Insolvency law is a minefield. One wrong step can have unforeseeable consequences. This applies not only to the company that has gone insolvent, but also to the insolvency creditors who still have claims against the insolvent company and do not want to write them off completely. Gronvald Attorneys has built up extensive expertise in advising insolvency creditors, but also in defending against claims by the insolvency administrator.
Current key consulting areas within insolvency law
- Adivsing companies of all sizes and industries in advance of potential insolvency of their business partners / Implementation of industry-specific early warning systems to identify signals that precede insolvency of the business partner / Support in crisis management / Avoidance of so called “toxic correspondence” with regard to contesting insolvency.
- Giving support in the case of preliminary insolvency and self-adiministration of the business partner / Insolvency-proof securing of client’s claims within the framework of so-called “cash transactions” under insolvency law or on the basis of “congruence agreements” / Filing of insolvency applications against the debtor and represenation of the client’s rights in the creditors’ committee.
- Advising in the event of opening of final insolvency proceedings of the business partner / Filing of insolvency claims for the insolvency table / Identification and enforcement of segregation and preferential rights / Advising in the event of setting up a so-called “collateral pool” by the insolvency administrator / Verfifiaction of the proper realization and settlement of the management proceeds by the insolvency administrator.
- Advising “firms in difficulty” with the aim of their restructuring or reorganization / Avoidance of personal liability of the managing directors, especially for payments made after the company became insolvent or overindebted, in the case of a breach of duty of care, tax debts and/or the witholding of wages.