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Restructuring proceedings

Restructuring proceedings make it possible for insolvent companies to be reorganised and subsequently continue trading.

Caution

These regulations apply to all traders from EU Member States in Austria.

In order to be eligible for restructuring proceedings, companies must be insolvent, at risk of insolvency or in excessive debt.

In the case of restructuring proceedings with the debtor in possession the court will appoint an administrator. They are responsible for supervising the debtor, who retains the ability to use the company's assets and perform legal transactions.

In the case of estructuring proceedings with the debtor not in possession, a liquidator will be appointed and the debtor may no longer make use of their assets.

Applications for the institution of insolvency proceedings and the adoption of a restructuring plan can only be submitted by the debtor. They may be submitted in writing or entered in the records orally before court. When submitting an application, a restructuring plan must also be provided. This restructuring plan must be approved by the majority of creditors.

The application must be filed by:

The restructuring proceedings are instituted by the court, and their institution publicly announced in the online insolvency register. Once the court has provided final confirmation of the restructuring plan, the insolvency proceedings are deemed to be closed.

Deadlines

Companies must submit an application for institution of insolvency proceedings no later than 60 days after becoming insolvent or excessively indebted.

Please note

It is also possible to institute such proceedings merely in the event of a risk of insolvency. This increases the company's chance of survival.

Relevant body

The Regional CourtGerman text (in Vienna: the Commercial CourtGerman text)

Further links

Legal basis

Sections 140 to 179 of the Insolvenzordnung (IO)

Translated by the European Commission
last update: 14 September 2020

responsible for content: Federal Ministry of Justice

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