{"id":64903,"date":"2026-01-09T10:24:19","date_gmt":"2026-01-09T09:24:19","guid":{"rendered":"https:\/\/mf.ag\/?page_id=64903"},"modified":"2026-04-04T13:25:34","modified_gmt":"2026-04-04T11:25:34","slug":"restructuring-in-germany","status":"publish","type":"page","link":"https:\/\/mf.ag\/en\/restructuring\/restructuring-in-germany\/","title":{"rendered":"Restructuring in Germany\u00a0\u2013 IDW S6, IDW S11,\u00a0InsO\u00a0and\u00a0StaRUG\u00a0"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1024x576.png\" alt=\"\" class=\"wp-image-65053\" srcset=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1024x576.png 1024w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-300x169.png 300w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-768x432.png 768w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1536x864.png 1536w, https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The&nbsp;German&nbsp;restructuring framework underwent a significant transformation in 2021&nbsp;with the introduction of&nbsp;the&nbsp;StaRUG&nbsp;(\u201cUnternehmensstabilisierungs- und -restrukturierungsgesetz\u201c)&nbsp;that&nbsp;allows financially distressed companies to implement court-supported restructuring plans with limited stakeholder involvement before formal insolvency proceedings become unavoidable.&nbsp;<\/p>\n\n\n\n<p>At\u00a0<a href=\"https:\/\/valtusgroup.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Valtus\u00a0Alliance<\/a>, we rely on a worldwide network of restructuring experts \u2013 because legislation and restructuring practices vary significantly from country to country. In this article, <a href=\"https:\/\/www.linkedin.com\/in\/heinrich-schaible\/?originalSubdomain=de\" target=\"_blank\" rel=\"noreferrer noopener\">Heinrich Schaible<\/a>, <a href=\"https:\/\/mf.ag\/en\/interim-ceo\/\">CEO<\/a> of <a href=\"https:\/\/www.valtus.de\/\" target=\"_blank\" rel=\"noreferrer noopener\">Valtus Germany<\/a>, interviews restructuring expert <a href=\"https:\/\/www.linkedin.com\/in\/agreis\/\" target=\"_blank\" rel=\"noreferrer noopener\">Andreas Greis<\/a> from Valtus Germany about <a href=\"https:\/\/mf.ag\/en\/restructuring\/\">restructuring<\/a> in Germany.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-makes-the-legal-framework-for-insolvency-and-restructuring-unique-in-germany-nbsp\">What makes the legal framework for insolvency and restructuring unique in Germany?&nbsp;<\/h3>\n\n\n\n<p>Germany\u2019s legal framework for restructuring is both highly structured and remarkably pragmatic. The&nbsp;<strong>StaRUG<\/strong>&nbsp;(\u201cUnternehmensstabilisierungs- und -restrukturierungsgesetz\u201c)&nbsp;and the&nbsp;<strong>Insolvency Code (InsO)<\/strong>&nbsp;provide well-defined procedures, while also allowing flexibility for consensual out-of-court solutions. This dual approach effectively balances creditor protection with business continuity.&nbsp;<\/p>\n\n\n\n<p><strong>There are three principal types of corporate insolvency proceedings regulated by the Insolvency Code:&nbsp;<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-1-regular-nbsp-insolvency-nbsp-proceedings-regelinsolvenzverfahren-nbsp\">1. Regular&nbsp;Insolvency&nbsp;Proceedings (\u201eRegelinsolvenzverfahren\u201c)&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The standard procedure for companies (corporations, partnerships, or self-employed individuals with complex finances).&nbsp;<\/li>\n\n\n\n<li>May result either in liquidation or in restructuring through an insolvency plan.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2-nbsp-insolvency-nbsp-plan-proceedings-insolvenzplanverfahren-nbsp\">2.&nbsp;Insolvency&nbsp;Plan Proceedings (\u201eInsolvenzplanverfahren\u201c)&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A court-supervised restructuring process within regular insolvency proceedings.&nbsp;<\/li>\n\n\n\n<li>Comparable to Chapter 11 in the U.S.&nbsp;<\/li>\n\n\n\n<li>Enables a company to reorganize and continue operations while repaying debts under a negotiated plan.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-3-nbsp-protective-nbsp-shield-proceedings-schutzschirmverfahren-nbsp\">3.&nbsp;Protective&nbsp;Shield Proceedings (\u201eSchutzschirmverfahren\u201c)&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A special form of debtor-in-possession&nbsp;proceeding.&nbsp;<\/li>\n\n\n\n<li>Available only when insolvency is imminent but not yet realized.&nbsp;<\/li>\n\n\n\n<li>Management&nbsp;remains&nbsp;in&nbsp;control while developing a restructuring plan under court protection.