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Dr Franz Bernhard Herding


Frankfurt am Main

Herding Franz Bernhard
Dr Franz Bernhard Herding


Frankfurt am Main

Franz Bernhard is a German Rechtsanwalt, partner in Allen & Overy LLP's finance practice and co-head of the German restructuring group. His practice focuses on restructurings and insolvency law; in addition, he advises on many aspects of banking and finance law, for instance on sophisticated acquisition, corporate or borrowing base financings.

As an acknowledged expert in the fields of financing and restructuring, Franz Bernhard has been advising corporates, lenders or investors for many years in refinancing and crisis situations and on the preparation, negotiation and implementation of complex and international restructuring concepts, for instance by way of an out-of-court "consensual" restructuring or debtor-in-possession (Eigenverwaltung) or other court proceedings. He regularly represents creditors in large corporate insolvencies and protects his clients' interests in creditors' committees.

Franz Bernhard lectures, for instance at Bucerius Law School, and regularly speaks and publishes on finance and insolvency law issues. His current focus includes the restructuring of Schuldschein loans, the preventive restructuring framework (StaRUG), the issues of application and recognition in connection with Dutch schemes and UK restructuring plans, but also private debt and direct lending in distressed situations.

Franz Bernhard studied law at the University of Paris (Université René Descartes) and the University of Münster. While writing his doctoral thesis, he worked on corporate law issues for Prof. Dr. Wolfram Timm (Institut für Deutsches und Europäisches Unternehmensrecht, Münster). Afterwards, he spent his legal clerkship at the Berlin Higher Regional Court.

Noteworthy experience includes advising:

  • GERRY WEBER in connection with its comprehensive financial and corporate restructuring process, which also covered Schuldschein tranches held by a large number of lenders.
  • A European banking syndicate on the insolvency of the German and UK Fintyre companies as well as the restructuring of the Italian branch of the Fintyre Group.
  • A banking group in connection with the Wirecard restructuring.
  • A banking group in connection with the insolvency of the Thomas Cook group and the protective shield procedure of Condor.
  • Direct lenders in connection with distressed refinancing and restructuring transactions regarding group companies headquartered in Germany.

Experience highlights

Related articles

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Publications: 21 October 2022

German Insolvency Law adjusted to uncertain times (CovInsAG becomes SanInsKG)

Temporary shortening of the forecast period relating to the over-indebtedness check and other changes until 31 December 2023.

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Publications: 11 March 2022

Webinar: New European restructuring laws: will they work cross-border?

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Publications: 01 March 2021

Covid-19 coronavirus: Amendment to COVInsAG

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Publications: 10 November 2020

Act on the Stabilisation and Restructuring Framework for Businesses

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Banking and Finance



Frankfurt am Main

Bockenheimer Landstraße 2
60306 Frankfurt am Main

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Referendar, Germany, 2003

Assessor, Germany, 2005


First German Law Degree, 2001

Dr iur, Westfälische Wilhelms University of Münster, Germany, 2004

Second German Law Degree, 2005

Published work

  • Herding/Krafczyk (2022), Seibt/Westpfahl (Ed.), Commentary on the Stabilisation and Restructuring Framework for Businesses (StaRUG), "Modification of legal relationship on the basis of a restructuring plan", sec 2-4 of the StaRUG

  • Herding/Krafczyk (2022), Seibt/Westpfahl (Ed.), Commentary on the Stabilisation and Restructuring Framework for Businesses (German StaRUG-Scheme), "The tools of the stabilisation and restructuring framework; general rules of procedure", sec 29-33 of the StaRUG

  • Herding (2021), Handbook Deutsche Kreditmarkt-Standards (DKS), "The restructuring of certificates of indebtedness - DKS guidelines and the German StaRUG-Scheme as a new powerful instrument for tailored restructuring solutions", pp 123

  • Herding/Hoegen (2021), Flöther (Ed.), Commentary on the Stabilisation and Restructuring Framework for Businesses (German StaRUG-Scheme), "The right of avoidance and liability law within the German StaRUG-Scheme", sec 89-91 of the StaRUG

  • Herding/Kranz, "The Dutch Scheme and UK Restructuring Plan - How good are the new restructuring tools", ZRI 2021, pp 123

  • Herding (2020), Theiselmann (Ed.), Handbook on Restructuring law, Restructuring in times of a liquidity crisis, "Bridge loans and restructuring loans", chap. 10

  • Herding/Kranz, "Overview of the European Insolvency Regulation", Platow Newsletter of 28 June 2017, pp 8

  • Herding (2017), Böttcher/Wiebusch (Ed.), Crisis and restructuring of a project financing, "Consensual restructuring as the silver bullet out of the financial difficulties"

  • Herding, "Germany is on the move: the new German insolvency law survives its first test", Corporate Rescue and Insolvency 2013

  • Herding (2005), "Soziale Sicherungssysteme und der Missbrauch einer marktbeherrschenden Stellung iSd. Art. 82, 86 EG - Eine Untersuchung am Beispiel der (tarifvertraglichen) Betriebsrenteneinrichtungen in Deutschland", dissertation