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

Steffen Beck

Steffen Beck
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Jochen Glück

Jochen Glück
Diplom-Betriebswirt (FH)

Cases

Engineering

Tool manufacture, mechanical engineering and apparatus construction

In the debtor-in-possession management proceedings of Eggert GmbH, the PLUTA restructuring specialists produced an investor solution within a short time. The company, based in Burgrieden in Baden-Württemberg, was sold to a group of companies from the region.

Stahlverarbeitung

Steel processing

Suhler Gesenkschmiede and Bearbeitungswerk GmbH has successfully restructured during debtor-in-possession management proceedings. The traditional company from Thuringia manufactures forgings from steel.

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
  • Focus TOP Wirtschaftskanzleien 2018
  • ACQ 5 Law Awards 2018 - Insolvency & Restructuring Law Firm of the Year – Germany
  • M&A Today Global Awards 2018 – Insolvency & Restructuring Law Firm of the Year – Germany
  • Lawyer International Legal 100 Awards 2018 – Insolvency & Restructuring Law Firm of the Year – Germany
  • The Legal 500 Deutschland 2018
  • INDat Handbuch 2018
  • Who's Who Legal Germany 2018
  • JUVE Handbuch 2017/2018
  • GRR 100 2018
  • Handelsblatt “Deutschlands beste Anwälte 2017“
  • Global 100 Excellence Award - Firm of the Year 2017 (Insolvency & Restructuring) - Germany
  • German Enterprise Awards 2017: Corporate Restructuring Firm of the Year 2017
  • German Business Excellence Awards 2017 – Best International Restructuring Law Firm & Insolvency Law Specialist of the Year

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

Steffen Beck

Steffen Beck
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Jochen Glück

Jochen Glück
Diplom-Betriebswirt (FH)

Simon Eickmann, PLUTA Niederlassung München

Simon Eickmann
M.Sc. Business Administration

martina-hengartner-dipl.-kauffrau-steuerberaterin-ulm-pluta

Martina Hengartner
Diplom-Kauffrau, Steuerberaterin

Andreas-Hummel-Dipl.-Kaufmann-Ulm-Pluta

Andreas Hummel
Diplom-Kaufmann, Controller Certificate CA, M. BC

Dr. Matthias Lehr

Dr. Matthias Lehr
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Ludwig Stern Pluta München

Ludwig Stern
Diplom-Betriebswirt

Stefan Warmuth

Stefan Warmuth
Rechtsanwalt, Diplom-Kaufmann, Steuerberater

… in Collaboration with professional Interim Managers

Conrads-Thomas-PLUTA-Rechtsanwalts-GmbH

Thomas Conrads
Diplom-Wirtschaftsingenieur

stephan-gittel-dipl.-betriebswirt-münchen-pluta

Stephan Gittel
Diplom-Betriebswirt

Michael Hieber PLUTA Interimsmanager

Michael Hieber
Diplom-Kaufmann

hans-christian-kaellner-industriekaufmann-münchen-pluta

Hans-Christian Kaellner
Industriekaufmann

Markus Katholing, PLUTA

Marcus Katholing
Diplom-Betriebswirt, Bankkaufmann

Johanna-Kienzerle

Johanna Kienzerle
Diplom-Kaufmann

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

Ammann-Pluta

Stephan Ammann
Rechtsanwalt, Fachanwalt für Insolvenzrecht, Steuerberater

Michael Bremen

Michael Bremen
Rechtsanwalt, Fachanwalt für Insolvenzrecht, Fachanwalt für Arbeitsrecht, vereidigter Buchprüfer

Torsten Gutmann

Torsten Gutmann
Rechtsanwalt, Fachanwalt für Insolvenzrecht, Diplom-Kaufmann

Dr. Christian Kaufmann

Dr. Christian Kaufmann
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Stefan Meyer

Stefan Meyer
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Frank Mößle

Frank Mößle
Diplom-Kaufmann, Steuerberater, Wirtschaftsprüfer

Michael Pluta

Michael Pluta
Rechtsanwalt, Fachanwalt für Insolvenzrecht, vereidigter Buchprüfer

Dr. Stephan Thiemann

Dr. Stephan Thiemann
Rechtsanwalt, Fachanwalt für Insolvenzrecht

Ivo-Meinert Willrodt

Ivo-Meinert Willrodt
Rechtsanwalt, Fachanwalt für Insolvenzrecht, Executive M.B.A.-HSG

stephan-gittel-dipl.-betriebswirt-münchen-pluta

Stephan Gittel
Diplom-Betriebswirt

hans-christian-kaellner-industriekaufmann-münchen-pluta

Hans-Christian Kaellner
Industriekaufmann

Markus Katholing, PLUTA

Marcus Katholing
Diplom-Betriebswirt, Bankkaufmann

Johanna-Kienzerle

Johanna Kienzerle
Diplom-Kaufmann

Dr. Matthias Lehr

Dr. Matthias Lehr
Rechtsanwalt, Fachanwalt für Insolvenzrecht

PLUTA's other fields of activity

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. The Insolvency Law offer many ways to do so before we advise the most favorable method adapted to the individual client's situation, we consulting and carry out the detailed analysis of documents.

