Restructuring | PLUTA Rechtsanwalts GmbH
We Help Companies.

The Sooner You Take Action, the Greater the Chances of a Successful Turnaround

There can be many reasons for a crisis. For a company’s management it is a difficult task to interpret the first warning signs correctly. Staying competitive requires the appropriate countermeasures – transparent financial data, optimal corporate planning, functional controlling processes and a profitable marketing strategy.

However, if the worst comes to the worst, the decisive step is to consult a turnaround specialist at an early stage in order to take the appropriate corrective actions.

Your Main Contacts

Dr. Maximilian Pluta

Dr. Maximilian Pluta
Rechtsanwalt, Diplom-Kaufmann, Steuerberater

Marcus Katholing

Marcus Katholing
Diplom-Betriebswirt, Bankkaufmann

Bernd Richter

Bernd Richter
Diplom-Kaufmann, Steuerberater, Wirtschaftsprüfer

Steffen Beck

Steffen Beck
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

Nikolaus Röver 2

Nikolaus Röver
Rechtsanwalt, Master of Business Administration (MBA)

Ludwig Stern

Ludwig Stern
Diplom-Betriebswirt

Cases

Fashion

Fashion

The Basler Fashion Group filed an application for debtor-in-possession proceedings in 2017. In a restructuring process of this kind, management remains in charge and guides the company through the crisis itself.

Engineering

Engineering

When founded 70 years ago, Christian Senning Verpackungsmaschinen GmbH & Co. KG initially specialised in the repair of packaging machines for the local cigarette industry.

References

  • Awetis GmbH, Laudenbach
  • Basler Fashion Group, Laudenbach
  • STRENESSE AG, Nördlingen
  • KOL Klinikum Osnabrücker Land GmbH, Dissen
  • Autohaus EITEL GmbH & Co. KG, Freihung-Thansüß
  • Montessori Schule e.V., München
  • Winter Holzbau GmbH, Thedinghausen
  • CTS Logistik Personal Service GmbH, Göttingen
  • pbp Preissinger GmbH, Breitengüßbach

et al.

Your Requirements

Besides the directors or board members, the first parties to notice the signs of a crisis in a company are typically the tax consultants, the public auditors or the D&O insurance companies. However, owners and supervisory board members also react nervously if earnings drop or if the company even defaults on payments. It is obvious that urgent action has to be taken at the latest when the Corporate Restructuring and Liquidation Department of the financing bank is involved.

PLUTA provides support as early as when it comes to analysing the causes and ensuring a comprehensive collection and evaluation of all the success factors relevant to the turnaround plan. Frequent causes of corporate crises are:

  • A lack of flexibility in the range of products with regards to customer demands
  • Failure to adapt the distribution channels to the changes in the sales markets
  • Failure to adjust prices to the rise in raw materials prices or labour costs
  • Understaffing in the area of controlling (recognisable by missing or insufficient calculations and corporate planning) or unproductive corporate processes
  • Substantial forecast / actual variances

As a result, typical crisis symptoms are:

  • Loss of market share / important customers
  • Lack of transparency of financial data
  • Weakness in earnings / insufficient profitability
  • Short-term or long-term lack of liquidity / default of payments

Nevertheless, crises offer chances not only for potential investors. Restructuring a company to meet specific requirements creates new opportunities for the directors, owners, investors and staff.

In many cases the reduction of jobs is necessary to sustain a company. Our experts in labour law are always involved if legal advice on possibilities and limitations of employment measures is necessary or such measures need implementation.

The goal is to generate competitive yields once more and to ensure the company’s future. Take advantage of the experience of our restructuring experts gained in over 30 years of crisis management.

Your benefits: Certainty

  • Thanks to tried-and-tested procedures
  • Thanks to experienced staff with multiple qualifications
  • Thanks to strong implementation teams with specific knowledge of your sector
  • Thanks to successful customers

Our Expertise

Thanks to our economic background, we are capable of adapting to and focusing on your requirements and conditions. Our services range from evaluating restructuring capabilities and advice on strategic concepts, to implementing turnaround plans and buying or selling companies.

