Dr Franz Bernhard Herding


Franz Bernhard is a German Rechtsanwalt and Co-Head of German Restructuring.

He 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 at the Institute for Law and Finance, 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.


Representative matters

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.

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.

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.

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.

Published Work

  • Herding/Zehlicke/Parzinger (2023), „The combination of German and English restructuring procedures“, ZIP 4/2024, pp 164
  • Herding/Krafczyk (2023), „The involvement of shareholders in the notification of the restructuring plan in the "critical" and "ideal" restructuring window“, ZRI 17/2023, pp 750 
  • 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



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


A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.