Attorney · Partner · LIEBSCHER Rechtsanwälte PartGmbB

Dr. Marc Liebscher, LL.M.

Capital Markets Law · Bond Restructuring · Insolvency
Berlin / Potsdam
Dr. Marc Liebscher is a Berlin-based attorney specialising in capital markets law, bond restructuring and insolvency, board member of SdK, expert witness to the German Bundestag, and lead counsel in the Wirecard KapMuG proceedings (BayObLG, case no. 101 Kap 1/22).

LL.M. Washington D.C. SdK Board Expert Witness Bundestag
Wirecard KapMuG § 5 SchVG Lecturer Uni Potsdam

Complex legal questions deserve clear answers.

I am an investor rights lawyer: I represent investors, shareholders, bondholders and institutional investors — in capital markets law, bond restructuring, insolvency and corporate law. In bond restructurings I stand exclusively on the creditor side, never for issuers. I advise and represent companies in other contexts — such as crisis, financing and shareholder disputes. This clear position is not a strategic choice but a conviction.

I handle every mandate personally — from the first assessment to the final judgment. No associates, no changes in personnel, no loss of information. For multidisciplinary questions I draw on a network of specialists I have built over twenty years.

I trained in Germany, studied US capital markets law in Washington D.C., completed my doctorate within the DFG Research Training Group of the Universities of Heidelberg, Mainz and Kraków, and for several years was a lecturer in banking law at the University of Potsdam. I speak German, English, French and Polish — because the clients I represent come from seven countries.

As board member of SdK and as expert witness to the Bundestag, federal ministries and the BKA, I bring a perspective that extends beyond any individual case: I know the law as it is being made — and I recognise the consequences earlier than most.

Credentials

Areas of practice

My Focus Areas.

1

Bond restructuring

Joint Representative for Bondholders (Sec. 5 SchVG) and adviser to bondholder committees. Exclusively creditor-side. Cross-border through to shareholder representation in WHOA proceedings (Steinhoff, Amsterdam).
2

Capital markets & KapMuG

Lead counsel in the Wirecard KapMuG (BayObLG, 101 Kap 1/22) — market manipulation, accounting fraud, auditor liability. Complex model proceedings for shareholders and derivatives investors.
3

Insolvency & creditor representation

Joint Representative for Bondholders in numerous proceedings (incl. Pentracor, Schlote, Huber Automotive, Mologen, Getgoods; SoWiTec, Planethic Group AG), creditors committee at Solen. Representation of institutional investors.
4

Corporate law

Court-appointed chairman of shareholder meetings; representation in shareholder disputes and at shareholder meetings. Corporate law together with Anna Liebscher, managing partner.
5

International — Poland & CEE

Formerly admitted as attorney in Poland (German-Polish Centre for Banking Law, Kraków). MüKo InsO: Poland & Ukraine. Representation in Poland, advisory in Ukraine. Editorial board "Osteuropa-Recht". Languages: DE, EN, FR, PL.
6

Expert witness & legislation

Expert witness to the Bundestag and federal ministries; BMJ expert group on shareholder resolution reform (BKR 2026, 596; NZG 2026, 775). BKA adviser; external expert vzbv.
Institutional roles

Where I am active.

SdK

Schutzgemeinschaft der Kapitalanleger e.V. — Board Member

Board member; head of the Berlin office since 2020. One of Germany's leading investor protection associations, founded in 1959.
Bundestag

German Bundestag — Expert Witness

Expert witness to the Legal Affairs Committee and Finance Committee on KapMuG reform and financial market regulation.
BMJ 2025/2026

Federal Ministry of Justice — Expert Group

Expert member of the nine-member working group on the reform of shareholder resolution challenge law.
BKA

Federal Criminal Office — Expert Adviser

Expert adviser to the BKA on complex capital markets crime cases.
vzbv

vzbv — External Expert

External expert on collective redress, capital markets and investment; former deputy chairman of the associations working group.
Berliner Anwaltsverein · Uni Potsdam

Speaker, Banking & Capital Markets Law Group · Lecturer

Speaker of the banking and capital markets law working group, Berlin Bar Association. Lecturer in banking law, Faculty of Law, University of Potsdam.
Phantum · TU München

Phantum (TU Munich) — Pro bono

Pro bono advice to a high-technology student team at TU Munich (development of high-performance UAVs) on financing and sponsorship matters.
Osteuropa-Recht · DGO

Osteuropa-Recht — Editorial Board

Member of the editorial board of the peer-reviewed journal „Osteuropa-Recht" (founded 1954, Nomos), published by the German Association for East European Studies (DGO), Berlin.
Career

Background.