To find the right solution for you, we can call upon our experience gained from providing advice and implementing projects for companies in different size categories, in very different sectors and with a wide range of products.

Rankings/Listings

  • Gamechangers Global Awards – Firm of the Year 2024 (Insolvency & Restructuring) – Germany
  • Leaders League – Germany – Best Law Firms for Restructuring – 2024
  • Leaders League – Germany – Best Law Firms for M&A: Mid-Cap – 2024
  • The Legal 500 EMEA Leading Firm 2024
  • Who’s Who Legal Germany 2023

and more

Creating integrated corporate plans

Integrated corporate planning provides an indication of how the company’s earnings, finances and net assets will develop in the medium term. It should therefore be used prior to the actual crisis as a modern planning and early warning system. But even during a crisis, integrated corporate planning enables a company to adopt a holistic restructuring approach. When implementing integrated corporate planning, we link various plans for areas such as sales, investments and staff and transfer them to an integrated earnings, assets and liquidity plan. Only if all the essential reciprocal influences have been included in the planning, a reliable and objective-oriented result can be achieved. Integrated corporate planning enables the management to make statements concerning the overall financing package, compliance with covenants / balance sheet ratios as well as the generation or maintenance of competitive yields at an early stage. If necessary, countermeasures can also be introduced in time.

Providing advice on and managing M&A processes and implementing distressed due diligence reviews

In the case of an M&A process during a corporate crisis, special rules apply to business and legal due diligence reviews. We always give top priority to absolute confidentiality, speed and professional performance. In the case of a distressed due diligence review, the causes of the crisis are investigated in great detail. A clear profile of chances is compared with an in-depth risk assessment. It is essential to maintain and increase the value of a company during an M&A process that is taking place in a crisis. Both buyers and sellers from home and abroad benefit from the comprehensive restructuring experience that the PLUTA teams have.

Drawing up and assessing restructuring concepts

PLUTA creates and examines restructuring concepts in accordance with the IDW S6 standard. What is decisive here is that the turnaround plan is based on an economically and legally sound concept. Besides a well-founded assessment or evaluation of the restructuring capabilities, this should also include concrete turnaround measures as well as integrated corporate planning. The restructuring concept should aim at securing the financing, an adequate level of equity capital and a competitive yield. Therefore, the corporate concept, the entire value-added chain as well as the company’s processes are put to the test. Once suitable turnaround measures have been identified, the right way to overcome the crisis and its causes are demonstrated. A plan of action that can be monitored by Controlling is created, thus providing the basis for the success of the implementation phase.

Controlling and implementation management for restructuring concepts

Besides customised analysis, the key characteristic of our approach is competent implementation. Turnaround measures are implemented and also monitored by our interim managers. A good feeling for business, legal expertise and efficient implementation merge completely together. Besides the financial reorganisation, which focuses on improving balance-sheet ratios, the structural reorganisation is of great importance. This entails restructuring the entire enterprise internally. For instance, this includes changing production and distribution processes, reorganising departments such as Purchasing and Controlling and reorienting the strategy.

Ensuring interim management

Competent implementation is a key characteristic of every restructuring project. Our experienced interim managers provide companies in a crisis with support in day-to-day business operations in order to successfully implement turnaround measures. We have a close-knit network in this area and deploy proven experts to our customers. Our interim managers know the ins and outs of the sector, are familiar with the needs and interests of the staff and have many years of practical experience in overcoming corporate crises.

Acting as the CRO in order to advise and support the management during debtor-in-possession and “protective shield” proceedings

Since the introduction of the German law to further facilitate the restructuring of companies (ESUG), it has been allowed to restructure companies involved in debtor-in-possession proceedings or “protective shield” proceedings. The advantage of this is that the management is allowed to lead the company through the crisis itself. Our tasks include checking the requirements for debtor-in-possession management and “protective shield” proceedings.