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-in-addition-nbsp-pre-insolvency-procedures-nbsp-are-available-under-the-nbsp-starug-nbsp\">In addition,&nbsp;pre-insolvency procedures&nbsp;are available under the&nbsp;StaRUG:&nbsp;<\/h4>\n\n\n\n<p><strong>StaRUG&nbsp;\u2013&nbsp;Preventive&nbsp;Restructuring&nbsp;Framework<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Legal basis:<\/strong>&nbsp;Corporate Stabilization and Restructuring Act (<em>StaRUG<\/em>), effective since January 2021.&nbsp;<\/li>\n\n\n\n<li><strong>Purpose:<\/strong>&nbsp;Enables companies facing imminent insolvency (\u201c<em>drohende&nbsp;Zahlungsunf\u00e4higkeit\u201d<\/em>) to restructure early \u2014 before formal insolvency.&nbsp;<\/li>\n\n\n\n<li><strong>Objective:<\/strong>&nbsp;Avoid formal proceedings (and their stigma) through a court-approved plan agreed with specific creditors.&nbsp;<\/li>\n\n\n\n<li><strong>Control:<\/strong>&nbsp;Management stays in charge (debtor-in-possession).&nbsp;<\/li>\n\n\n\n<li><strong>Court involvement:<\/strong>&nbsp;Limited \u2014 the court intervenes&nbsp;only&nbsp;when necessary, e.g., to confirm the plan or impose a stay on enforcement actions.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Talking about restructuring&nbsp;you&nbsp;have to&nbsp;know&nbsp;two&nbsp;professional standards&nbsp;widely used&nbsp;in Germany&nbsp;and asked for&nbsp;mainly&nbsp;by&nbsp;banks and investors&nbsp;in order to&nbsp;be able&nbsp;to decide on&nbsp;specific cases: the IDW S6 and the IDW S11. These standards&nbsp;have been issues by the&nbsp;German Institute of Public&nbsp;Auditors&nbsp;and they define the structure and the content of expert opinions&nbsp;with regard to&nbsp;restructuring and insolvency. These&nbsp;standards&nbsp;are&nbsp;not legally mandatory, but they function as&nbsp;de facto market standards.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-idw-s6-nbsp-restructuring-nbsp-opinion-sanierungsgutachten-nbsp\">IDW S6 \u2013&nbsp;Restructuring&nbsp;Opinion (Sanierungsgutachten)&nbsp;<\/h3>\n\n\n\n<p><strong>Purpose:<\/strong>&nbsp;Standard for restructuring and viability assessments.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Issued by:<\/strong>&nbsp;Institute of Public Auditors in Germany (IDW).&nbsp;<\/li>\n\n\n\n<li><strong>Use:<\/strong>&nbsp;Determines&nbsp;whether a company can be successfully restructured and remain&nbsp;viable.&nbsp;<\/li>\n\n\n\n<li><strong>Context:<\/strong>&nbsp;Often required by banks or courts before continuing financing during a crisis.<\/li>\n<\/ul>\n\n\n\n<p><strong>Focus:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Causes&nbsp;of&nbsp;the&nbsp;crisis&nbsp;<\/li>\n\n\n\n<li>Operational and&nbsp;financial&nbsp;restructuring&nbsp;measures&nbsp;<\/li>\n\n\n\n<li>Financial projections&nbsp;demonstrating&nbsp;sustainable profitability and liquidity&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>In short: IDW S6 defines the professional standard for assessing whether a company can be saved.<\/em>&nbsp;<\/p>\n\n\n\n<p><strong>IDW S11 \u2013 Insolvency Reason Analysis (Insolvenzgr\u00fcndepr\u00fcfung)<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Purpose:<\/strong>&nbsp;Standard for&nbsp;identifying&nbsp;and documenting insolvency reasons.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Focus: <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Illiquidity&nbsp;(<em>Zahlungsunf\u00e4higkeit<\/em>)&nbsp;<\/li>\n\n\n\n<li>Imminent&nbsp;illiquidity&nbsp;(<em>drohende Zahlungsunf\u00e4higkeit<\/em>)&nbsp;<\/li>\n\n\n\n<li>Over-indebtedness&nbsp;(<em>\u00dcberschuldung<\/em>)&nbsp;<\/li>\n\n\n\n<li><strong>Use:<\/strong>&nbsp;Helps management, auditors, and advisors&nbsp;determine&nbsp;<strong>whether and when<\/strong>&nbsp;an insolvency filing is&nbsp;required.&nbsp;<br>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>In short: IDW S11 defines how to assess whether a company is \u2014 or is about to become \u2014 insolvent.<\/em>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-most-common-mistake-companies-make-in-the-nbsp-early-stages-nbsp-of-a-liquidity-crisis-nbsp\">What is the most common mistake companies make in the&nbsp;early stages&nbsp;of a liquidity crisis?&nbsp;<\/h3>\n\n\n\n<p>The most common mistake is&nbsp;denial. Management often delays recognizing the severity of the situation and&nbsp;fails to&nbsp;act promptly. This loss of valuable time severely limits strategic options. A related mistake is&nbsp;inaction&nbsp;\u2014 either waiting too long to decide or avoiding&nbsp;difficult decisions&nbsp;altogether. At the same time,&nbsp;transparency is often&nbsp;lacking:&nbsp;key stakeholders, such as banks, are not informed or involved early enough.