German insolvency law offers companies the option of restructuring through insolvency plan procedures in accordance with Article 217 et seq. of the German Insolvency Code(InsO).
Insofar as the creditors' claims are to be met from the current income of the company, an asset statement and a detailed profit and financial plan are to be attached to the insolvency plan.
Upon the preparation of these appendices to the plan in accordance with Article 229 InsO, specific aspects of insolvency law must be taken into account, i.e. the statements on business management in the insolvency plan must correspond to the appropriate legal assessments. When the insolvency plan is drawn up, lawyers who are well-versed in insolvency law usually work "hand-in-hand" with business economists.
An insolvency plan is usually drawn up under deadline pressures (Article 270b InsO specifies a standard period of three months). The commissioning of an efficient team of lawyers and business economists ensures that the insolvency plan can be submitted on time.
You are to determine the restructuring options as quickly as possible. How can you provide support for the preparation of an insolvency plan, if applicable on the basis of a restructuring expert report (IDW S6)? Therefore, the possibility of restructuring can often be implemented as part of an insolvency plan process – in some cases at short notice and with a high degree of creative leeway.