Business Recovery Services

Options Review: Fix it, Sell it, or Close it?

When profitability is no longer sufficient, it is essential to take action. You can only make the right decision if you are aware of all possible options. We create the necessary transparency so you can choose the right path to leave the crisis behind. A structured analysis of the financial, operational, and strategic situation serves as the starting point. Based on this, we examine the options for action: “fix it, sell it, or close it”. We support our clients throughout the entire process, from developing the initial strategic idea to detailing and implementing.

Contents of our Options Review

• Comprehensively analyzing the distressed situation
• Assessing the financial, operational, and strategic starting position in a structured way
• Formulating a concrete recommendation for action
• Supporting implementation
• Maximum transparency for your decisions

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Independent Business Review

Companies in challenging situations often require an independent assessment of their current performance and future viability. The Independent Business Review (IBR), originating from the Anglo-Saxon restructuring environment, has established itself as a flexible and less formal alternative to comprehensive restructuring reports.

An IBR provides an objective and unbiased outside-in perspective on your company. Using robust analytical tools, we assess all relevant areas of the business—identifying strengths, weaknesses, and improvement levers. This creates a reliable foundation for informed strategic decisions. Where necessary, the IBR can also serve as the basis for a more extensive restructuring opinion in line with IDW S6.

Contents of the Independent Business Review

• Assessing the business model, market environment, and significant risks
• Analyzing the current liquidity, earnings, and financial situation
• Developing and evaluating the strategic and operational options for action
• Validating the forecast and business plan, as well as the restructuring measures
• Presenting the results in a stakeholder-oriented way

Restructuring Opinion According to IDW S6 and BGH Case Law

The restructuring opinion according to IDW S6 contains all components of the Independent Business Review. However, it goes a step further by systematically assessing your company’s going concern status. Based on a standardized procedure of the IDW (German Institute of Public Auditors) and German BGH case law, we assess future viability and develop a specific restructuring plan. This provides you and your stakeholders with security for the road to recovery. Our support does not end with the analysis. Upon request, we also assist you with the practical implementation of the restructuring measures defined. This ensures that the solutions developed are effectively put into practice and your company is strengthened for the long term.

Our focus areas

• Assessing going concern according to IDW S6
• Developing a viable restructuring concept with a set of measures
• Analyzing the initial economic situation and causes of the crisis
• Overview of business model, market environment, and competitive position
• Reviewing business plan and continuous liquidity forecast monitoring

Liquidity Forecast According to IDW S11

When a company enters a crisis, management must navigate not only the company’s future viability but also potential personal liability. Before a restructuring opinion in line with IDW S6 can be prepared, it must first be established whether Zahlungsunfähigkeit (§17 InsO; insolvency—inability to pay debts as they fall due), drohende Zahlungsunfähigkeit (§18 InsO; imminent illiquidity), or Überschuldung (§19 InsO; over-indebtedness) exists.

This assessment, conducted according to IDW S11, forms the basis for legally compliant decision-making and significantly reduces the risk of personal liability. Companies that clarify these issues early and professionally lay the groundwork for successful restructuring while safeguarding managerial responsibility.

Our focus areas

• Preparing the current liquidity status
• Creating a continuously updated liquidity forecast plan with a short- and medium-term horizon
• Detailed recording of all cash inflows and outflows on a weekly basis (daily, if necessary)
• Verifying and confirming solvency
• Developing measures to improve the liquidity situation and secure solvency

StaRUG

The StaRUG (German Corporate Stabilization and Restructuring Act) gives management the opportunity to address a looming crisis at an early stage—before creditors or shareholders take actions that may create faits accomplis. Acting too late can expose directors to personal liability, particularly for payments made after the company has become insolvent.

Under the StaRUG framework, a restructuring can be negotiated with key creditors even in a situation of imminent illiquidity—outside of formal insolvency proceedings and while maintaining full managerial control. Prerequisites include a clear restructuring concept and reliable financial information. Those who act early protect not only the company, but also themselves.

Scope of support in preparing for a StaRUG procedure

• Analyzing the initial economic situation and “drohende Zahlungsunfähigkeit” (§18 InsO, imminent illiquidity)
• Structuring creditor groups against the backdrop of business economic conditions
• Developing the business management part of the restructuring plan, including financial plans, sets of measures, and time tables
• Preparing the necessary documents and legal documentation according to StaRUG
• Supporting during negotiations and coordinating the implementation of the restructuring plan

Alternative Restructuring Instruments

In distressed situations, insolvency can provide a valuable opportunity for strategic realignment and restructuring. In particular, the protective shield proceedings offers extensive options for a sustainable turnaround. It grants up to three months to develop a restructuring plan under judicial protection from enforcement measures. This enables an early, self-directed restructuring process while management retains full control.

Through this procedure, companies can reduce debt, realign their operations, and strengthen their competitive position for the future.

We support you from initial preparation through to the successful conclusion of the proceedings.

Our focus areas

• Analyzing the initial situation and deriving generally possible options
• Designing a restructuring path
• Preparing business-relevant documents for the restructuring path, such as financial plans and liquidity forecasts
• Actively supporting the implementation of the restructuring path

Support for Insolvency Administrators

Insolvency is becoming increasingly complex. We combine our business expertise with your legal expertise. Together, we achieve the highest settlement of creditors’ claims possible and reduce your personal liability risk. We create financial transparency and support insolvency administrators in all business administration matters: From liquidity forecast, profitability analysis, validating financial plans, reporting for insolvency courts and creditor committees, to M&A support.

Our focus areas

• Ongoing liquidity forecasting of all procedure-specific aspects
• Management support for continuation of operations (if required)
• Preparing business plans, e.g., for going concern agreements
• Preparing restructuring reports
• Preparing decision-supporting data and reports for creditors and the court