If a company finds itself in crisis, all is not lost: Even in this situation, there is usually enough time for those responsible to take action, as well as many different tools and types of proceedings they can use to counteract and overcome financial difficulties. One of these is protective shield proceedings, introduced with the insolvency law reform in 2012. Protective shield proceedings are a special form of self-administration, in which a company’s management deals with reorganisation of their company autonomously – usually assisted by a reorganisation expert acting as chief restructuring officer (CRO), who provides advice and operational support to management during planning and implementation of the reorganisation. The protection against enforcement by creditors that protective shield proceedings provide also offers greater security and an improved ability to plan the reorganisation. The outcome of the procedure is always an insolvency plan that offers the company multiple opportunities for shaping the company’s future. The eligibility requirements for this type of proceedings, however, are more demanding than those for self-administration or standard insolvency. Protective shield proceedings last three months, after which time insolvency proceedings are commenced and the protective shield is converted into self-administration.