The new insolvency law offers for Companys Many advantages - but not only: Even as a creditor, you now have more say - for example, through your participation in the creditors' committee.

The reform of the bankruptcy law (ESUG) for debtor creditor companies

The ESUG from the perspective of the debtor

The first stage of the so-called insolvency law reform came into force on March 01.03.2012st, 2013. The second stage is already in the pipeline and is expected to come into force in major parts of the law at the beginning of 2012. The third and final stage is also being planned. Which new regulations do entrepreneurs have to observe from March XNUMX? This reform of the bankruptcy law goes by the beautiful name “Law to further facilitate the restructuring of companies” (ESUG). What do companies have to consider since March?

If the company finds itself in financial difficulties, this does not have to be due to its own mismanagement. payment defaults of customers, delivery bottlenecks by suppliers, political unrest in a main customer area can also fast lead to insolvency or temporary insolvency.

The so-called opening application at the insolvency court should always be rounded off with the detailed information on the liabilities. There is even the need for legislation in medium-sized to large companies, or if the self-administration is requested or a creditors' committee is to be set up.

What information is required for the application?

The books on the subject (advertising)

Tip: You can also use this text as a PDF or an eCourse on the subject download. You can also find it in the shop exciting inspiration to experience your success, plus offers & news in Newsletter ! (Advertising)

The following list must also contain the following information:

Incorrect information and late application

If false statements are made in the opening request, this can also lead to criminal liability for the debtor, such as a late or unsuccessful application for bankruptcy! If time is short, you should submit the list (incomplete) and ask for a deadline for the correction.

Attention! If the opening application for a corporation is filed too late, the person liable under civil law is obliged to pay an advance to cover the costs of the proceedings (managing director or shareholder involved). This payment is not recommended in advance. It is a guilty admission that the request was made too late.

What does self-administration mean?

Discounts for your success (advertising)!

So-called self-administration was strengthened by the new insolvency law. If there is only a threat of insolvency or over-indebtedness, you can use the protective shield of self-administration to carry out the restructuring to plan and start. How do you get self-administration now?

Self-administration can be done via two ways run. One is: you apply for it directly. The second way to self-administration would be for the constituted creditors' committee to apply for or approve self-administration before the court. An overview:

You apply for self-administration directly - necessary applications are:

Rejection of the application

The application should only be rejected if the rehabilitation appears to be obviously hopeless. This would be the case, for example, if there is no viable reconstruction project, or the rehabilitation is not supported by the creditors.

If the application is rejected and there is only an imminent insolvency, they can also withdraw this application in order to avoid the opening of a regular insolvency proceedings.

Self-administration and experts

If the application is approved, you will be assigned a "custodian" who you can usually help determine. As a duet, you have three months to come up with a rescue plan. In the selection of the administrator, the lenders are also likely to get involved in the background.

The advantages are on the Hand. The trustee monitors your business activities to ensure that no creditor damage occurs. However, you keep the reins of action in your own hands.

Protection from the creditors

In the course of self-management, you can now break down unlucrative contracts in order to gain a little liquidity or to continue or expand already existing lucrative contracts.

During this period (a maximum of three months), you are protected against the creditor's enforcement. Within the framework of this protective screen, you can promote the rehabilitation in peace.

Own management by the creditors' committee

As already mentioned, the second way to self-administration would be for the constituted creditors' committee to apply for or approve self-administration before the court. Then the court has this product to follow, since obviously no creditor disadvantage will occur.

Conclusion: Self-administration generally does Sinn, because on the one hand process costs are saved and on the other hand you are the economic expert in your business area. On the other hand, if you are a creditor, participation in the creditors' committee offers several advantages.

What advantages does the creditors' committee offer?

In addition to the proposal for self-administration, the creditors' committee may also make a proposal to the court as the insolvency administrator. So you have it in your hands who should save your claims to the greatest extent possible. Maybe you know a very capable person who is best suited for this job.

The provisional creditor committee even has the power to deselect a provisional insolvency administrator. Decisions of the bankruptcy court can be revised in this way.

Convert demand into participation

Also new is that you can convert your claims into a stake in the company Crisis can convert. In the case of a successful renovation, there is a chance of even achieving positive added value.

If the restructuring fails and the company finally goes bankrupt, you don't have to either Anxiety have that a later additional claim will be made. If the conversion of the claim into a participation in a company has been confirmed by a court, no additional claims may be made (§254 Para. 4 InsO).

Further rights for creditors

Incidentally, if you continue to have business relationships with the debtor during the "protective shield procedure" and the bankruptcy procedure follows despite your best efforts, the liabilities that were established during this time are usually so-called bulk liabilities that are primarily satisfied in the bankruptcy procedure.

Conclusion: The first stage of the bankruptcy reform puts the main focus on the possible restructuring of companies and at the same time strengthens the rights of creditors. Should your business be in financial distress, the early application for self-administration helps to bring about a successful restructuring.


Top books on the subject

Read text as PDF

Acquire this text as a PDF (only for own use without passing it on according to Terms and conditions): Please send us one after purchase eMail with the desired title supportberufebilder.de, we will then send the PDF to you immediately. You can also purchase text series.

4,99Buy

Advice on success, goal achievement or marketing

You have Ask round to Career, Recruiting, personal development or increasing reach? Our AI consultant will help you for 5 euros a month – free for book buyers. We offer special ones for other topics IT services

5,00 / per month   Book

Book eCourse on Demand

Up to 30 lessons with 4 learning tasks each + final lesson as a PDF download. Please send us one after purchase eMail with the desired title supportberufebilder.de. Alternatively, we would be happy to put your course together for you or offer you a personal, regular one eMail-Course - all further information!

29,99Buy

Skate eBook as desired

If our store does not offer you your desired topic: We will be happy to put together a book according to your wishes and deliver it in a format of yours Choice. Please sign us after purchase supportberufebilder.de

79,99Buy