Can I rebuild my business after insolvency?
June 24, 2022 | 35,00 EUR | answered by Helma Beck
Dear bankruptcy lawyer,
My name is Adele Ullmann and I am the owner of a small business which has now entered into insolvency due to financial difficulties. The current situation is causing me great concern, as I not only need to secure my own livelihood, but also that of my employees.
Now that my company is insolvent, I am wondering if it is even possible to rebuild it. I am faced with the question of whether it is wise to start anew or if it would be better to give up the business and pursue other options. I am unsure of what steps to take and what options are available to possibly save my company.
Can you help me and show me what legal options are available to rebuild my company after insolvency? For example, is there a possibility of restructuring or an insolvency plan to reorganize the company and get it back on its feet? What steps do I need to take and what requirements need to be met?
I am grateful for any support and advice you can provide me in this difficult situation. Thank you in advance for your help.
Sincerely,
Adele Ullmann
Dear Mrs. Ullmann,
Thank you for your inquiry and your trust in my expertise as a bankruptcy attorney. I am sorry to hear that your company has run into financial difficulties and that you are now concerned about the future. I am happy to assist you and will show you the legal options available to rebuild your company after bankruptcy.
First and foremost, it is important to understand that bankruptcy does not necessarily mean the end of your company. There are various ways to restructure the company and get it back on track. One option is to implement a bankruptcy plan, where a restructuring concept is developed to reorganize the company and make it economically successful again. This may include restructuring debts, optimizing business processes, or finding new business areas.
However, in order to implement a bankruptcy plan, certain conditions must be met. This includes the approval of the creditors, who must agree to the bankruptcy plan. It is also important that the company has a realistic perspective to be able to succeed in the market in the long term.
Another possible step after bankruptcy is to undergo a restructuring. This involves trying to stabilize the company economically and set it on a healthy foundation. This can be done, for example, by selling assets, hiring new managers, or restructuring the company.
It is advisable to consult an experienced bankruptcy attorney early on to develop the best strategy for your company. Together, we can analyze your individual situation and plan the optimal steps for a fresh start.
I hope this information is helpful to you and I am available for any further questions. Please do not hesitate to contact me to schedule a consultation.
Sincerely,
Helma Beck
Bankruptcy Attorney
