PREPARATION FOR INSOLVENCY
We assist private individuals in debt settlement, payment plan or absorption proceedings, and also advise sole proprietors and partnerships in filing a timely insolvency application if they can no longer fulfil their payment obligations. Insolvency occurs when the entrepreneur is no longer able to pay due invoices or to raise the funds to pay them. If the company is operated in the form of a limited liability company (GmbH) or a stock corporation, it must be examined whether over-indebtedness is involved. We speak of over-indebtedness when the positive assets of the company are worth less than its liabilities. Insolvency proceedings are initiated at the request of the insolvent debtor or by the creditors. This application must be made within 60 days of the occurrence of the insolvency. We assist you in examining these issues and in preparing for insolvency.
HANDLING OF INSOLVENCY
Insolvency proceedings are based on the principle of distributing the debtor’s entire assets equally and proportionately among all creditors. When the insolvency proceedings are opened, the court appoints a liquidator, who is responsible for the company from that time on. The bankruptcy proceedings are made public and the creditors can file their claims from that date onwards. In a first step, the insolvency administrator assesses whether the company should be continued or closed. For this purpose, all fixed and current assets are analysed. In a next step, the insolvency administrator makes a declaration regarding the registered claims of the creditors. In insolvency proceedings, we assist the owner as well as the lessee and the lessor and advise creditors in contesting unjustified legal transactions (discrimination, preferential treatment, squandering of assets, contestation of gifts, incongruent cover, contestation of knowledge, return of deposits, etc.) We apply for a compulsory auction in good time or arrange for a private sale of assets.