More information on Insolvency Administration

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

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

aticus-ocana-abogado-rechtsanwalt-madrid-pluta

Áticus Ocaña
Abogado, Economista y Titulado Mercantil

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

aticus-ocana-abogado-rechtsanwalt-madrid-pluta

Áticus Ocaña
Abogado, Economista y Titulado Mercantil

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.

In that situation, the decisive step is to consult a turnaround specialist at an early stage in order to take the appropriate corrective actions.

Your Main Contact

Michal Nowicki

Michał Nowicki
Restructuring advisor

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.

Restructuring

By virtue of the Restructuring Law, it created an institutional platform for assisting the exit of bankrupcy for insolvent entrepreneurs and it gave creditors an alternative to recovering receivables to a higher standard than in court execution or insolvency proceedings.

We are also prepare own less formal restructuring projects. As part of this restructuring act the law provides five restructuring procedures.

Arrangement approval proceedings

The least formal restructuring procedure. Procedure applicable to entrepreneurs who meet statutory preconditions of insolvency, but who are aware that in the nearest future they will face financial problems. The procedure can be performed in situations when the value of disputable receivables does not exceed 15% of the total amount of liabilities. The debtor itself gathers votes of its creditors in order to make arrangement with them. A new entity is introduced to the proceedings – a restructuring adviser. The entity is selected by the debtor

The restructuring adviser plays the role of an arrangement supervisor, and he/she does not limit the debtor’s capacity to manage the enterprise. An arrangement is made once the debtor has been backed by a majority of creditors entitled to participate in voting over the arrangement, having in total at least 2/3 of total receivables. After finishing collecting votes “in favour”, the debtor files a petition to a court for approving the arrangement. A court approves of arrangements only on the basis of received documents.A court shall examine petitions within 2 weeks.

Accelerated arrangement proceedings

Debtors are capable of making arrangements after drawing up, and having approved a list of receivables in a simplified form. The proceedings may be performed if the value of disputable receivables does not exceed 15% of the total value of receivables . Restructuring plan is drawn up by an independent entity appointed by a Court – an Insolvency Administrator. After initiating accelerated bankruptcy proceedings, enforcement proceedings are suspended, and bank account attachments may be revoked by a Magistrate in Bankruptcy. A Court examines petitions at in camera hearings on the basis of documents attached to petitions within 1 week. A Magistrate in Bankruptcy and an Insolvency Administrator are appointed. Accelerated arrangement proceedings are to last 2-3 months.

A debtor maintains the right to manage a company-a court may appoint an administrator and deprive a debtor of its right to manage a company. Within 2 weeks, an Insolvency Administrator is obliged to draw up a list of receivables, a list of disputable receivables, and a restructuhhring plan. An arrangement is made at a meeting of creditors convened by a Court.

Arrangement proceedings

Intended for entities at the brink of insolvency or insolvent entities and for entrepreneurs whose value of disputable receivables exceeds 15% of total value of receivables entitling to vote. A debtor still manages its assets – under supervision of an Insolvency Administrator . A debtor has to prove its ability to cover current costs of arrangement proceedings and satisfy liabilities arising after making the arrangement. A court may request a debtor to pay a deposit for expenses connected with carrying out proceedings aimed at initiating arrangement proceedings. Within one month from the date a court decides to initiate arrangement proceedings, an insolvency administrator prepare a list of receivables and a restructuring plan.

Voting for the arrangement is performed according to general conditions.

Recovery proceedings

Intended for insolvent entrepreneurs who are worth rescuing (greater satisfaction of claims than in case of a bankruptcy). A debtor has to prove that he will be able to cover costs of proceedings and current expenses arising after initiating recovery proceedings.

A court deprives a debtor right to manage an enterprise and appoints an administrator. Only in special cases courts allow to take basic actions – ordinary management.

Once recovery proceedings have been initiated, assets of a debtor constitute recovery estate.

Partial arrangement

It may be adopted and approved only in proceedings aimed at approving arrangement or in accelerated arrangement proceedings.

It includes creditors identified on the basis of unambiguous and economically justified indications.

Only creditors included in the arrangement vote for it.

Division of creditors and approval of the arrangement may be appealed against by all creditors.

Developmental restructuring

It is a process of a complex enterprise transformation plan covering activities ranging from due diligence to the development of an optimal business development strategy.

Enterprises management-interim management

PLUTA offers personal support ( not based to the full time job form) of managers delegated to specific projects or to substitution.

Investors searching and international cooperation

PLUTA offers complex legal services in the field of fusion and acquisitions, including a cross-border merger of companies. PLUTA as a European network of restructuring offices with offices in Germany, Spain, Italy and Poland actively cooperates with investors resident in these countries and business entities interested in taking cooperation. Active participation in the BTG Global Advisory network made it possible to establish contacts with investors almost all over the world, thanks to this we are able to engage in the process of seeking an investor or purchaser of corporate assets in Poland. We participate in the planning and implementation of the investment process.

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 Poland

Michal Nowicki

Michał Nowicki
Restructuring advisor

PLUTA's other fields of activity

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. The Insolvency Law offer many ways to do so before we advise the most favorable method adapted to the individual client's situation, we consulting and carry out the detailed analysis of documents.

More information on Insolvency Administration

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