Schoenherr is assisting Heta Asset Resolution (HETA) in the preparation of the first European resolution pursuant to the European framework for the recovery and resolution of credit institutions on the basis of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions (BRRD). The BRRD was implemented in Austria by the Austrian Banking Restructuring and Resolution Act (BaSAG), which became effective only on 1 January 2015.

Background: On 1 March 2015, the Austrian Minister of Finance notified the Austrian Financial Market Authority that no further measures in accordance with the Austrian Act on Financial Market Stability (FinStaG) will be taken. Consequently, the resolution authority pursuant to the BaSAG has issued a decree on resolution measures with respect to HETA. The decree (mandate decree), which also sets out the adopted resolution measures, has been published on the website of the resolution authority (www.fma.gv.at).

The implementation of resolution measures pursuant to the BaSAG enables HETA to realize a structured wind-down of its assets in accordance with the Austrian Act for creation of a wind-down unit (GSA).

Wolfgang Höller, restructuring expert and insolvency partner with Schoenherr: "We have prepared this important step for HETA and assisted, as the first law firm in Europe, a structured resolution pursuant to the European framework for the recovery and resolution of credit institutions." "After the sale of the South-Eastern European banking and leasing network, HETA can continue to realize the remaining assets on a structured legal basis," added Sascha Hödl, Corporate/M&A and banking restructuring expert with Schoenherr.

HETA is the successor of former Hypo Alpe-Adria-Bank International AG and a wind-down entity pursuant to the GSA since 30 October 2014.

Schoenherr already advised HETA in the consolidation of the Hypo SEE banking- and leasing network in an SEE Holding (now: Hypo Group Alpe Adria AG), which also holds a banking license, as well as in the sale of this SEE network to US-based fund Advent International and the European Bank for Reconstruction and Development (EBRD).

The Schoenherr team advising HETA is led by Wolfgang Höller and Sascha Hödl (both partner) and further includes the Schoenherr partners Thomas Kulnigg, Peter Feyl and Robert Bachner.