Introduction
Insolvency law can
not only be used to reduce the insolvency proceedings of companies and
private individuals.
We are active far beyond that.
The first step is to
avoid insolvency if possible.
This can be attempted in advance through
negotiations with banks and
creditors, as well as through further
restructuring measures.
In addition, our
area of
expertise extends to preparing insolvency applications and
conducting negotiations with
insolvency administrators. We support
all parties involved throughout the
insolvency proceedings.
This includes topics such as
- registering claims
- participation in
creditors' meetings
- defense against
rescission claims
- Settlement of
contracts
- Enforcement of
special creditor rights, such as
segregation rights and
- obtaining and
denying
In addition, we
also advise on all insolvency-related
aspects of corporate, tax
and criminal law.
What is included in
corporate insolvency law?
Corporate insolvency law
includes the crisis and insolvency
of a company or one or
more company owners who
do not qualify as consumers within the meaning of
§ 304 (1) of the German Insolvency Code (InsO ).
With regard to the most common
legal
person in
Germany, the
person of the company with
limited liability (GmbH),
advice in a crisis is necessary both for the
company itself and for
its shareholders and,
in particular, for its
management.
The managing director of a
GmbH can
not only incur personal liability due to a delayed
filing for bankruptcy not only
exposes the managing director of a GmbH to personal liability,
but can also have criminal implications.
This can even lead to a
ban from practicing their profession.
We advise all parties involved in
regard to:
- eliminating
reasons for insolvency
- avoiding the
realization of
insolvency offenses
- Preparation of the
insolvency application
- Timely
filing for insolvency
- Avoiding personal
liability, e.g. for
Furthermore, it often makes sense for creditors of a
GmbH in crisis to
get competent advice on insolvency law
in order to avoid financial
damage, to avoid deepening financial damage that has already occurred
and to
We advise creditors on:
- insolvency-proof
payment options before
insolvency
- Registering claims
for the insolvency schedule
- Defense against
rescission claims of the
- Preparation and
enforcement of
direct liability claims
What should be done when a
natural person is insolvent
or heavily in debt?
The German Insolvency Code gives every
natural person the opportunity, within the meaning of
§ 304 InsO, to
get rid of his or her liabilities by means of a
so-called
residual debt discharge.
To do this, an
insolvency opening application by the
debtor is required in accordance with the regulation
of
§ 305 InsO and
§
287 InsO.
After the duration of the
declaration of assignment of
generally six years, the
debtor is regularly granted a discharge
from his remaining debt. This
allows the debtor to make
a fresh start.
Since July 1, 2014, there has been
the option of shortening the duration
of the assignment declaration and thus
the insolvency proceedings to five
or three years in accordancewith
§ 300 InsO.
What is important here is that the
exceptions to the granting of the
remaining debt relief
claims are, in contrast to the
previous legal situation, greatly
extended, see
§ 302 no. 1 InsO.
We advise debtors:
- in the context of assessing
their economic situation;
- on the timing and
organizational aspects of
insolvency proceedings
- in out-of-court
debt settlement;
- as part of the preparation
and submission of
-
application for the opening of insolvency proceedings
in accordance with the appendix to the
Consumer Insolvency Form Ordinance
– VbrInsVV
-
Certificate of the
failure of the
attempt at an out-of-court
settlement on
the basis of
personal counseling
and a thorough examination of the
income and
financial circumstances
- Drawing up the
- Drawing up the
- Drawing up the
- Drawing up the
list of claims
-
Application for a deferment of procedural costs
accordingto
§
- Representation of the debtor in
ongoing insolvency proceedings