Реструктуризация и реорганизация в Австрии: Мнения экспертов

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На сайте CE Interim, we understand that successful turnaround depends on deep local expertise. As part of the Valtus Alliance, we regularly collaborate with restructuring leaders across Europe to share insights from their jurisdictions.

In this interview, Маурицио Риа, Managing Partner at Duke & Kay in Milan, speaks with Кристиан Книшек, Partner at Management Factory in Vienna, to unpack the unique dynamics of restructuring and turnaround in Austria – from legal frameworks to informal agreements that shape real-world execution.

⚖️ Are court-supervised or out-of-court restructurings more common in Austria?

Christian:

In Austria, the preferred route is clearly out-of-court restructuring (außergerichtliche Sanierung). These are confidential, contractual agreements among creditors — based not on strict legal procedures, but on established business practices and trust between stakeholders.

When this consensus-based approach fails, Austrian law offers three court-supervised restructuring procedures:

1. Sanierungsverfahren ohne Eigenverwaltung – for insolvent firms repaying at least 20% to unsecured creditors within two years.

2. Sanierungsverfahren mit Eigenverwaltung – a debtor-in-possession option requiring 30% repayment within two years.

3. Restrukturierungsverfahren – a preventive restructuring framework for companies at risk of insolvency, enabling majority-based debt restructuring через cross-class cram-downs.

These are governed by the Insolvency Code (Insolvenzordnung) and Restructuring Order (ReO).

📘 You mentioned that out-of-court restructurings follow “established practices.” What exactly does that mean?

Christian:

Austria’s restructuring ecosystem is built on mutual understanding. Though informal, two widely accepted guidelines govern most out-of-court processes:

1. Going Concern Prognosis Guidelines (Fortbestehensprognose) – published by chambers and SME research bodies.

2. Principles for Restructuring in Austria (Grundsätze für Restrukturierungen) – a best-practice agreement between leading banks and law firms.

Сайт Going Concern Prognosis is the minimum standard for any restructuring plan: a crisis root-cause analysis, market and competitive landscape assessment, full P&L and liquidity forecasts, and an integrated financial plan — monthly for 12 months, then annual for two years.

The Principles for Restructuring provide a framework for creditor standstill agreements — a “gentlemen’s agreement” among banks to refrain from enforcing loans while a turnaround plan is developed.

These shared norms foster alignment between banks, advisors, interim managers, and lawyers — increasing the odds of a successful rescue.

⛔ What’s the most common mistake companies make during a liquidity crunch?

Christian:

Hope and denial. Management often waits too long, hoping the storm will pass. By the time they act, options are limited and damage is compounded.

Every delay increases creditor exposure, costs, и stakeholder tension.

👷‍♂️ How are employees protected in insolvency scenarios?

Christian:

Austria offers exceptional protection for employees. The Insolvency Remuneration Fund (IEF) ensures all outstanding salaries, bonuses, overtime, vacation, severance, and indemnities are paid — usually within weeks.

Это state-backed scheme makes employees among the most secure stakeholders during insolvency, preserving trust during turnaround efforts.

💼 How do restructuring advisors and interim managers secure their fees in insolvency cases?

Christian:

Inexperienced consultants often end up as unsecured creditors — recovering just a fraction of their fees, sometimes as low as 20%.

Experienced professionals use Austria’s Zug-um-Zug principle — performance against payment — to remain outside clawback risk. In practice, this means:

Prepayment models
Short billing cycles (bi-weekly invoicing)

This structure ensures turnaround professionals can safely contribute to rescue efforts without future legal exposure.

Christian:

We advised KTM AG during its 2024–2025 restructuring. Our team, led by Christopher Klena и Gerhard Wüest, worked closely with the court-appointed administrator to deliver:

Validation of the proposed restructuring plan quota
Full going concern analysis
Liability and avoidance claim assessment
Support for strategic divestments (e.g. MV Agusta и X-Bow)
Coordination with banks and creditors

Ultimately, creditors received a 30% quota — €525 million — with a significant contribution from Bajaj, now the majority shareholder.

🧠 Where did you personally learn the art of restructuring?

Christian:

С сайта Dr. Erhard F. Grossnigg, Austria’s most renowned turnaround expert. His philosophy:

“Start with the balance sheet — not the P&L.”

While many managers focus on cost cuts or headcount, true restructuring begins by designing a new value-aligned balance sheet — restoring credibility, solvency, and a platform for growth.

👥 How well do stakeholders collaborate during court-supervised processes in Austria?

Christian:

Austria enjoys a high-functioning restructuring culture. Creditor cooperation, swift legal mechanisms, and a tight-knit advisory community all contribute.

Сайт ReTurn association plays a big role — regularly bringing together banks, lawyers, and consultants to align around case studies, legal updates, and best practices.

This shared language improves efficiency and fairness in formal processes.

📊 What defines a fair and sustainable restructuring plan in your view?

Christian:

A fair solution requires all stakeholders to contribute — including owners, banks, creditors, employees, and customers.

A sustainable plan must allow for real-world deviation: not everything will go as expected, and new opportunities must be seizable without breaking the structure.

🏦 What role does private equity play in Austrian restructuring?

Christian:

Банки remain the dominant players, especially in SME restructurings. Institutions like Raiffeisen, Erste, UniCredit, and regional banks (BKS, BTV) typically lead the process.

Private equity plays a limited but growing role, often through German special situation funds like Aurelius, Quantum Capital, and Orlando.

Austria lacks domestic PE funds focused solely on turnaround.

💶 Does the Austrian government support distressed companies?

Christian:

Yes — but it’s complex.

Austria Wirtschaftsservice (AWS) provides state-backed guarantees and loans to SMEs in crisis.

Regional agencies like Kärntner Wirtschaftsförderungsfonds (KWF) offer localized support.

These programs can form part of a larger solution — but require bank involvement, a credible restructuring plan, and a formal going concern prognosis.