Restructuring – Tailored support for companies in financial difficulties

A strategic analysis is necessary when there are the first signs of liquidity shortages or an imbalance in the financial structure. Restructuring allows you to reorganize your company, settle debts, and avoid insolvency.
Our lawyers specializing in insolvency law will assist you with legal and financial analyses and developing a concrete action plan.

These confidential preventive restructuring measures have no impact on ongoing contracts. They facilitate structured dialogue between companies and creditors.

Our corporate restructuring and reorganization experts will negotiate on your behalf, draft agreements, and protect your strategic interests.

In addition to amicable proceedings, changes in company management, asset sales, contract renegotiations, and new financial partners can be used to counteract judicial insolvency proceedings in a timely manner.
Our lawyers specializing in insolvency law will work with you to develop a comprehensive restructuring plan that considers legal, social, and financial aspects.

A company is considered insolvent if it cannot settle its liabilities with available funds. In France, the law requires that insolvency (cessation de paiements) be reported to the relevant court within 45 days. Failure to comply may result in civil and criminal consequences for management.
In Germany, an application to open insolvency proceedings must be filed within three weeks of the onset of inability to pay or six weeks of the onset of over-indebtedness.
Our lawyers will help you assess the financial situation, identify possible solutions, and prepare the necessary documents. Our goal is to secure your company and select the most suitable judicial insolvency proceedings in France, such as judicial reorganization, judicial insolvency with continuation of business activities, or judicial insolvency with liquidation.

Restructuring financing should be considered as soon as liquidity problems arise, especially if they are accompanied by recurring losses. This measure allows you to adjust your company’s structure, renegotiate liabilities with banks and suppliers, and sell certain assets or business areas.
Our lawyers specializing in insolvency law will work with you to conduct a thorough analysis of your company, identify financial risks, and determine the legal options available to protect your core business activities.

In addition to the measures taken during the initial stages of a crisis, such as negotiating with creditors (banks, suppliers, and customers) or restructuring the company’s structure, Germany offers a preventive procedure under the Corporate Stabilization and Restructuring Act (Unternehmensstabilisierungs- und Restrukturierungsgesetz – StaRUG). Similar to judicial reorganization proceedings, this procedure is applicable only if the company is threatened with insolvency but is not yet insolvent.
Our lawyers specializing in insolvency law ensure the preparation and implementation of such measures, draft the necessary agreements, and represent you in strategic negotiations.

According to § 15a of the German Insolvency Act (Insolvenzordnung – InsO), management is required to apply for the opening of insolvency proceedings within three weeks of the onset of inability to pay or six weeks of the onset of over-indebtedness, whichever is sooner. Failure to comply may result in civil and criminal consequences.
Our lawyers specializing in corporate insolvency will carefully analyze your company’s financial situation, assess the legal consequences, and guide you through the entire process.

Insolvency proceedings typically start with preliminary proceedings to examine the company’s economic situation and determine if there are sufficient assets to cover the costs of the proceedings.
These proceedings may then transition into classic proceedings with an insolvency administrator. Alternatively, if certain conditions are met, the company may enter into a form of self-administration, whereby the company’s management remains in office under the supervision of the court.
One type of self-administration is the protective shield procedure, which is reserved for companies that are economically and operationally viable. This procedure allows for court-protected restructuring based on an insolvency plan.
Our lawyers specializing in insolvency law will analyze your company’s economic and legal situation and recommend the most suitable procedure.

Court-supervised restructuring proceedings are a preventive, voluntary procedure initiated by management before a company becomes insolvent. These proceedings enable control over existing debts, reorganization of the company, and negotiation of a repayment plan with creditors. The goal is to continue business operations under court protection.
Our lawyers will assess your financial situation, help you file an application with the court, and assist you in drawing up a reorganization plan.

This procedure is intended for companies that are insolvent but have the potential for restructuring. It enables them to temporarily continue business activities under court supervision and through the appointment of an insolvency administrator. A restructuring plan can be created that provides for the repayment of debts over several years.
Our lawyers will work with you to develop a suitable strategy and represent your interests in court.

