How do I hire 7 bankruptcy attorneys
GmbH in bankruptcy
7 points for the manager
In particular, there may be exceptions if the performance would be in the interest of the creditors. The assessment made here, however, is very individual and difficult to assess, even for a trained lawyer.
In addition, the appraisal is very difficult to predict in advance, which is why such services should be avoided from the start. In any case, it is advisable to seek legal advice in order not to fall too quickly into the liability trap.
So contact us on 030 863 222 and make an appointment for a consultation. A problem also arises here from the fact that it is actually in everyone's interest not to destroy reorganization opportunities at an early stage.
For this reason, when reasonable opportunities are identified, it must still be possible to perform services that maintain business operations and even avoid greater damage when the company is shut down.
This in turn results in the problem that it is very difficult to predict when opportunities will reasonably materialize. This applies especially to high-risk transactions, which the managing director is always responsible for checking.
He also has a personal obligation to pay compensation if he makes payments to the shareholders, which then lead to insolvency or over-indebtedness. Because the share capital has to be preserved for the benefit of the creditors during the entire activity of the GmbH.
This means that the assets that are required to maintain the share capital may not be paid out to the shareholders. The capital must be secured so that an under-balance cannot occur. Relief can hardly be realized. Therefore, as the managing director, you should make yourself aware of this topic.
Get legal advice and waive such benefits in good time before you can be accused of the benefits you have approved being a reason for bankruptcy.
Ultimately, the insolvency administrator will assert claims of the company against the managing director as part of the insolvency proceedings if payments are made due to his actions after insolvency or overindebtedness.
It must also be borne in mind that members of an additionally established supervisory board or advisory board can also be liable. Special rules apply for this, which you must observe. Contact us at [email protected] and describe your specific situation to us. Only then can we give you advice on how to avoid liability.
During the insolvency proceedings, the company itself remains in existence and thus also the structure under company law. However, the organs only retain their competencies insofar as they have not been transferred to the insolvency administrator.
This means that the use of the insolvency administrator changes the canon of duties of the managing director. With regard to the insolvency-free assets, all previous powers remain. With regard to the bankruptcy estate, however, the manager may only act if the insolvency administrator has given express instructions. He must therefore follow all instructions from the liquidator.
During the entire process, the managing director continues to be responsible for the internal organization. For example, convening shareholders' meetings or registering changes to the articles of association that have been decided upon. In the area of insolvency law obligations, however, the shareholders' meeting has no authority to issue instructions.
In order to avoid a crisis, it is also possible to voluntarily liquidate the GmbH before the insolvency procedure begins. The GmbH is eliminated in three steps: dissolution of the company, liquidation of the company's assets and complete termination of the company.
However, if the standard insolvency proceedings are opened, this leads to the dissolution of the company. In this context, the insolvency administrator is responsible for winding up the GmbH.
In insolvency proceedings, there is no typical liquidation, because insolvency proceedings have priority in this respect. The dissolution and the reason are officially entered in the commercial register.
Both solution models have advantages and disadvantages, especially in financial terms.
Contact us on 030 863 222 so that we can help you to choose the best alternative courses of action in your situation. However, the following principle still applies: the earlier you plan, the greater the options for action later.
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