Conducting compliance audits and forensic accounting

During compliance audits, business transactions and the conduct of directors and senior staff are examined from an economic and legal point of view. The legal requirements for ensuring that conduct is in line with regulations have risen substantially in the past few years. In particular, the risks of liability claims and the liability of the people involved should be examined. Our experts have the knowledge required for recognising and assessing any breaches of laws or regulations.

Forensic accounting is a specialist field in this context. This entails deploying investigative methods to analyse bookkeeping and accounting with the specific aim to assess any breaches of laws or regulations, such as fraud or embezzlement at the expense of the company, and to document these in a legally admissible manner. However, these methods are also used in the field of complex financial transactions and product liability.

Creating and reviewing going-concern forecasts and analysing the causes for insolvency (checking solvency and overindebtedness)

Insolvencies do not happen by chance. Often, they are the result of a longer development. The preparation or assessment of a going-concern forecast is an important contribution to creating a solid basis for companies or creditors to make further decisions. A professionally developed going-concern forecast can - in crisis - contribute to the defense of the obligated application for insolvency.

If it comes to the worst, there is the obligation to request for the opening of insolvency proceedings at least three weeks after occurrence of insolvency or overindebtedness. Failure to do so may result in personal liability. The timely and professional examination of the insolvency or overindebtedness creates clarity here. With a robust documentation, the responsible persons can also prove their due diligence and relieve themselves as necessary.

Creating insolvency scenarios

We check all available options for a company in a crisis to ensure their future existence. This includes creating and assessing the insolvency scenarios with regard to the specific advantages and disadvantages for all those involved. This often results in a “Plan B” as an insolvency scenario. In this context, corporate planning and satisfying the creditors play key roles.

Our Quality

We build teams of experts with proven implementation competencies specifically for each and every restructuring process. Depending on requirements, they are supported by management experts, attorneys, tax consultants, auditors or certified accountants. PLUTA combines all these competencies in their own enterprise, thus ensuring an optimal information exchange between the team members involved and a high level of quality. We expect our experts to have a good feeling for business and the ability to implement efficiently. This requires them to have business know-how, legal expertise and the ability to assert themselves. To meet your requirements, you can therefore expect that our staff have many years of practical experience, multiple qualifications and business proficiency in foreign languages.

If necessary, we will bring in experienced PLUTA insolvency administrators as CROs in debtor-in-possession proceedings or interim managers. They know the ins and outs of the sector in question and are familiar with the needs and interests of the staff. Moreover, we can activate our networks for our clients so that our restructuring efforts are even more successful.

We Help Companies to Overcome Crises

In every case, a corporate crisis requires forward-looking measures to be taken quickly. Take advantage of every opportunity. The earlier you contact us, the more we can do for you.

The Restructuring Team Germany

Dr. Maximilian Pluta

Dr. Maximilian Pluta
Rechtsanwalt, Diplom-Kaufmann, Steuerberater

Marcus Katholing

Marcus Katholing
Diplom-Betriebswirt, Bankkaufmann

Bernd Richter

Bernd Richter
Diplom-Kaufmann, Steuerberater, Wirtschaftsprüfer

Steffen Beck

Steffen Beck
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

Nikolaus Röver 2

Nikolaus Röver
Rechtsanwalt, Master of Business Administration (MBA)

Ludwig Stern

Ludwig Stern
Diplom-Betriebswirt

Verena Benz

Verena Benz
Master of Laws (LL.M.)

Simon Eickmann

Simon Eickmann
M.Sc. Business Administration

Martina Hengartner

Martina Hengartner
Diplom-Kauffrau, Steuerberaterin

PLUTA_Holzmannstetter_Laura

Laura Holzmannstetter
Master of Laws (LL.M.)

Carina Hönle

Carina Hönle
Betriebswirtin (VWA)

Daniela Schneider

Daniela Jeske
Bachelor of Arts B.A.

Philip Konen

Philip Konen
Rechtsanwalt

Dr. Oliver Liersch

Dr. Oliver Liersch
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, Fachanwalt für Handels- und Gesellschaftsrecht

Sandra Molnar

Sandra Molnar
Master of Laws (LL.M.)