Once the insolvency court determines that the company’s financial or economic situation no longer permits it to continue its business activities, the court initiates either a sale of the company or final liquidation. Liquidation leads to the cessation of business activities and the realization of assets to satisfy creditors. Current contracts may be terminated, and employees may be dismissed.
Our lawyers will help you limit damages, secure realizable assets, and protect management from liability risks.

This decision depends on the company’s financial situation. A quick analysis of liquidity, debt, and future profitability is essential.
Our lawyers will conduct a comprehensive legal and financial analysis and work with you to determine the appropriate course of action for continuing or terminating business activities.

Preliminary insolvency proceedings begin with the filing of a petition with the competent court to open insolvency proceedings. The goal is to evaluate the company’s financial and economic situation, safeguard its assets, and prevent deterioration. The court then appoints a preliminary insolvency administrator to analyze the company’s situation and monitor its essential business activities and ongoing measures.

Final insolvency proceedings are opened after the preliminary phase is completed and the legal requirements – inability to pay or over-indebtedness – are met. An insolvency administrator is officially appointed, or a trustee is appointed in the case of self-administration. During this phase, restructuring, sales, and liquidations are carried out under court supervision.

The process usually takes between four and eight weeks, but it may take longer depending on the complexity of the case. During this time, creditors are notified but cannot file claims.

This phase establishes the basis for the remainder of the insolvency proceedings. It determines whether the company will continue operating, what the restructuring strategy will be, and whether classic proceedings or self-administration will be used. Our lawyers coordinate communication with the provisional insolvency administrator, the court, and other involved parties, safeguarding the company’s interests at all levels.

Proper and timely filing of the claim is mandatory for creditors to participate in insolvency proceedings and be considered for any insolvency quota determined by the court at the end of proceedings.
Our lawyers will ensure that your claim is formulated and filed in accordance with the law and represent you in any disputes.

Retention of title allows suppliers to reclaim goods delivered under this condition from insolvent buyers through a process known as “separation”, provided that the purchase price has not yet been paid and the suspensive effect of the transfer of ownership has not yet taken effect.
Our lawyers will support you in enforcing this complex legal instrument in cooperation with the insolvency administrator or creditor representative.

Special rules apply to the continuation, termination, or adjustment of ongoing contracts in insolvency proceedings.
Our lawyers will represent your interests when dealing with the relevant bodies and will protect your contractual rights in the event of any disputes.

In principle, yes, but in practice, it should be noted that there is a risk of contesting acquisition transactions in the event of subsequent insolvency when acquiring assets.
Our lawyers specializing in insolvency and M&A law will advise you on acquisition strategy, due diligence, offer preparation, and legal safeguards for the transaction.

Acquiring a company in insolvency can be risky, especially with regard to labor and tax laws and unknown liabilities.

Our lawyers specializing in insolvency and M&A law analyze critical issues and provide support throughout the negotiation and acquisition process to ensure the transaction is legally secure and optimized.

In order to realize synergies and optimize contractual relationships, the legal, financial, and operational integration of an acquired company must be carefully prepared.
Our restructuring experts assist with legal follow-up after a company acquisition, internal reorganization, and adapting contracts and business relationships in France, Germany, and internationally.

Restructuring measures directly impact human resources, especially regarding redundancies, transferring employment relationships, and organizing social dialogue. Early, legally compliant management is essential to minimize labor law risks and ensure business continuity.
Our lawyers specializing in corporate restructuring and labor law can help you develop a labor law strategy that considers French and German labor laws. They will also ensure the legal compliance of all procedural steps.

If restructuring results in job cuts, it may be necessary to draw up a social plan, such as a Plan de Sauvegarde de l’Emploi in France. This sensitive measure must be prepared early on to avoid legal and social risks.
Our labor law experts will support you throughout the process, including negotiations with employee representatives in France (known as the Instance Unique des Représentants du Personnel/IRP) and the works council in Germany. They will also assist with drafting the social plan and ensuring the process is legally sound.

