{"id":11828,"date":"2021-08-25T14:52:11","date_gmt":"2021-08-25T12:52:11","guid":{"rendered":"https:\/\/www.brrs-rechtsanwaelte.de\/?page_id=11828"},"modified":"2023-05-08T13:34:10","modified_gmt":"2023-05-08T11:34:10","slug":"protective-shield-proceedings-esug-and-self-administration","status":"publish","type":"page","link":"https:\/\/www.brrs-rechtsanwaelte.de\/en\/services\/protective-shield-proceedings-esug-and-self-administration\/","title":{"rendered":"Protective Shield Proceedings (ESUG) and Self-Administration"},"content":{"rendered":"
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Protective Shield Proceedings (ESUG) and Self-Administration<\/span><\/h1>

We regard ourselves as your independent companions and supporters.<\/span><\/h2><\/div><\/div><\/div><\/div><\/div><\/section>\n
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Along with the standard insolvency proceedings, the Insolvency Code (InsO) provides supplementary reorganization instruments in the form of self-administration proceedings and protective shield proceedings in its Sections 270 et seqq. In contrast to standard insolvency proceedings in which the authority to dispose of assets is transferred to the insolvency administrator when the proceedings are initiated, entrepreneurial responsibility remains in the hands of the corporate management during self-administration proceedings. The order of self-administration effectively causes the debtor of the proceedings to become an insolvency administrator in his own right, a position that often requires expertise in insolvency law.<\/p>\n

The probability of a successful conclusion to the self-administration proceedings depends on solid preparation. Ideally, activities range from the preparation of a liquidity and earnings plan specific to the proceedings to the preparation of advance financing for insolvency payments and early coordination with the major parties to the proceedings, including the insolvency court, the employees, and the primary creditors.<\/p>\n

Self-administration proceedings are particularly suitable for companies with functioning organizational units (such as purchasing, production, and sales) and intact accounting systems and that wish to continue and restructure their business operations under the insolvency regime.<\/p>\n

The court appoints a qualified person who is independent of the creditors and the debtor to be the administrator; his or her task is to monitor actions for compliance with the regulations applicable during insolvency.<\/p>\n

BRRS\u2019s partners are available to serve as (provisional) administrators whenever self-administration has been ordered. In such instances, we regard ourselves to be independent companions and supporters who reliably perform their control and monitoring tasks in the interest of all creditors and the company undergoing restructuring. We fulfill this role both during the important phase of business continuation as well as in the preparation of the insolvency plan and the investor process. By comprehensively reviewing the economic position of the company and ensuring that none of the creditors suffer any disadvantages, we act as the link serving all parties to the proceedings.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

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Reference Proceedings<\/h2>\n<\/div><\/div>
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