A crisis is imminent. Valuable time is slipping away – and successful reorganisation is becoming less and less likely. Management fear the loss of control that standard insolvency proceedings would bring – because when an insolvency administrator is appointed all decision-making powers pass to the administrator.
The way out of this situation: standard self-administration proceedings or the protective shield procedure. Both pursue the goal of corporate restructuring, but are nevertheless designed differently. Thus the debtor can suggest even the court-appointed supervisor with the protective shield procedure. Also the procedure is not necessarily made public. But the entrance hurdles are higher, because contrary to the self administration insolvency may be imminent, but not have already occurred. Schultze & Braun analyzes the conditions for both procedures and assumes the implementation. Also in the function of the court-appointed supervisor.
Our range of services in relation to self-administration and protective shield proceedings include:
- Preparation for self-administration proceedings (section 270a of the German Insolvency Code)
- For protective shield proceedings, preparation of the statement required under section 270b of the Insolvency Code.
- Preparation and design of applications for insolvency
- Planning and preparation of insolvency plans with the necessary financial plans and attachments
- Management support and assumption of functions of corporate bodies as CRO (Chief Restructuring Officer) or supporting as court-appointed supervisor