Dr Franz Bernhard Herding
Partner
Frankfurt am Main
Dr Franz Bernhard Herding
Partner
Frankfurt am Main
Contact details
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.
Qualifications
Professional
Referendar, Germany, 2003
Assessor, Germany, 2005
Academic
First German Law Degree, 2001
Dr iur, Westfälische Wilhelms University of Münster, Germany, 2004
Second German Law Degree, 2005
Experience highlights
GERRY WEBER International AG on the comprehensive restructuring in a self-administered insolvency process, in connection with the financing and on ongoing financing and corporate law issues.
Advising of the key financial creditors of the Wirecard group in connection with stabilising the group following a covenant breach and the subsequent insolvency proceedings as well as representing one financial creditor as member in the preliminary creditors committee.
Advising a European banking consortium comprehensively on the restructuring of the Fintyre group, in particular the insolvency of the German and English Fintyre companies, the disposal of Reiff Reifen to Bridgestone as well as the restructuring of the Italian branch of the Fintyre Group by way of a concordato in bianco proceeding.
Ongoing advice to a syndicate of banks relating to A1 Mobil, the operator of the toll motorway section between Bremen and Hamburg, in connection with the ongoing consensual restructuring.
Related articles
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.
Publications: 11 March 2022
Webinar: New European restructuring laws: will they work cross-border?
Publications: 01 March 2021
Qualifications
Professional
Referendar, Germany, 2003
Assessor, Germany, 2005
Academic
First German Law Degree, 2001
Dr iur, Westfälische Wilhelms University of Münster, Germany, 2004
Second German Law Degree, 2005
Published work
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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
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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
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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
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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
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Herding/Kranz, "The Dutch Scheme and UK Restructuring Plan - How good are the new restructuring tools", ZRI 2021, pp 123
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Herding (2020), Theiselmann (Ed.), Handbook on Restructuring law, Restructuring in times of a liquidity crisis, "Bridge loans and restructuring loans", chap. 10
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Herding/Kranz, "Overview of the European Insolvency Regulation", Platow Newsletter of 28 June 2017, pp 8
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Herding (2017), Böttcher/Wiebusch (Ed.), Crisis and restructuring of a project financing, "Consensual restructuring as the silver bullet out of the financial difficulties"
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Herding, "Germany is on the move: the new German insolvency law survives its first test", Corporate Rescue and Insolvency 2013
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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
