The regulation for the corona-related suspension of the obligation to file for insolvency for companies in difficulty expired on April 30, 2021. Since May 1st, 2021 have to therefore over-indebted or insolvent companies again comply with all legal regulations in the event of imminent or actual insolvency.
At the beginning of the corona pandemic and the associated restrictions on private and public life, the federal government suspended the obligation to file for bankruptcy in the event of overindebtedness or insolvency caused by the pandemic in order to impending wave of bankruptcies be averted in the Federal Republic. The measures taken were temporary from the start, but have been extended several times.
However, the makers could rely on no further extension agree, which means that from May the obligation to register will be valid across the board, across all sectors and without restrictions. This decision was primarily explained by the risk of further delays in many unavoidable insolvencies and the risk of an increasingly confused legal situation.
Entrepreneurs are therefore advised to immediately conduct a comprehensive inventory to carry out and to have an overview of the current liquidity status (see liquidity bottleneck) as well as all liabilities. In addition to an objective approach, for example by a tax consultant or a management consultancy, it is also necessary to consider the effects of any aid payments received or deferred claims from the tax office, social security agencies or landlords. At the time the inventory is taken, the existing liquidity can be positive, but it must be noted when the respective receivables are due. In addition to the key date consideration, advance planning for the coming months or years must also be carried out.
If the result of the test is negative, the so-called three-week period. In the event of imminent insolvency, it grants the entrepreneur a period of three weeks to review the situation in detail, restore solvency or, in the worst case, to file for insolvency. In addition to the effects on the company, the deadline should also be observed from the personal point of view of the owner. Otherwise there is a risk of bankruptcy being delayed.
This also applies to an imminent or existing acute insolvency as well as to over-indebtedness of the company. One over-indebtedness occurs when the total of the company’s liabilities exceed the available funds. This can also be the case without individual defaults in servicing the liabilities.
In the course of the review, however, not only the current situation and the potentially due liabilities should be considered. Rather, the entrepreneur should think in perspective and plan the restart and, if necessary, think ahead and initiate reorganization and transformation in your own company. Due to the continuous easing of restrictions to contain the pandemic, many areas are experiencing a steady return to normal business operations. On the one hand, this return offers the challenge of ensuring a smooth re-entry – for example of the employees – but also the opportunity to benefit from the experience gained over the past few months.
For example, the entrepreneur should consider the following ask questions:
- Which products have worked particularly well despite or especially during the course of the pandemic?
- Which services were no longer booked at all? And for what reasons?
- Which adjustments to the design of the premises were well received, regardless of the measures?
- How can I continue to maintain my customer contact via new sales channels (see sales strategy)?
- Have new target groups or markets emerged?
One realignment can make sense because of or despite the pandemic. If necessary, entrepreneurs should not shy away from investing in order to reposition themselves. If the past few months have been survived without acute insolvency or overindebtedness, it is now time to look to the future. A management consultant can do this valuable know-how bring in One can do this government-sponsored management consultancy can be used to get professional support during this important process. Simply fill out the funding check and benefit from our know-how.