Master distress, together.
Thierhoff Mueller is an integrated firm of lawyers, accountants and tax advisors specialising in insolvency and out-of-court restructuring. With offices in Frankfurt and Leipzig, and an experienced team of 25 motivated professionals, we can offer all the core competences that are required in mastering a distressed situation.
During corporate crises, time and teamwork become more critical. This represents a challenge that we approach on a multidisciplinary level. Our common analysis must result in a clear decision; our projections must ascertain sustainable, positive change. In a distressed situation the need is to reorganise, sell, or in a worst case scenario, liquidate. Such actions require not only competence, responsibility and experience. But also visions and ideas which we develop in close co-operation with you. Master distress, together. This is where our strength is.
We are a team, we work on an intergrated basis and we both encourage and challenge one another. Everyone joining the firm quickly discovers that they are not only expected to contribute ideas, but also to offer guidance. With this in mind, we look for personalities, who are committed to working in the field of reorganisation and insolvency.
We have an extensive network of reputable national and international contacts. With a proven trade record of effective and successful cooperation we are readily available to provide assistance in cross border matters and fields requiring industry specific expertise.
Our partners Renate Müller and Michael Thierhoff are active members of international professional organisations such as INSOL Europe and INSOL International. Michael Thierhoff was president of INSOL Europe, served on Council of the organisations for more than 10 years and is now an Honorary Member. He also served 5 years as a director and member of the Board of INSOL International.
We are part of Andersen Rechtsanwaltsgesellschaft Steuerberatungsgesellschaft mbH which is part of the international network of Andersen Global.
Thierhoff Mueller is certified in all areas in compliance with DIN EN ISO 9001:2015, the insolvency administrators of our partnership are furthermore certified according to the Principles of Proper Insolvency Administration (GOI). This certification expresses the functioning quality management and the consequent focusing on continuous quality assessment and improvement.
Lars Freigang is head of the tax department of Thierhoff Mueller. Before he joined the Leipzig office in 2008 he was working for the partnership Haarmann, Hemmelrath & Partner in Leipzig in the auditing and tax department.
His main work as a tax advisor across locations includes the tax counselling in insolvency proceedings, special reviewing in insolvency cases, tax advisory tasks and supervision con-cerning tax issues for small and medium-sized businesses. Furthermore, Lars Freigang is assigned to the elaboration and plausibility of corporate planning in view of the supervision and execution of restructuring concepts.
Christian Försch is a lawyer with Thierhoff Mueller. He has 12 years of experience in dealing with distressed loans (NPL, SPL and PL) and distressed assets. During that time, he worked in work-out with various German and US special servicers, most recently in leading positions such as team leader, director and authorised signatory. The focus of his work is on real estate and claim transactions as well as on the realisation of related securities.
Certified Insolvency Assistant
Constanze Kreische is working in the insolvency department of Thierhoff Mueller. As a certified insolvency assistant her focus lies on creditor administration, registration of claims, administration of tables and Dividend payments in reference to the insolvency pro-ceedings supported by our company.
Markus Lötschert is a lawyer at the Leipzig office of Thierhoff Mueller. After graduating from University in Passau and clerkship in Dusseldorf Markus Lötschert began his career in 1998 as an attorney with Haarmann, Hemmelrath & Partner in Leipzig. In 2004 he moved to Thierhoff Mueller.
The focus of his work lies on the judicial enforcement of insolvency claims, the juristic counselling concerning the execution of distressed debt, advising companies with labour law issues and the enforcement of judicial Due Diligences.
Christoph Lutz is lawyer in the Leipzig office of Thierhoff Mueller. His responsibilies are mainly the litigation and out-of-court enforcement of claims under insolvency law and company law, Contract law, in particular commercial tenancy and property law as well as Legal Due Diligence. As coordinating quality management appointee he is primarily responsible for the quality management system.
Renate Müller is a founding partner of Thierhoff Mueller and head of our legal department. Qualified as a lawyer and a business graduate from St. Gallen, she looks back on some 15 years of experience. Renate Müller specializes in insolvency, corporate and banking law, as well as related litigation, advising all groups of stakeholders, especially managing directors and management boards, in work-out situations, on exit strategies, work-out concepts and acquisitions of insolvent businesses or distressed-debt. She also advises investors and special servicers in the work-out of distressed loan portfolios.
Renate Müller is a member of INSOL Europe and the Workgroup for Insolvency Law and Restructuring of the DAV (German Bar Association).
Graduate in Business Administration (FH)
Cornelia Pinkert as head of internal administration for all locations of Thierhoff Mueller is entrusted with procurement, internal accounting, supervision of human resources as well as the event management of our partnership.
Axel Roth is head of the insolvency team in our Leipzig office. He began his professional career in 1994 at the Leipzig law firm Striewe & Partner Rechtsanwälte. In 1999 Axel Roth joined the firm Haarmann, Hemmelrath & Partner and was admitted to the partnership as an associate in 2001. Since November 2002 Axel Roth has been regularly appointed by the Insolvency Court of Leipzig as an consultant, preliminary insolvency administrator and insolvency administrator.
