The firm is extensively involved in the preparation and implementation of insolvency plans pursuant to §§ 217 ff. of the German Insolvency Code [InsO].
The insolvency plan as conceived under German insolvency law offers various opportunities, with the approval of the creditors concerned, to restructure a business undertaking without resorting to regular insolvency proceedings. For large undertakings in particular, this can provide a meaningful alternative to standard bankruptcy proceedings. Implementing an insolvency plan requires a professional team to be appointed at an early stage. On request the firm can assemble and lead such a team, if appropriate in association with external third parties.
Attorney and insolvency law specialist Dr. Frank Kebekus presented one of the first such insolvency plans for a quoted stock corporation listed on the Neuer Markt in Frankfurt as long ago as the year 2000 shortly after the Insolvency Code took effect. These early proceedings were a source of extensive experience which has proved invaluable in the interplay between insolvency law, capital market and stock corporation law. Particularly in cases of cross-border group insolvencies, where for example European insolvency law may apply, insolvency plans can be used as an instrument of rehabilitation. This can be of particular significance for foreign creditors.