In the context of restructuring, employers must provide employee representatives with comprehensive information, consult with them, and negotiate with them if necessary. Structured social dialogue is essential to ensure legal compliance and avoid conflicts.
Our labor law experts can help you prepare the necessary documents, hold discussions with employee representatives, and ensure compliance with all labor law requirements in France and Germany.

Insolvency proceedings can raise complex international legal issues if a company operates in several countries or has branches abroad. EU Regulation (EU) 2015/848 governs jurisdiction, recognition of proceedings, and protection of creditors’ rights within the EU.
Our international insolvency law experts assist companies and creditors by coordinating primary and secondary insolvency proceedings, clarifying conflict-of-law rules, and enforcing decisions in multiple countries. Our lawyers develop strategies to successfully implement cross-border restructurings.

If a company has a branch in another EU member state, secondary insolvency proceedings may be opened there to protect local creditors, but they must be coordinated with the main proceedings.
Our lawyers specializing in insolvency law facilitate communication between procedural bodies in various countries, protect the rights of local creditors, and coordinate proceedings for uniform and efficient restructuring.

Yes. EU Regulation (EU) 2015/848 on insolvency proceedings allows for coordinated group restructuring. It allows processes to be harmonized, conflicts of interest to be avoided, and synergies between domestic and foreign entities to be achieved.
Our lawyers will support you in developing the right strategy, tailored to your company’s registered office, asset distribution, and legal circumstances in each relevant country.

Management is obligated to act with caution, loyalty, and diligence. In the event of mismanagement or delayed filing for insolvency, management may face personal liability, such as liability for missing insolvency assets or professional disqualification.
Our lawyers specializing in insolvency law can explain how to avoid risks, comply with legal obligations, and document strategic decisions. If a dispute arises, we will represent you in court.

Existing decision-making structures often need to be reviewed and adjusted. Ad hoc crisis or restructuring committees are sometimes necessary, as are strengthened powers for certain management bodies (e.g., the board of directors).
Our lawyers can help you amend articles of association, adjust powers of attorney, and ensure that critical resolutions are recorded in accordance with the law.

Inadequate corporate governance can lead to hasty, erroneous, or unlawful decisions and measures. This jeopardizes the company’s stability and future viability and can result in liability for management and a significant loss of trust among creditors and investors.
Our lawyers analyze your governance structures, identify optimization opportunities, and ensure that your decision-making processes are legally compliant.

In a corporate crisis, shareholders – especially stockholders – play a key role. They make financial decisions and help set the strategic course. Their involvement must comply with the law and the articles of association.
Our lawyers coordinate communication between management, shareholders, and investors to ensure transparency and balance in corporate governance.

The governance strategy after insolvency proceedings depend on the type of proceedings. In classic proceedings, an insolvency administrator takes over the management of the company. In self-administration, the management remains in office but is supervised by a court-appointed trustee. In both cases, management must collaborate closely with the insolvency administrator, trustee, creditors, and works council to overcome the crisis in accordance with the law.
Our lawyers can support you in communicating with these parties.

Management is required to act with caution, loyalty, and diligence. In the event of mismanagement or delayed filing for insolvency, management may be held personally liable for missing insolvency assets, professional disqualification, or delay in filing for insolvency, among other things.
Our lawyers specializing in insolvency law can explain how to avoid risks, comply with legal obligations, and document strategic decisions. If a dispute arises, we will represent you in court.

During times of corporate crisis, management bears a great deal of responsibility toward its employees. Management is obligated to uphold collective participation rights, inform the works council in a timely manner, and negotiate a social plan if necessary. Clear and transparent communication is essential to ensure internal stability and appropriately consider social factors when implementing personnel measures.
Our lawyers will accompany you in discussions with the works council and ensure compliance with all labor law obligations.