Things often get very busy before and after application for insolvency. Uncertainties among all stakeholders responsible and involved are initially high. On the one hand, it is necessary to stabilise the operative business in order to preserve as much value as possible. On the other hand, business decisions may have to be made for the same reason or to secure creditor claims. The (provisional) insolvency administrator must act quickly and in a well-considered manner. We support insolvency administrators in the daily business of insolvency, both conceptually and operationally.

We are happy to take on insolvency-specific tasks (e.g. ordering process) and act either as an integrated part of the organisation or as a link between the insolvency administrator, the company and external stakeholders (customers, suppliers, investors, etc.). Thanks to our specialisation in crisis and insolvency situations, we are able to offer a wide range of insolvency-specific services with substantial methodological expertise and management competence. In addition, we regularly support well-known law firms in supporting and conducting insolvency proceedings, assuming operational tasks and thereby helping to optimise assets:

  • Quick check of the company's going concern
  • Preparation and validation of the continuation plan
  • Expert opinion on the determination of insolvency / over-indebtedness according to IDW S11
  • Liquidity planning / monitoring in insolvency proceedings
  • Controlling and reporting
  • Management of the order-and-release process
  • Preparation and review of insolvency plans
  • Preparation and assessment of reorganisation strategies
  • Continuation of operations in insolvency / interim management
  • Optimisation of assets through professional distressed M&A procedures
  • Staff equity participation and employee initiatives

The aim of our quick check is to identify the strengths and weaknesses of the company in a very short period of time. We identify the main risks to the company's development and leverage the greatest turnaround potential and opportunities for growth.

The ability of a going concern in insolvency situations must be determined at the very beginning of proceedings. Thus, a forecast based on insolvency law of the continued existence or continuation (section 19 of the Insolvency Code (InsO)) serves as the basis for a quick check of the company's going concern.

The going concern in insolvency situations must be determined at the very outset of proceedings. Thus, the insolvency law forecast regarding the continued existence or continuation (section 19 of the Insolvency Code (InsO)) is the starting point for the assessment of over-indebtedness. This over-indebtedness is not deemed to be the case if continuation of the company is for the most part probable on the basis of existing circumstances.

Due to time constraints, we generally focus on essential topics in the quick check in order to assess the potential for continuation:

  • Determining causes and the stage of the crisis
  • Determining the current financial status with a short-term liquidity forecast
  • Overview of the current economic situation, while taking the earnings, asset and financial situation into account
  • Assessment of the market and competitiveness
  • Defining and checking the initial feasibility of alternative actions and measures

This first quick analysis already provides key indications on whether and how the company can be continued or restructured in (preliminary) proceedings.

Based on the quick check, we prepare a going concern plan or going concern forecast in the form of an integrated business plan (income, liquidity and balance sheet plan). The going concern plan fulfils a variety of tasks in provisional and opened proceedings:

  • Basis for controlling the operative business
  • Part of the insolvency administrator's expert opinion and reporting requirements
  • Basis for negotiations with potential investors (e.g. for debtor-in-possession financing)
  • Information for the insolvency court, potential investors, suppliers and creditors

We determine whether the conditions for insolvency according to section 17 of the Insolvency Code (InsO) are met. We examine this by means of an expert opinion based on the rules laid down in IDW S11.


We support the insolvency administrator with operational liquidity management. In situations involving insolvency, it is of elementary importance to be precisely aware of the current liquidity status and to predict the possible effects of actions accurately. We recognise and understand the insolvency administrator's needs and, in close collaboration, assume the management of liquidity.


For the insolvency administrator, an objective approach and realistic documentation of figures, data and facts is indispensable. We provide advice on or assume the task of controlling and reporting in order to satisfy the necessary information needs of external parties (e.g. insolvency courts, creditors' committees, credit institutions and other parties involved in the proceedings) as well as internal parties (e.g. insolvency administrator, management, tax and auditors). A functioning controlling system is the necessary prerequisite for recognising undesirable developments at an early stage and being able to initiate countermeasures. This greatly reduces unforeseen risks in the course of proceedings.


The initiation of orders is a very sensitive issue bearing relevance to liability for the insolvency administrator in ongoing proceedings. We know the particular problems and challenges involved. We define and implement a standardised order-and-release process throughout the company in order to cover all activities, starting with the order request up to the release of invoices for payment, i.e., "order-to-cash". We work with a standardised process and tool that can be adapted to the respective IT environment. It is important to train the staff for a better basic understanding of the specific situation, the order process itself as well as for the tool specifically designed for this purpose.


We support the insolvency administration in all business management issues, in the preparation of insolvency plans or in the review of existing plans. We concentrate on the presentation of financial issues and the company's going concern. The various components of the descriptive part are based on the contents of restructuring strategy (link restructuring strategy).


As interim managers, we assume responsibility for restructuring during insolvency. If desired or necessary, we also act as CRO, CEO or CFO. Our partners have many years of experience in crisis management and have been able to both strengthen and prove their restructuring competence in a wide range of industries.


The challenge of alleged creditor claims serves the aim of ensuring equal treatment of creditors while simultaneously increasing assets. Identifying these on the basis of the available data requires a profound knowledge of business administration, including accounting procedures, as well as an analytical approach, which a company cannot provide due to a lack of capacity and experience. We support the insolvency administration in the detection of facts that help argue against insolvency.


Insolvency often involves the sale of the entire company, individual subsidiaries within a group or even parts of the company in the form of an asset or share deal. The insolvency administrator is obliged to realise the assets of the insolvent company in the best possible way for the benefit of the creditors and thus to increase assets. We design and prepare distressed M&A processes and then support implementation of the transaction together with our subsidiary CVM Capital Value Management. The experienced advisory teams of both companies combine expertise in insolvency, crisis and restructuring with transaction skills in special situations. The project management for the entire M&A process is headed by a partner and includes the whole range of activities:

  • Preparation of documents for potential investors (teaser, information memorandum as well as management presentation)
  • Identification of potential investors and their strategy (strategists and financial investors)
  • Organisation and support for company visits and management presentations
  • Management of the data room and control of the Q&A process
  • Evaluation of indicative and binding offers
  • Consultation with the insolvency administration at investor meetings as well as in purchase agreement negotiations

We provide support in raising capital, whether through investors in the form of an equity investment, in the form of staff equity participation or in the form of employee initiatives. Employee initiatives not only lead to a stronger capital base - they also enhance employee loyalty and identification with the company itself. We analyse alternative participation models and examine the possibility of public funding for employee initiatives.