SCHRADE & PARTNER has a longstanding experience in both preparing and implementing an insolvency proceeding as well as advising managers, shareholders and business partners of insolvent companies. With our experience we help you finding the suitable economical solution based on a sound legal opinion.
The insolvency law rules the procedure of an insolvency proceeding and influences every business relation with an insolvent company. As such it governs the question of when an insolvency proceeding can or must be applied for. On the other side it defines the rights of the insolvency administrator.
Insolvency proceedings aim at reimbursing the creditors, to undo asset transfers and considering how to progress: is a restructuring successful or must the company be dissolved and the assets distributed? The insolvency law provides the insolvency administrator with the necessary equipment. It also gives the creditors various possibilities to influence the proceedings, for example through the committee of creditors. This applies especially if an insolvency plan procedure is implemented. The task for the legal advisers then is amongst others to assess whether reasons for insolvency exist and to advise the managing board towards avoidance of liability.
Business partners of insolvent companies often face claims of the insolvency administrator, because he contests transactions even when they have been already handled. Or such companies have claims against the insolvent company themselves and must enforce them. Such claims often arise from security interests, for example a retention of title, chattel mortgaging or land charges.
Finally aspects of insolvency law must be taken into consideration when drafting contracts, such as business associations, contracts with trading or financing partners. Last but not least contracts of employment with managers agreeing upon an pension scheme must be mentioned here.
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