within two years (§ 169 IO).
Reorganisation without self-administration
An insolvency administrator takes over. Minimum quota 20 % within two years (§ 141 IO); approved by a majority of creditors present by headcount and by value (§ 147 IO).
What we do for you
- Crisis check: liquidity status, over-indebtedness test and going-concern forecast, liability risks for management
- Negotiations with banks, the tax office, the health insurance fund, suppliers and landlords
- Drafting restructuring and reorganisation plans and seeing them through to approval
- Preparing the insolvency petition when it cannot be avoided – correctly and on time
- Representing creditors: filing claims, securities, defending avoidance claims
- Acquiring companies and real estate out of crisis or insolvency – properly structured
Why us
We know what courts, creditor protection associations and administrators look for – and prepare your route so that it holds.
Restructurings often depend on property, shareholdings and contracts. We cover it all.
A crisis does not wait. Confidential meetings – outside office hours if needed.
German, English, Bulgarian, Turkish, Russian, Ukrainian – also for international shareholders and investors.
You stay at the controls. We sit next to you in the cockpit, know the route and the instruments – and when it gets turbulent, we take over.
Frequently asked questions
When do I have to file for insolvency?
In case of illiquidity without culpable delay, no later than 60 days (§ 69 (2) IO); in case of over-indebtedness without culpable delay. Have the situation checked as soon as payments stall.
Can I restructure without insolvency proceedings?
Yes – out of court through agreements with creditors, or in restructuring proceedings under the ReO, which as a rule are not publicly announced.
Am I personally liable as managing director?
Possibly: for creditors' losses if the petition is late, for taxes and social security contributions, and under the URG. Early advice is the best protection.
How do restructuring and reorganisation proceedings differ?
Restructuring proceedings start before insolvency and run under self-administration. Reorganisation proceedings are insolvency proceedings with a plan and a minimum quota.
You are an insolvency administrator – do you still advise companies?
Yes – of course never in proceedings in which we have been appointed administrator. The experience from that role benefits you as a client.
The sooner, the more options.
Call or write to us – confidentially and without obligation.
Confidential first meeting+43 1 34 601 71General information, not legal advice for your individual case. As of September 2026.