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Corporate insolvency in Germany
We advise German, Austrian and Swiss companies and their German subsidiaries on all issues relating in economic distress in Germany, including insolvency. We can provide consulting services in German, French or English.
Managing directors of companies in Germany are required to file a petition for the opening of insolvency proceedings with the competent German insolvency court “without delay” in the event of insolvency or overindebtedness of their company, but no later than three weeks after the occurrence of the insolvency.
German insolvency law shows significant and practically relevant differences to French, Belgian or Swiss insolvency law. This is why it is important to promptly seek German legal advice in French law in order to clarify all legal and practical issues.
Our insolvency law team with intercultural experience will inform you about all of the relevant legal and practical issues in Germany and then give you clear guidance on the best course of action.
Services relating to German Insolvency Law
- Expert guidance on filing for insolvency in Germany
- Filing of claims in Germany
- Enforcement of rights under retention of title under German law
- Communication with the court-appointed insolvency administrator in Germany to coordinate the course of action
- Buying out German companies experiencing financial difficulties
- As needed: Sworn translations of German and French documents
Your contact partners in German Insolvency Law
Did you know that in Germany…
- the insolvency courts are always composed of professional judges?
- during the insolvency proceedings, an external service provider commissioned by the insolvency administrator often seeks to sell the material assets of the German company affected by the insolvency?
- the managing director of a German company is only personally liable in exceptional circumstances in the event of a company’s insolvency? However, failure to comply with the obligation to file for insolvency in a timely manner may be punishable by civil and criminal penalties.
- the foreign parent company of a German company is not normally liable for the liabilities of an insolvent German subsidiary?
- employees of an insolvent German company who have not received their wages before the opening of insolvency proceedings receive a maximum insolvency benefit of three months?
- a company which is experiencing financial difficulties and then is acquired, under German law, the acquisition is, in principle, not encumbered by existing debts?
- an insolvency administrator in Germany may, under certain circumstances, retroactively request business partners to repay invoice amounts already received to the insolvency administrator (so-called insolvency challenge under German law)?
Our German-French Team for Corporate Insolvency Law in Germany