Experience drawn from over 2,500 insolvency proceedings
Clients have been appointing us as their trusted lawyers in insolvency proceedings for over 40 years. We have conducted thousands of cases successfully based on our tried-and-tested principles.
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The following principles guide us when dealing with cases of receivership:
- Achieving the best possible satisfaction of creditors as defined by Section 1 of the German Insolvency Code (InsO)
- Restructuring and continuing company business whenever possible
- Retaining as many jobs as possible
- Achieving independence from all groups of creditors
- Dealing transparently with courts and creditors
- Achieving the lowest possible impact of third-party costs on the insolvency estate
Corporate insolvency: Leading success rates
We restructure companies, safeguard jobs and protect creditor interests on behalf of insolvency courts in the German federal states of North Rhine-Westphalia, Lower Saxony and Saxony. Based on our experience drawn from more than 2,500 insolvency proceedings, we develop plans for restructuring, reorganizing and maintaining business operations wherever possible.
In around 70 percent of successful reorganizations, the average recovery we achieve for unsecured creditors is around ten percent, almost twice Germany’s national average.
Supervision: Auditing and monitoring
As supervisors we monitor the self-administration or protective shield proceedings and represent the interests of the creditors. The company and the restructuring consultant acting for the company are given the freedom necessary to restructure the company sustainably by means of the task assigned to us by the local court. And we will also undertake on cash management if required by the insolvency court and the company.
Group insolvency: Expertise and resources for complex proceedings
Because of their scale and complexity, Group insolvency proceedings require much expertise and extensive resources. You can rely on our knowledgeable, experienced and competent teams to solve the multi-faceted and time-sensitive challenges drawn from our extensive history of successfully completed – and internationally relevant - insolvency proceedings. Our aim is always to avoid any subsequent insolvencies of other companies within the Group.
Consumer insolvency: A new financial start
Personal insolvency is an alarming experience which can have unpleasant consequences. It can, however, represent an opportunity to rid yourself of debt and start your financial affairs with a clean slate. We will support and advise you personally throughout this difficult time and deal with the proceedings for debtors, creditors and the respective insolvency court as smoothly as possible.
Expert opinions: On behalf of the insolvency court
We are regularly commissioned by insolvency courts to produce expert opinions on insolvencies. We outline in these the company history including the reasons for the insolvency, list assets and liabilities and analyze and evaluate claims for avoidance and liability under insolvency law. This allows us to assess when insolvency or over-indebtedness began and when the cause for insolvency first occurred.
Final auditing of accounts: Service for insolvency courts
To ensure the final accounts are fully audited by a third party, we use more than twenty experienced specialists who are well versed in insolvency accounting within the area of insolvency administration. To avoid conflicts of interest, we audit only in cases where we are not acting as insolvency administrators.
- Final and interim accounting audits in accordance with Section 66 German Insolvency Code (InsO)
- Cash audit in accordance with Section 69 Sentence 2 German Insolvency Code (InsO)
- Special audits (e.g., audits of proper business conduct and in cases of non-compliance with resulting liability claims against the insolvency administrator)
- Audits of conformity and fairness of the proposed remuneration for the preliminary and final insolvency administrator and the court-appointed custodian
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