Reorganizing and Restructuring

Assessing Insolvency Filing Obligations

Our teams of experienced auditors and lawyers can quickly determine with legal certainty whether an obligation exists to file an insolvency petition. At the same time we investigate the underlying causes of the crisis and its current status so that we can make action recommendations to the relevant decision-makers.

Preparing and Reviewing Insolvency Plans

We assist companies and administrators with preparing insolvency plans. First we analyze the initial situation and the causes of the crisis, and then we identify the necessary restructuring measures. After producing the declaratory part of the plan (including a business plan spanning several years and attachments), we pinpoint how the legal position of the parties is to be arranged.

Preparing and Reviewing Reorganization Concepts and Expert Opinions

To evaluate the opportunities and risks associated with a corporate reorganization, investors, shareholders and other stakeholders rely on thorough business analyses. We assist our clients with preparing and reviewing reorganization concepts and forecasts, produced in compliance with IDW Standard S 6, on the likelihood of the enterprise’s survival. Here we adapt the content and scope of our analyses to match the needs of the relevant target group. We not only produce and validate integrated business reviews, but also assess business models by performing independent business reviews.

Insolvency Advice

As a consequence of the revised German Insolvency Code, which improves restructuring and recapitalization opportunities, insolvency has become a more attractive option compared to extra-judicial reorganization. We assist administrators, insolvency monitors, shareholders, banks, fiscal authorities and investors at every stage of the insolvency proceedings.

Here we help our clients to select and prepare for the appropriate insolvency proceedings. We produce the certification pursuant to Sec. 270b of the German Insolvency Code (IDW Standard S 9) in connection with protective shield proceedings; prepare and validate insolvency, business and liquidity plans in addition to fairness opinions on financial reorganization measures; and perform valuation services relating to insolvency plans and debt-to-equity swaps.

Advice on Legal Persons’ Liability for Their Officers

In litigation over delays in filing petitions in insolvency and with contested transactions, we not only represent executive bodies and administrators but also deliver sound opinions from a business-management and legal perspective on the existence of insolvency or overindebtedness pursuant to IDW Standard ES 11.

M&A Services and Due Diligence in Crises

We assist company directors, administrators and insolvency monitors with M&A transactions relating to extra-judicial reorganization measures and insolvency proceedings.

Fiduciary Activities

Our services also encompass the acceptance of ‘security’ or ‘realization’ trusteeships, including ‘double-sided’ trusteeships.