Restructuring proceedings make it possible for insolvent companies to be reorganised and subsequently continue trading.
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 partner with unlimited liability in the case of:
- the managing director in the case of:
- the management board in the case of:
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.
Companies must submit an application for institution of insolvency proceedings no later than 60 days after becoming insolvent or excessively indebted.
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.
- Insolvency register (→ BMJ)German text
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