Debtor-in-possession management – self-administered recovery.
Debtor-in-possession management offers debtors the ability to take action independently and rescue their own company during insolvency proceedings. There are essentially two versions of this self-administration process, as laid out in the German Insolvency Statute (Insolvenzordnung; InsO):
I. Debtor-in-possession management pursuant to Section § 270a InsO
II. Pre-packaged insolvency pursuant to InsO Section § 270b
In debtor-in-possession management situations, various tasks will need to be completed as the company keeps trading. FalkenSteg will offer you its assistance with a range of different approaches to insolvency, whether under debtor-in-possession management pursuant to InsO Section 270a or during a pre-pack pursuant to Section 270b.
We will be happy to support you both with drawing up the insolvency filing and with creating the certification for the request as part of pre-pack proceedings under InsO Section 270b.
We can also help you to understand the complex requirements under insolvency law and factor the resulting implications into your daily business processes; for instance, as part of your ordering and approval processes or to help you identify essential expenses.
In addition, we will be happy to assume responsibility for communicating with all the relevant stakeholders, such as suppliers, customers, administrators and the insolvency court about insolvency-related matters.
As part of the pre-packaged-insolvency proceedings pursuant to InsO Section 270b, we will continue to advise you on preparing the insolvency plan and deciding on the composition of the groups of creditors, as they enjoy immensely important status when it comes to voting on approving the insolvency plan.
How you stand to benefit