On Thursday 9 November 2017, numerous guests from leading Austrian and international companies learned first-hand – in the conference rooms of Cerha Hempel Spiegelfeld Hlawati – about new ways to restructure companies prophylactically and about the possible effects that the proposed new EU directive will have on prophylactic restructuring and on giving entrepreneurs a "second chance".
MMag. Marcus Bartl (partner at BDO) reported on current developments and his experience of providing restructuring advice to businesses. Following on from this, Dr. Thomas Trettnak (partner at CHSH) gave an overview of the EU directive, covering the restructuring possibilities that already exist and possible loopholes in Austria.
Lastly, Dr. Ulla Reisch (insolvency administrator and attorney), Dr. Hans-Georg Kantner (head of the insolvency department at KSV 1870), Univ.-Prof. Dr. Andreas Konecny (University of Vienna) and MMag. Marcus Bartl (partner at BDO) participated in a discussion moderated by Hon.-Prof. Dr. Irene Welser (partner at CHSH) that examined the pros and cons of the proposed directive and Austria's role regarding large corporations in Europe.
Dr. Thomas Trettnak (partner at CHSH) added: "I do not weary of emphasising that it's precisely during periods of economic upturn that we should be giving consideration to the next increase in interest rates and to an economic slowdown. The relevant rules applicable to insolvency prevention, like the current proposal for an EU directive, therefore need to be discussed in detail and in a timely manner by all stakeholders. In the presence of experts from all walks of insolvency law, we were once again able to take away a great deal that benefits our practices, and for the good of our clients."