The main focus of his work lies on the execution of insolvency proceedings, the juridical counseling in restructuring cases and the counseling of involved parties in insolvency proceedings.
Axel Roth is a member of the VID Verband Insolvenzverwalter Deutschlands e.V. (Registered Association of lnsolvency Administrators), Workgroup for Insolvency Law and Restructuring of the DAV (German Bar Association), Leipziger Anwaltverein (Leipzig Bar Association) as well as a member of the Leipziger Insolvenzrechtsforum e.V. (Leipzig Forum for Insolvency Law).
Business Graduate (FH)
Andreas Schade is a member of the restructuring team of Thierhoff Mueller. The key aspect of his work includes the elaboration of final settlements, accounting, reporting, the preparation of liquidity plans, analysis and processing of data in connection with accounting and liquidity management.
Michael Thierhoff is head of the restructuring team of Thierhoff Mueller and looks back on more than 25 years of extensive experience in restructuring and insolvency matters. Prior to setting-up Thierhoff Mueller in 2004 he was a partner with Haarmann, Hemmelrath & Partner and Arthur Andersen. He advises all groups of stakeholders in work-out situations or matters of insolvency, financial planning, work-out strategies and the acquisition of insolvent businesses or distressed debt.
Being a business graduate (Diplom-Kaufmann) Michael Thierhoff is qualified as a German chartered accountant. Comprehensive advice for stakeholders in distressed situations, German expert opinions on Sanierungsfähigkeit (potential for restructuring), insolvency triggers and the acquisition of distressed businesses and non-performing loans are key areas in Michael Thierhoff's practice. He has been involved in numerous cross-border and cross-jurisdiction insolvencies and restructurings.
Michael Thierhoff is a Past President and Honorary Member of INSOL Europe and has served four years on the board of INSOL International. He is a fellow of the American College of Bankruptcy and the International Insolvency Institute.
Certified Business Administrator (BA)
Stefanie Weise is working for the accounting section of Thierhoff Mueller. Her main working field includes the accounting support in insolvency proceedings, the administration of employees in reference with insolvency law along with accountancy for insolvency proceedings and ongoing proceedings.
Areas of Expertise.
In order to be in a position to offer one-stop insolvency and reorganisation solutions, we maintain an experienced tax department, staffed with tax advisors, tax law and payroll experts, and accounting staff. In addition to offering tax advice for our insolvency cases, the team also advises regular clients.
Tax competence in insolvency proceedings
The administrator takes the helm during insolvency cases. However, he can only manage the case properly provided he has detailed and comprehensive knowledge of the financial situation, and in particular is able to maintain and potentially increase the value of the estate while the business is continuing to trade. Our tax advisory team provides all the ongoing review and forensic skills plus both financial and payroll accounting. For example, we deal with payroll funding, the entire certification process and also ongoing payroll accounting, just as competently as we do the receipts and payments of the insolvency administrator, and where necessary, the pre-filing annual financial statements and all the necessary tax compliance work.
In addition to our insolvency work, we also support and deal comprehensively with the affairs of small and medium-sized clients. In this field, we prepare payroll, accounts, along with annual financial statements and all the tax compliance work.
Real Estate is not immune to distress. We see this as a challenge and seek to overcome the problem by an efficient and sustainable property management.
Partners of Thierhoff Mueller are regularly appointed as property administrators in the Rhine-Main region. In their assignment they are assisted by business consultants, engineers and tax experts with a sound expertise in property management. The scope of properties managed ranges from unoccupied sites in rural areas to complex commercial city properties. In close coordination with the charge holder and the court we determine the solution that fits – from managing an abandoned property to revitalising a commercial property by converting it with the relevant construction work.
Highly efficient for court and creditors
We are the service provider for courts and creditors. For us it goes without saying to take timely possession of the property, assure regular and transparent reporting, proactive communication with the stakeholders and maintaining current accounts.
To meet the broad range of challenges of a property administration it takes a high degree of efficiency, organisation and communication. We achieve this by continuous training of our staff and the consistent use of appropriate IT-tools for property management and reporting.
Since 1993, courts in three German Federal States have appointed Partners of the firm as general executors, insolvency administrators and provisional insolvency administrators. We have since reorganised companies, retained jobs and achieved higher than average dividends for creditors in a significant number of cases.
The creditors of the insolvency proceedings where we are appointed find details of progress and the status of the claims verification in the Creditor Information System.
Every good insolvency administrator is backed by a strong team
It requires entrepreneurial skills and sound experience to swiftly and efficiently manage corporate insolvencies in order to achieve a good financial result for the creditors. We address this challenge through high internal quality standards and an integrated team of lawyers, accountants, tax advisors and business graduates. As a result, our insolvency administrators are able to call upon a strong internal team of advisors whenever they need them. Other insolvency administrators also regularly call upon our competence in the fields of planning, controlling, restructuring and insolvency law, when dealing with larger insolvency cases.
