Since the introduction of the German Company Restructuring Facilitation Act (ESUG) on 1.3.2012, a large number of companies have been able to use the structuring and restructuring possibilities available under the German Insolvency Code and carry out a restructure within the framework of self-administration or protective shield proceedings.
Unlike conventional insolvency proceedings, with self-restructuring the existing management remains in control. Preserving the existing expertise and the networks built up over many years expedites the restructuring process. Debtor-in-possession management thus also minimises any negative external effect caused by the insolvency. The earlier the possibility of self-reorganisation is explored, the greater the likelihood that this will be arranged and implemented professionally and so lead to the desired success.
Upon presentation of a restructuring certificate in protective shield proceedings, the court grants the company a period of three months to draw up a restructuring plan which enables the legal entity to be maintained.
anchor supports shareholders and managing directors in the preparation and conduct of debtor-in-possession management, protective shield and restructuring plan proceedings. In practical terms, this means we can support the company as CRO in the executive body or as a general representative. In addition, anchor can provide assistance and guidance in drawing up a restructuring plan.