Restructuring & insolvency

We will develop the best restructuring solution for you. Ideally, successful crisis management starts with a functioning compliance management system identifying the crisis as quickly as possible. This ensures that valuable time is not lost for restructuring. The focus of the restructuring measures to be taken is keeping the business running and avoiding the company’s governing bodies becoming liable. By analysing the status quo, a recovery plan can be quickly put in place in coordination with the affected stakeholders.

Depending on the situation, restructuring may then take place before insolvency, particularly by means of a restructuring plan and use of the instruments of the stabilisation and restructuring framework (“StaRUG”). Restructuring using a “protective shield” or insolvency proceedings under administration or debtor-in-possession management with an insolvency plan or by way of a “transferring insolvency” may be a good idea. We will examine all of this for you and together take the best way forward.

Insolvency or restructuring is often linked with changes to ownership structure or change in shareholders. This can be by taking on a financial investor.  M&A deals connected to a crisis or insolvency, however, have other requirements than would normally be the case. M&A deals when the business is in crisis are done under much higher time constraints for the key stakeholders to act. At the same time, such transactions are often particularly complex. Aspects of liability also have to be assessed differently. Our team is very familiar with the particular requirements of such distressed M&A transactions, particularly including acquisitions from insolvency, through insolvency plans and as asset or share deals.

If necessary, we will also support you in examining the question of whether insolvency must be applied for and making the application. In this situation, we advise the company’s governing bodies on the associated liability issues and the particular duties of management in a crisis.

We’ll also give you advice when you are the creditor or the debtor in restructuring financing in a crisis. In a financial or operational crisis , the business can be restructured or recapitalised with loans, bonds, shareholdings and other financial products. We have many years of legal experience with tax, capital markets and businesses that is particularly useful here. 

The communication between companies in a crisis and banks and financing partners is often disrupted. If loans are then declared due, taking out other loans is usually ruled out. In cases like this, we’ll give you support in the form of trust models. If the forecast for continuing as a going concern is positive, a dual fiduciary can be a helpful means of restructuring.