Social skills as a success factor
Social skills and an absolute willingness to do everything necessary to achieve, are often needed in order to balance the complex interests involved in insolvency proceedings. The interpersonal skills of the insolvency administrator represent a very important factor in the success of insolvency proceedings. Only leaders who make people feel that they are taking adequate account of them and are representing their interests will be capable of conveying uncomfortable truths and of convincing them to accept what needs to be done. We are sure of this, and it represents one of our basic tenets.
Commitment in cross-border insolvency cases
Over recent years, insolvency law has become a more international field. Ever since we started, Thierhoff Mueller has maintained a close working relationship with numerous reputable professional firms in all major jurisdictions. These relationships are key for prompt and efficient solutions in cross-border cases. Our partner, Michael Thierhoff, has also been actively involved for years in the expert organisations INSOL International and INSOL Europe.
Our partners look back on more than 20 years of experience in providing expert opinions that will stand up in court for a range of aspects relevant in crisis situations and insolvency cases. We offer this service both to our own insolvency administrators and for third parties.
Our many years of experience in the preparation of opinions means that our accountants and tax advisors have the imperative forensic intuition and the ability to efficiently highlight details of weaknesses and transactions likely liable to manipulation. Whenever necessary, our contacts with reputable IT service providers assist us during data processing and data mining.
Our typical expert assignments involve:
- Opinions to establish the point at which a company's became over-indebted;
- Opinions to establish the point at which a company became insolvent;
- Opinions in relation to the nullity of annual financial statements;
- Documentation on avoidance circumstances that will stand up in court;
- Documentation on irregularities that will stand up in court.
One of the largest and most important economic sectors in Germany is the property market. Being independent of the volatility of stock and bond markets, it constitutes an immense significance for our national economy in Germany.
Consequently, due to their volume and complexity, investments in real estate are subject to a careful and comprehensive legal due diligence and reasonableness test. In this field, we have been guiding our domestic and international clients for many years in contemplated transactions. The wealth of our legal and real estate know-how applies equally to asset and share deals as well as to the assessment and solutions for land register related legal issues.
Naturally, legal requirements of portfolio properties form a focus as well in our day-to-day business. Residential and commercial lease agreements as well as lease agreements for operator-run properties are equally part of our expertise services.
We are aware of the fact that legally sound expertise is essential to our clients, but business aspects should not be out of focus. Thus, we provide the basis for an assessment of our clients that appropriately considers the economic significance of a real estate investment.
This is also reflected in the wide range of real estate we are dealing with. It is irrelevant whether residential, office or retail properties are paramount, just as logistics, specialty retail centres, hotels, nursing homes, rehabilitation clinics or garages. In all real estate and risk categories we look back on a long track record of expertise, guiding our clients successfully with core, core plus, value added and opportunistic real estate.
Legal advice in a crisis situation.
Our know-how in the field of legal advice in a crisis is based on highly specialised expertise, combined with the necessary knowledge in the areas of corporate, employment, banking, property and enforcement law. The fact that we focus on reorganisations and insolvency means that many of our cases involve significant business, accounting and tax aspects alongside their legal dimension. In such cases, the integrated approach of our partnership enables us to contribute critical know-how for an efficient solution for our assignments.
Reliable and objective representation and bespoke solutions
Our special knowledge enables us to analyse circumstances, present a bespoke solution and offer practical hands on support to our clients during its implementation. We seek in particular to achieve an optimum solution for our clients through negotiation. If this goal proves unattainable, we are able to fall back on our extensive litigation experience.
Our practice fields include:
- Advising Managing Directors and Management Boards during crisis situations: by actively assisting in day-to-day business, we ensure that circumstances that are of relevance in terms of personal liability and criminal law are identified and avoided;
- Advising and representing creditors during out-of-court reorganisations and vis a vis insolvency administrators in insolvency proceedings;
- Advising investors and special servicers during the work-out of non-performing property loan portfolios;
- Advising investors on the acquisition of companies in distress or insolvent companies;
- Litigation pursuing and defending against claims in crisis situations.
We are aware, from experience, that a sustainable restructuring solution always requires careful analysis of the situation. We achieve this with the necessary entrepreneurial skills and sound business judgement when it comes to changes.
Our client's success is our overriding goal. To achieve this, determination and excellent interpersonal skills are critical, to gain acceptance for the necessary changes and to actually implement them. With this in mind, we are prepared to commit beyond the remit of a typical advisor and assume responsibility.
Corporate restructuring - one stop solutions
Especially in reorganisation projects our integrated approach is of proven value. Our ac-countants, business graduates, lawyers and tax specialists cover all the required skills for a company reorganisation: from Independent Business Review to preparing, validating, negotiating and implementing reorganisation plans, right up to designing and implementing insolvency plans and supporting reorganisation processes (monitoring).
We use the scenario software tool "Professional Planner" to prepare integrated cash flow, income statement and balance sheet projections and the budget to actual analysis.
Where detailed knowledge of individual industries is necessary, we cooperate with experi-enced partners. Especially in relation to the automotive industry, retail and half care we are able to provide meaningful credentials.