Legal Areas

Insolvency Law & Restructuring

We advise companies, management bodies, shareholders, and investors during restructuring, in legal disputes relating to insolvency, and at all stages of distressed M&A. Insolvency administrators call on us for support in ongoing insolvency proceedings and complicated court disputes. We work closely with our colleagues in corporate law, M&A, litigation, accounting, and auditing.

Restructuring of companies

Companies can find themselves in difficulties for various reasons: a slump in sales, excessively high debt, liquidity problems, the loss of customers, or refinancing risks. Restructuring must address these issues to achieve long-term stability. Early action and thorough scrutiny will help get a company back on track. We support you throughout every phase of restructuring, so you can concentrate on your company’s success. 

At a glance: 

Avoidance of risks:

  • Advising directors and management boards on escaping liability
  • Advising directors, management and supervisory boards on avoiding recourse from insolvency administrators for breaches of duties prior to insolvency or due to the (ostensibly late) application for insolvency
  • Assessing grounds for insolvency (inability to pay, overindebtedness) from economic and legal perspectives 

Reduction of costs:

  • Measures to secure liquidity (e.g., sale of capital assets, business units, sale & leaseback)
  • Redundancies, including negotiating the reconciliation of interests and social plans

Continuation of the company:

  • Debt and loan restructuring
  • Preparing and assessing restructuring concepts (e.g., under the Guidance on Requirements of Restructuring Concepts of the Institute of Public Auditors in Germany, IDW S 6)
  • Advising on restructuring out of insolvency (including under the Act on the Stabilisation and Restructuring Framework for Companies, StaRUG)
  • Advising on insolvency, debtor in possession, and protective shield proceedings
  • Drafting and developing insolvency plans to rescue the company
  • Developing financing concepts

Advising insolvency administrators

As an insolvency administrator and trustee, you skilfully restructure insolvent companies with the aim of satisfying creditors as much as possible. We support you – happily as your legal department – during provisional proceedings and after the opening of insolvency proceedings so that you can optimally oversee procedures both economically and legally. 

Our focus: 

  • Distressed M&A 
  • Developing and analysing insolvency plans
  • Providing organisation and support for continuing operations during insolvency
  • Determining and enforcing liability claims and rights of appeal
  • Insolvency tax law
  • Insolvency labour law (including insolvency plans, mass redundancies, and transfer companies)
  • Developing and negotiating convenience and extended DIP financing
  • Structuring fiduciary arrangements
  • Insolvency administrator liability / professional liability insurance

Advising creditors

As a creditor, you are faced with how to avoid a loss from bad debts and how best to enforce your claims, especially when a contractual partner is insolvent. We provide you with comprehensive advice on the alternatives to ensure the insolvency of a business partner does not result in a crisis for your company. 

Asserting claims:

  • Reviewing and enforcing security interests
  • Providing representation in creditor committees and supplier pools
  • Lodging claims

Loss prevention:

  • Negotiating continuation agreements
  • Collateral security for supply chains
  • Defending you against legal challenges
  • Drafting contracts optimised for insolvency