Insolvency & Restructuring
In a corporate crisis every day counts. We advise managing directors, shareholders and creditors before liquidity problems turn into personal liability.
We guide companies, their management and their creditors through crisis, restructuring and insolvency. The starting point is almost always the same question: has the company become illiquid (sec. 17 InsO) or over-indebted (sec. 19 InsO), and when does the filing deadline under sec. 15a InsO begin? From there we decide with management whether the business can be restructured under the StaRUG framework, in self-administration or in regular insolvency proceedings. On the creditor side we file claims, secure rights of separation and segregation and defend against clawback claims.
Statutory references follow German law; the section numbers in brackets point to the German provision so that you can pass them straight to in-house counsel or an auditor.
How we help
- Testing for insolvencyIlliquidity (sec. 17 InsO), imminent illiquidity (sec. 18 InsO) and over-indebtedness (sec. 19 InsO), including the filing deadlines under sec. 15a InsO.
- Restructuring out of courtRestructuring under the StaRUG framework with a restructuring plan and stabilisation order (sec. 49 StaRUG).
- Self-administrationRestructuring under own management (secs. 270 et seq. InsO), protective shield proceedings (sec. 270d InsO) and cooperation with the custodian.
- Selling the businessTransfer of the business to a purchaser or a rescue company, including transfer-of-undertaking review (sec. 613a BGB).
- Director liabilityAdvice on the duty to file (sec. 15a InsO) and the prohibition on payments after insolvency (sec. 15b InsO).
- Acting for creditorsFiling claims (sec. 174 InsO), securing collateral and defending clawback actions (secs. 129 et seq. InsO).
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