Insolvency
What is insolvency?
The term ‘insolvency’ is usually used as a synonym for insolvency proceedings (also known as formal insolvency). However, the term also refers to a situation in which grounds for the commencement of insolvency proceedings exist (also known as substantive insolvency).
What types of insolvency proceedings are there?
Under Austrian law, there are currently four types of insolvency proceedings: bankruptcy proceedings, restructuring proceedings under self-administration, reorganisation proceedings without self-administration, and supervisory proceedings limited to credit institutions. Corporate reorganisation proceedings are not insolvency proceedings, as their use specifically presupposes that there are no grounds for the commencement of insolvency proceedings.
Learn more about our insolvency and restructuring division. Please feel free to contact us for further information.