  • 2020since 2020

    LIEBSCHER Rechtsanwälte PartGmbB, Berlin

    Founding partner. Capital markets, bond restructuring, insolvency. Simultaneously: head of SdK Berlin office, board member SdK.
  • 2013 – 20202013 – 2020

    Dr. Späth & Partner, Berlin

    Partner (joined as partner in 2013). Capital markets, bond and insolvency law.
  • 2008 – 20132008 – 2013

    Thierhoff Müller & Partner, Berlin

    Senior Associate. Restructuring, insolvency and capital markets law.
  • 20102010

    Doctorate (Dr. iur.)

    Doctoral thesis on a credit-security-law topic as a member of the DFG Research Training Group "Economic Transformation in Central and Eastern Europe" of the Universities of Heidelberg, Mainz and Kraków; funded by a DAAD scholarship.
  • 2001 – 20082001 – 2008

    Jagiellonian University Kraków · attorney in private practice

    Research associate at the German-Polish Centre for Banking Law; EU pre-accession advisor; attorney in private practice. Numerous publications, lectures and teaching in insolvency, corporate and banking law. LL.M. with a focus on US capital markets law at the Columbus School of Law, The Catholic University of America (CUA), Washington D.C. (2006). Admitted as an attorney in Germany and Poland (2007; Polish admission since lapsed). During this period also: coordinator of the DFG Research Training Group "Economic Transformation in Central and Eastern Europe" of the Universities of Heidelberg, Mainz and Kraków; founding shareholder of a Polish consulting company (sp. z o.o.) for international investors, advising companies from Germany, Austria and the Netherlands.
  • 1999 – 20011999 – 2001

    Legal clerkship (Referendariat)

    Legal traineeship leading to the Second State Examination.
  • bis 1997bis 1997

    Law studies

    University of Tübingen and University of Freiburg.
Publications

Selected publications.

Books & Commentaries

2021

C.H. Beck

MüKo InsO — Munich Commentary on Insolvency Law (Stürner / Eidenmüller / Schoppmeyer, eds.): Poland country report (4th ed. 2021); Ukraine country report up to the 3rd ed. 2016. Standard reference work on German insolvency law.
2024

C.H. Beck

Besgen (ed.), Legal Handbook for Executives, 2nd rev. ed. 2023, C.H. Beck: The executive in corporate crisis, pp. 443–484.
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C.F. Müller

Handbook on Corporate Restructuring (co-editor of the 1st ed. 2012; co-author up to the 2nd ed. 2016) : framework conditions, exit strategies, liability risks in distress.
2006

Berliner Wiss.-Verlag

Liebscher et al., Das neue ukrainische Insolvenz- und Sanierungsrecht. Schriftenreihe des Center of Legal Competence (CLC), Berliner Wissenschafts-Verlag, Berlin 2006, 208 pp.
2010

Nomos

Scope and admissibility of the security pool under Polish law. Vol. 8 of the series ‚Rechtstransformation in der Europäischen Union', Nomos, Baden-Baden 2012, 378 pp.; also doctoral thesis, Jagiellonian University Kraków (doctorate 2010; DFG Research Training Group Heidelberg / Mainz / Kraków, DAAD scholarship).

Academic Journals

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NZI

NZI — Specialist journal for insolvency and restructuring practitioners. Academic articles on insolvency and restructuring law.
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BKR

BKR — Germany's standard journal for banking and capital markets law practitioners. Academic articles on capital markets law.
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NZG

NZG — Academic articles on corporate and company law.

Guest Commentaries

Mai 2026

Capital

Germany wants more shareholders — but protects them too little. Guest commentary on the gap between investor protection policy and legal reality.
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WiWo · BöZ · Finance · BondGuide · Immobilienmanager · Der Aufsichtsrat

Regular guest commentaries on capital markets law, bonds, restructuring and investor protection.
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Handelsblatt · Die Welt

Guest commentaries and expert statements on capital markets and corporate law.

Quoted and consulted by

Financial Times

Bloomberg

Reuters

Handelsblatt

Süddeutsche Zeitung

Die Welt

Capital

WirtschaftsWoche

Börsen-Zeitung

Finance Magazin

BondGuide

ARD

ZDF

n-tv

Deutschlandfunk

WDR

  • Deutsch
  • English
  • Polski