Lara Nestle

Lara Nestle
Magistra Iuris (Universität Düsseldorf)

Celine Plaschke

Celine Plaschke
Master of Laws (LL.M.)

Sebastian Schade

Sebastian Schade
Betriebswirt (B.A.)

Selina Senf

Selina Senf
Wirtschaftsjuristin (LL.B.), Master of Comparative Business Law (M.C.B.L.)

PLUTA_Warmuth_Stefan

Stefan Warmuth
Rechtsanwalt, Diplom-Kaufmann, Steuerberater

… in Collaboration with professional Interim Managers

Stephan Gittel

Stephan Gittel
Diplom-Betriebswirt

Hans-Christian Kaellner

Hans-Christian Kaellner
Industriekaufmann

… in Collaboration with Restructuring Experts with Experience in Insolvency Law as CROs for Debtor-in-Possession Management

Michael Bremen

Michael Bremen
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, vereidigter Buchprüfer

Torsten Gutmann

Torsten Gutmann
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, Diplom-Kaufmann

Dr. Christian Kaufmann

Dr. Christian Kaufmann
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

Stefan Meyer

Stefan Meyer
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

Frank Mößle

Frank Mößle
Diplom-Kaufmann, Steuerberater, Wirtschaftsprüfer

Michael Pluta

Michael Pluta
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, vereidigter Buchprüfer

Dr. Stephan Thiemann

Dr. Stephan Thiemann
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

Ivo-Meinert Willrodt

Ivo-Meinert Willrodt
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, Executive M.B.A.-HSG

Stephan Gittel

Stephan Gittel
Diplom-Betriebswirt

Hans-Christian Kaellner

Hans-Christian Kaellner
Industriekaufmann

Marcus Katholing

Marcus Katholing
Diplom-Betriebswirt, Bankkaufmann

Dr. Matthias Lehr

Dr. Matthias Lehr
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht

PLUTA's other fields of activity

Legal Consulting

PLUTA provides comprehensive services in the field of legal issues concerning enterprises, real estates and cash transactions.

We use the resources of international networks of law firms associated with PLUTA and BTG Global Advisory.

More information on Legal Consulting

Insolvency Administration

As part of the duties entrusted by the courts, we conduct insolvency and restructuring proceedings.

PLUTA offers essential support to insolvency administrators, managers, bankrupt in insolvency and restructuring proceedings by developing draft arrangement proposals, restructuring plans, private creditor tests, and by the realization process of collecting creditor votes. Insolvency law offers many possibilities for this purpose, before we advise, consult and carry out a detailed analysis of documents to find the most favourable method adapted to the client's individual situation.

More information on Insolvency Administration

The Sooner You Take Action, the Greater the Chances of a Successful Turnaround

There can be many reasons for a crisis. For a company’s management it is a difficult task to interpret the first warning signs correctly. Staying competitive requires the appropriate countermeasures – transparent financial data, optimal corporate planning, functional controlling processes and a profitable marketing strategy.

However, if the worst comes to the worst, the decisive step is to consult a turnaround specialist at an early stage in order to take the appropriate corrective actions.

Our competencies at a glance in Spain

PLUTA Management Restructuring, S.L.:

  • Creating integrated corporate plans
  • Providing advice on and managing M&A processes and implementing legal and financial distressed due diligence reviews
  • Drawing up and assessing restructuring concepts in accordance with the IDW S6 standard
  • Controlling and implementation management for restructuring concepts
  • Conducting compliance audits and forensic accounting
  • Ensuring interim management

PLUTA Abogados y Administradores Concursales, S.L.P.:

  • Creating and reviewing going-concern forecasts and analysing the causes for insolvency (checking solvency and overindebtedness)
  • Creating insolvency scenarios

Your Main Contact

Xavier García Esteve

Xavier García Esteve
Abogado, Financial Analyst

Cases

sanierung_spanien_automobilbranche

Automotive

In the sale of two of the production sites of two Spanish companies to a foreign investor, we acted as insolvency practitioners.

