Restructuring Plan –
A Guide to a Successful Fresh Start

If a company requires financial restructuring to avoid insolvency proceedings and it is expected that only a majority of creditors will agree, the application of the Preventive Restructuring Framework (StaRUG) may be considered. However, a prerequisite is that insolvency is merely imminent, not already a reality.

Therefore, timely planning of the process is crucial. The goal of the procedure is financial restructuring through a restructuring plan. The advantage of the restructuring plan is that it is implemented outside of insolvency proceedings. Its disadvantage is that it can only resolve the issue of dissenting shareholders and creditors. For example, the termination of continuing obligations (such as employment or lease agreements) is not possible.

Aderhold analyzes the merits of a restructuring plan and drafts, negotiates, and files a restructuring plan with the court.

The court may (and in certain cases must) appoint a restructuring administrator as a neutral party, to whom the court may assign specific tasks as needed. Aderhold can also assume this role.