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.