Dear readers,

The Corona pandemic has dragged the export-dependent German economy into a heavy recession. At the same time, digitization is progressing dynamically across all sectors due to social distancing which leads to fundamental changes for many companies and their employees. All of this comes at a time when trade disputes, Britain’s departure from the European Union and fundamental upheavals  (e.g. e-mobility in the automotive industry, digitization of business models, demographic change) already cause pressure for change.

In this complex situation, the challenge for decision-makers in companies is to push forward operational and financial restructurings, manage the day-to-day business through the crisis and develop new growth areas. In this respect, financial restructuring is of great importance in order to safeguard the company’s existence and to create scope for investments in the future. It is essential executives, consultants and investors take into account legal specifics of financial restructuring solutions in order to make informed decisions and to mitigate risiks.

The “Practice Handbook of Restructuring Law” has been a tool for practitioners already for ten years that comprehensively covers legal aspects of special situations along the four phases of a  corporate crisis. In addition to updates to all  pre-existing chapters on recent developments in legislation, case law and literature (including preventive EU-restructuring procedures, self-administration/DIP proceedings), this fourth edition also includes new chapters on labor law implications of restructurings before and  during insolvency proceedings.

I would like to extend my thanks to all authors and the publishing house Wolters Kluwer –  in particular Ms. Anke Losch and Ms. Leah Ngabi – for their dedicated participation in this fourth edition. At the same time, I wish all readers a stimulating reading and useful insights for their restructuring projects. Should you have any comments or suggestions, please contact me at any time by email  (praxishandbuch .at.

Kronberg im Taunus – July 2020

Rüdiger Theiselmann