Are there ways to get out of insolvency without having to give up my company?
February 25, 2024 | 30,00 EUR | answered by Emma Fischer
Dear bankruptcy lawyer,
I am reaching out to you as I urgently need advice and assistance. My name is Ludwig Sauer and I have been running a medium-sized company for many years, which has fallen into insolvency due to financial difficulties. I am under immense pressure and do not know how to get out of this situation without having to give up my company.
The situation is as follows: Due to economic problems, declining revenues, and increasing debts, I was no longer able to cover the ongoing costs. As a result, I had to file for bankruptcy, which is a great burden for me personally and also for my employees. I am determined to avoid having to give up my company, as it is not only my livelihood but also that of my employees.
I am deeply concerned as I do not know if there are any possibilities to get out of insolvency and save my company. I am willing to do everything to restructure the company and get it back on track, but I lack the necessary expertise and experience in bankruptcy law.
Therefore, my question to you is: Are there any possibilities to get out of insolvency without having to give up my company? What steps can I take to overcome insolvency and secure the future of my company? I am grateful for any advice and support and hope for your professional assistance.
Thank you in advance.
Sincerely,
Ludwig Sauer
Dear Mr. Sauer,
Thank you for your trust and openness regarding your current situation. It is understandable that the insolvency of your company is a great burden for you and your employees, and you are doing everything you can to save it. In this difficult time, it is important that you seek professional help and advice to best manage the insolvency and restructure your company.
First and foremost, it is important to understand that insolvency does not have to mean the end for your company. There are ways to overcome insolvency and secure the future of your company. One option is to restructure through an insolvency procedure, where measures are taken with an insolvency administrator to put the company back on solid ground.
Various steps can be taken within the insolvency procedure to overcome insolvency, such as creating a restructuring plan, negotiating with creditors for a debt settlement, or restructuring the company. An experienced insolvency lawyer can support you in this process and help you take the right steps.
It is also important that you inform yourself comprehensively about your legal options early on and consider alternatives such as self-administration if necessary. An insolvency lawyer can help you find the best solutions for your individual situation and guide you throughout the entire insolvency procedure.
I am here to answer your questions and offer you professional help in insolvency law. Please do not hesitate to contact me to schedule a detailed consultation.
I wish you strength and perseverance during this difficult time, and I am here to support you in saving your company.
Sincerely,
Emma Fischer, Insolvency Lawyer.
