Prepare For The Corona Crisis:
Financial Restructurings in Germany
Due to the Corona pandemic, many German companies have been plunged into a crisis that could deepen significantly over the next months.
This two-day online workshop (three hours per day) shows which solutions are available for financial restructurings in Germany and which duties are relevant for managing directors and also non-executive directors. Participants receive both the presentation and checklists.
Questions can be asked to the speaker in advance and also during the workshop
in writing or orally. Bookings can be made either for a single company or certain dates.
Participation
Online via Video Call
Questions
Live or in writing
Documents
Presentation/Checklists
Table of Contents
Restructuring Solutions &
Directors’ Duties in Germany
Section 1 (3 hours)
Participants get an introduction to crisis symptoms (e.g. covenant breach) and proven restructuring solutions in Germany such as standstill agreement, restructuring loan or letter of comfort. Moreover, participants learn more about Distressed M&A and liquidity solutions in a corporate crisis.
Introduction (30 min.)
(a) Crisis Phases
(b) Crisis Symptoms
(c) Financial Covenants
(d) Non-Financial Covenants
Restructuring solutions for debt capital (60 min)
(a) Deferral and Standstill Agreement
(b) Bridge Loan and Restructuring Loan
(c) Letter of Comfort
(d) Subordination
(e) Restructuring of German Private Placements
(f) Bond Restructurings
Restructuring solutions for equity and investments (60 min)
(a) Capital Increase
(b) Debt Equity Swap
(c) Distressed M&A
(d) Trusteeships
Special topics of financial restructurings (30 min.)
(a) Liquidity Solutions (e.g. Reverse Factoring, Dynamic Discounting)
(b) Risks of Cash Pooling
Section 2 (3 hours)
Participants get an introduction to insolvency reasons (e.g. illiquidity) and insolvency proceedings under German law. In addition, participants get in-depth information about duties of managing directors in Germany during a corporate crisis, e.g. payment ban and insolvency filing also in light of Corona.
Introduction (30 min.)
(a) Insolvency Reasons in Germany
(b) Types and Procedures of Insolvency Proceedings in Germany
Focus on ESUG / Self-Administration and Protective Shield Proceedings (60 min.)
(a) Preconditions
(b) Benefits
(c) Process
Directors’ duties in a corporate crisis based on court decisions/cases (90 min.)
(a) Duty of care and risks when entering into contracts during a crisis
(b) Accounting duties in the crisis
(c) Restructuring duties
(d) Information duties
(e) Duty to convene the shareholders’ meeting
(f) Payment Ban (also taking into account the German “Corona Insolvency Suspension Act”)
(g) Duty to pay taxes and social security contributions
(h) Resignation
(i) Insolvency Filing Duty (also taking into account the German “Corona Insolvency Suspension Act”)
(j) Obligations during insolvency proceedings
Your Booking Options
Individual Workshop or
Cross-Company Workshop
Individual Workshop
- Up to 10 participants from one company or group
- Flexible schedule, e.g. 2-day workshop (each 3 hours) or 1-day workshop (6 hours)
- Lump sum fee for the company
Cross-Company Workshop
- Up to 10 participants from up to 10 different companies
- Fixed schedule, i.e. 2-day workshop (each 3 hours)
- Lump sum fee for each participant
About the Speaker
Dr. Rüdiger Theiselmann
- Executive Director of INSTFEA.
- Restructuring expert (approx. € 25bn cumulated debt volume of managed restructuring transactions over the past 10 years).
- Lecturer at EBS Business School.
- Lawyer focused on legal advisory to Managing Directors.
- Former Executive Partner at Wellensiek.
- Former Head of Corporate Center (Corporate Finance / Investment Banking) at Commerzbank.
- Publisher of “Practice Handbook of Restructuring Law” (4th edition) since 2010.
Practice Handbook Restructuring Law
Solutions and Duties Across 4 Crisis Phases
Now in its tenth year, the “Practice Handbook of Restructuring Law” is being published in the 4th edition (2020). More than 50 highly respected authors – lawyers from renowned corporate law firms and professors – shed light on legal aspects of restructurings and insolvencies. The book is divided into four sections: strategic crisis, operational crisis, liquidity crisis and insolvency. The 23 chapters cover a comprehensive range of topics ranging from working capital management and debt buy backs to debt equity swaps via distressed M&A, labor law aspects of the corporate crisis, trusts, self-administration proceedings and mass loans under German law.
