HORAK RECHTSANWÄLTE · TEN OFFICES · ADVICE ACROSS GERMANY
Insolvency and restructuring.
Understand your options.
Protect your position.
Advice under German law for businesses, directors, creditors and investors. We support you through financial distress, restructuring and insolvency proceedings, including cross-border matters.
Ten offices. One coordinated approach.
Berlin · Bielefeld · Bremen · Düsseldorf · Frankfurt am Main / Eschborn · Hamburg · Hannover (headquarters) · Leipzig · München · Stuttgart
Advice is available across all our offices, by appointment in person, by telephone and by video conference.
Start with your situation
Choose the issue you are facing to understand the legal options and the information needed for the next step.
01
Business crisis and restructuring
A reliable picture of liabilities, available funds and the company’s financial position is the starting point for any restructuring decision.
02
Corporate insolvency: applications and options
Corporate insolvency affects management, employees, lenders and trading partners. Early decisions must be based on current liquidity information and an assessment of the statutory insolvency grounds.
03
StaRUG: restructuring outside insolvency
The German StaRUG provides a framework for restructuring outside insolvency proceedings. It is neither a general payment moratorium nor a substitute for a required insolvency application.
04
Debtor-in-possession proceedings: Eigenverwaltung
Under German Eigenverwaltung, the debtor retains the power to administer and dispose of assets if the court orders this form of proceedings. A court-appointed supervisor, the Sachwalter, monitors the process.
05
Protective-shield proceedings: Schutzschirm
Section 270d InsO allows preparation of an insolvency plan under a protective shield where the statutory conditions are met. An insolvency application is required; this is different from StaRUG restructuring.
06
Insolvency plans and restructuring
An insolvency plan can depart from the ordinary statutory distribution rules and enable restructuring. It can be used in ordinary and debtor-in-possession proceedings, and is not reserved for large companies.
07
Directors‘ liability in insolvency
A business crisis can give rise to personal claims against directors. Filing duties, payments after insolvency and other breaches must be assessed separately.
08
Defending insolvency clawback claims
If an administrator demands repayment of money already received, the legal basis, relevant period and evidence must be examined. Arrears or an instalment arrangement do not by themselves establish a repayment obligation.
09
Creditor representation in insolvency
Creditors need to determine the nature of their claims, the correct procedure and possible recovery outside an ordinary insolvency dividend.
10
Security rights and recovery of property
Assets in the debtor’s possession do not necessarily belong without restriction to the insolvency estate. Suppliers, lenders and lessors must establish and prove their rights.
11
Buying a business out of insolvency
Acquiring a business or assets from an insolvency estate involves particular time pressures and legal risks. The focus is on transferable rights and obstacles to operating after completion.
12
Cross-border insolvency and foreign creditors
Cross-border cases require an initial assessment of jurisdiction and applicable law. Registered office, centre of main interests and establishments may lead to different conclusions.
From first contact to a clear course of action
01 · Explain the matter and deadlines
We establish your role, the parties involved and any urgent court or payment deadlines.
02 · Review the documents and options
We agree the scope and fees, then assess the legal routes and their commercial implications.
03 · Implement the agreed steps
Depending on the engagement, this may involve negotiations, applications or representation in proceedings.
Further topics
- Ordinary insolvency proceedings in Germany
- Late insolvency filing: deadlines and liability
- Deceased estates and special insolvency estates
- Group insolvency and coordination
- Insolvency-related criminal proceedings
- Employment and insolvency benefit
- Contracts, brands and licences in insolvency
- Consumer insolvency: eligibility and procedure
- Discharge of residual debt in Germany
- Attachment protection and protected accounts
- Insolvency courts, jurisdiction and remedies
- The German Insolvency Code: a practical guide
- Insolvency procedures and restructuring routes
Our practice focuses on businesses. Consumer insolvency and attachment information also explains issues affecting creditors and employers.
Our lawyers and patent attorneys
Business distress often involves company law, employment, contracts and intellectual property. We select the appropriate adviser for the matter. Detailed professional profiles are currently available in German.
Four typical situations
Illustrative examples of issues we assess; not reports of individual client matters.
Example 1: A business faces an immediate funding gap
A facility expires while payroll and suppliers fall due. The assessment connects current financial records with insolvency grounds, financing and realistic restructuring routes.
Example 2: A director receives a liability demand
An administrator seeks repayment of earlier transfers. Payment records, the alleged onset of insolvency and potential D&O cover require coordinated but distinct examination.
Example 3: A supplier faces a clawback claim
A customer paid invoices before entering insolvency. The avoidance ground, transaction dates and contemporaneous communications determine how the recovery demand should be assessed.
Example 4: An investor wants to acquire a business
The buyer needs software, brands and customer contracts as well as equipment and staff. The review establishes which rights are available and can actually transfer.
News and developments in 2026
Selected developments, with their practical implications for businesses, directors and creditors. The linked analyses are in German.
Insolvency statistics: interpreting a monthly decline
One lower monthly figure does not establish a sustained improvement. This article explains the August 2026 Destatis release and why businesses should combine economic statistics with evidence about their own customers and receivables.
Attachment thresholds from July 2026
Updated thresholds affect payroll and protected bank accounts. Employers and creditors need to consider the relevant period, dependants and special claim types. The article links to the official rules and explains the practical distinctions.
Proposed regulation of insolvency office-holders
The article examines proposed admission, registration and supervisory rules. It distinguishes a reform proposal from legislation already in force and considers why this matters to businesses and participants in insolvency proceedings.
Case law in practice
Recent Federal Court of Justice decisions: the central point, practical consequences and issues to check in an individual case.
BGH: payments into another person’s account
12 February 2026 · IX ZR 162/24. An earlier billing arrangement does not automatically determine the legal timing of later payments. The court distinguishes avoidance from other recovery routes. Account ownership, payment records and the opening date matter.
BGH: payments under criminal-procedure conditions
12 March 2026 · IX ZR 18/25. A payment made to obtain discontinuance of criminal proceedings is not automatically protected from insolvency recovery. Where money goes directly to a charitable organisation, the correct recovery defendant must also be identified.
Discuss your situation
Tell us your role, the parties involved and any deadlines. We will check conflicts, agree the scope of the work and explain the fees before accepting instructions.
Send us your enquiry
All fields are optional. If you would like a reply, please provide an email address or telephone number. Briefly describe your situation and any deadlines. We advise across all ten offices; Hannover is our headquarters.
Sending an enquiry does not by itself create a lawyer-client relationship or preserve a deadline. We will agree acceptance of instructions and fees separately. For urgent matters, please also call +49 511 357 356-0.