Law Firm of the Year Insolvency and Restructuring


Giving boards of directors more control over insolvency proceedings.
Debtor-in-possession management is a judicial reorganisation mechanism. It emerged following the introduction of the German Act on the Further Facilitation of the Reorganisation of Companies (ESUG) and is an important aspect of modern insolvency law.
As an alternative to standard insolvency proceedings, a company or a creditors’ committee can apply to the court for debtor-in-possession management.

Here, too, acting in a swift, orderly manner is essential for success. Filing a request in good time and presenting well-founded reasons explaining why debtor-in-possession management is the best approach increases a company’s likelihood of being granted legal protection from claims being enforced against its assets.
Where required, we can also assume responsibility as an additional chief restructuring officer (CRO). In these cases, too, we focus our attention on reorganising companies in a way that maximises the chances for the business to survive. Our highly professional and dedicated approach means that we do everything we can to rescue the company, save jobs and satisfy the interests of creditors to the greatest extent possible.

What you need to know about debtor-in-possession management

  • Unlike in standard insolvency proceedings, the board of directors continues to manage the company itself
  • The court appoints a custodian to support and supervise the board of directors – we also have extensive practical experience in performing such a role
  • Support from experts with experience in insolvency administration is the best guarantee of success
  • (Preliminary) debtor-in-possession management begins with the careful preparation of the insolvency petition and the proceedings themselves
  • Since debtor-in-possession management is a special form of standard insolvency proceedings, it is also governed by the provisions of the German Insolvency Code
  • To ensure that the reorganised company remains successful in the long term, support is often recommended even after the debtor-in-possession proceedings have come to an end

Our services:

Our key services at a glance:

  • Analysing the causes of the crisis and identifying the performance-related and financial reorganisation measures to be taken.
  • Determining the ideal time to request the opening of insolvency proceedings
  • Creating a reorganisation plan, including short-term and medium-term liquidity, revenue and HR planning
  • Evaluating the collateral in place with banks, suppliers and other third parties and ensuring that it is taken into account during the proceedings
  • Preparing for and arranging pre-financing for insolvency money for covering employees’ wages
  • Preparing and implementing the insolvency plan and/or the M&A process
  • Preparing and organising internal and external communications
  • Identifying the management’s liability risks
  • Making a schedule and putting together a team

Your benefits at a glance:

  • Your company’s board of directors largely retains control and the rights of disposal of the company assets
  • No public disclosure is initially made by the courts
  • More advantageous in terms of public image than standard insolvency proceedings because the business partners continue to deal with the same trusted board of directors
  • Staff can continue to focus all their efforts on day-to-day business operations, while we take care of the tasks relating to the insolvency proceedings
  • Advice and, wherever feasible, support from a custodian or (additional) chief restructuring officer (CRO) from one of Germany’s leading insolvency law firms
  • Less expensive than standard insolvency proceedings
  • Transparent, authoritative and professional communication to build trust among creditors, employees and the general public
  • As an independent custodian, we ensure transparency at all times so that all stakeholders can plan for what will come next



Depending on the circumstances and whether the required legal conditions are met, protective shield proceedings may also be a feasible option. You can find everything you need to know about these proceedings here.

Selected clients

By assuming a key position as a chief restructuring officer (CRO), we support the company’s board of directors and develop the reorganisation plan.

  • Hoeckle-Gruppe (chief restructuring officer during debtor-in-possession management)
  • AWG Allgemeine Warenvertriebs - GmbH
  • Weber Automotive GmbH
  • IT-Informatik GmbH
  • Bosch-Druck GmbH
  • Ammatec GmbH
  • Sternenbäck GmbH

Your points of contact