Verpackungsindustrie

Packaging industry

An Austrian company commissioned us to acquire a distressed Spanish company operating in the packaging sector. The company employed 200 people. In the context of the negotiations on sale, highly complex legal and employment questions were to be clarified.

Hotelbranche

Hotel and leisure sector

We advised one of the leading companies in the hotel and leisure sector to acquire a chain of restaurants that was subject to insolvency proceedings.

Your Requirements

Besides the directors or board members, the first parties to notice the signs of a crisis in a company are typically the tax consultants, the public auditors or the D&O insurance companies. However, owners and supervisory board members also react nervously if earnings drop or if the company even defaults on payments. It is obvious that urgent action has to be taken at the latest when the Corporate Restructuring and Liquidation Department of the financing bank is involved.

PLUTA provides support as early as when it comes to analysing the causes and ensuring a comprehensive collection and evaluation of all the success factors relevant to the turnaround plan. Frequent causes of corporate crises are:

  • A lack of flexibility in the range of products with regards to customer demands
  • Failure to adapt the distribution channels to the changes in the sales markets
  • Failure to adjust prices to the rise in raw materials prices or labour costs
  • Understaffing in the area of controlling (recognisable by missing or insufficient calculations and corporate planning) or unproductive corporate processes
  • Substantial forecast / actual variances

As a result, typical crisis symptoms are:

  • Loss of market share / important customers
  • Lack of transparency of financial data
  • Weakness in earnings / insufficient profitability
  • Short-term or long-term lack of liquidity / default of payments

Nevertheless, crises offer chances not only for potential investors. Restructuring a company to meet specific requirements creates new opportunities for the directors, owners, investors and staff.

In many cases the reduction of jobs is necessary to sustain a company. Our experts in labour law are always involved if legal advice on possibilities and limitations of employment measures is necessary or such measures need implementation.

The goal is to generate competitive yields once more and to ensure the company’s future. Take advantage of the experience of our restructuring experts gained in over 30 years of crisis management.

Your benefits: Certainty

  • Thanks to tried-and-tested procedures
  • Thanks to experienced staff with multiple qualifications
  • Thanks to strong implementation teams with specific knowledge of your sector
  • Thanks to successful customers

Our Expertise

Thanks to our economic background, we are capable of adapting to and focusing on your requirements and conditions. Our services range from evaluating restructuring capabilities and advice on strategic concepts, to implementing turnaround plans and buying or selling companies.

To find the right solution for you, we can call upon our experience gained from providing advice and implementing projects for companies in different size categories, in very different sectors and with a wide range of products.

Awards / Listings

  • Acquisition International Global Excellence Awards 2018 – Best Insolvency Administration Services Provider - Spain
  • GRR 100 2018

Our Quality

We build teams of experts with proven implementation competencies specifically for each and every restructuring process. Depending on requirements, they are supported by management experts, attorneys, tax consultants, auditors or certified accountants. PLUTA combines all these competencies in their own enterprise, thus ensuring an optimal information exchange between the team members involved and a high level of quality. We expect our experts to have a good feeling for business and the ability to implement efficiently. This requires them to have business know-how, legal expertise and the ability to assert themselves. To meet your requirements, you can therefore expect that our staff have many years of practical experience, multiple qualifications and business proficiency in foreign languages.

If necessary, we will bring in experienced PLUTA insolvency administrators as CROs in debtor-in-possession proceedings or interim managers. They know the ins and outs of the sector in question and are familiar with the needs and interests of the staff. Moreover, we can activate our networks for our clients so that our restructuring efforts are even more successful.

We Help Companies to Overcome Crises

In every case, a corporate crisis requires forward-looking measures to be taken quickly. Take advantage of every opportunity. The earlier you contact us, the more we can do for you.

The Restructuring Team Spain

Nuria Keller

Nuria Keller
Abogada, Business economist