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-at-what-point-and-in-what-role-should-an-external-restructuring-expert-be-brought-in-and-who-should-appoint-them-nbsp\">At what point, and in what role, should an external restructuring expert be brought in \u2013 and who should appoint them?&nbsp;<\/h3>\n\n\n\n<p>Ideally, an external expert should be engaged&nbsp;as soon as early warning signs appear&nbsp;\u2014 shrinking margins, tightening liquidity, or declining stakeholder confidence. The role varies&nbsp;depending on the severity of the crisis: from consultant to CFO or CRO. The&nbsp;mandate&nbsp;should typically come from the board of management or shareholders, as they bear ultimate responsibility for the company\u2019s continuity and have the greatest interest in preserving it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-your-view-on-the-use-of-protective-shield-proceedings-as-part-of-a-restructuring-strategy-nbsp\">What is your view on the use of protective shield proceedings as part of a restructuring strategy?&nbsp;<\/h3>\n\n\n\n<p>Protective shield proceedings&nbsp;(\u201cSchutzschirmverfahren\u201d)&nbsp;are a valuable tool within Germany\u2019s restructuring landscape. They allow companies to reorganize under court supervision while management&nbsp;remains&nbsp;in place. These proceedings provide&nbsp;transparency and breathing space, but they are effective only when&nbsp;initiated&nbsp;early enough&nbsp;\u2014 before insolvency becomes unavoidable. However, they do not offer the same range of options as regular insolvency proceedings.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-employees-in-germany-continue-to-receive-salaries-and-bonuses-nbsp-in-the-event-of-nbsp-insolvency-nbsp\">Do employees in Germany continue to receive salaries and bonuses&nbsp;in the event of&nbsp;insolvency?&nbsp;<\/h2>\n\n\n\n<p>Yes.&nbsp;Wages are covered by the state&nbsp;through&nbsp;insolvency benefits&nbsp;(\u201cInsolvenzgeld\u201d)&nbsp;for&nbsp;three months&nbsp;before&nbsp;the&nbsp;opening of insolvency proceedings. After this period, salaries must be financed by the business itself or through restructuring arrangements. Bonuses, however, are&nbsp;generally&nbsp;not&nbsp;protected.&nbsp;<\/p>\n\n\n\n<p><strong>Before the insolvency filing (\u201cpre-filing period\u201d)<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unpaid salaries and bonuses from before the filing date become&nbsp;insolvency claims&nbsp;(\u201cInsolvenzforderungen\u201d)&nbsp;\u2014&nbsp;treated like other pre-insolvency debts.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They are&nbsp;not specially protected; employees typically receive&nbsp;only a&nbsp;pro rata payment&nbsp;from the insolvency estate, often just a small fraction.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>However, there is an important state safety net:<\/strong>&nbsp;<br>Employees can claim&nbsp;Insolvency Pay (Insolvenzgeld)&nbsp;from the&nbsp;Federal Employment Agency (Bundesagentur&nbsp;f\u00fcr Arbeit).&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It covers net wages for up to&nbsp;three months before the filing date.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The agency pays the employees directly and&nbsp;subsequently&nbsp;seeks reimbursement from the insolvency estate&nbsp;(\u201cMasse\u201d).&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This provides strong protection for employee wages shortly before insolvency.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>Example:<\/em>&nbsp;<br>If a company files for insolvency on&nbsp;<strong>October 1<\/strong>, the Federal Employment Agency covers unpaid wages for&nbsp;<strong>July, August, and September<\/strong>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-which-case-in-your-career-has-most-profoundly-shaped-your-view-of-restructuring-and-what-did-you-learn-from-it-nbsp\">Which case in your career has most profoundly shaped your view of restructuring \u2013 and what did you learn from it?&nbsp;<\/h3>\n\n\n\n<p>The later insolvency of my own start-up. I learned first-hand how&nbsp;uncommitted investors&nbsp;may use insolvency strategically to&nbsp;acquire&nbsp;valuable assets at a fraction of their value \u2014 free of debt. It taught me that not everyone in the market acts with long-term intent; some simply&nbsp;speculate on&nbsp;distress.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-in-the-event-of-nbsp-a-severe-profitability-and-liquidity-crisis-what-would-you-consider-the-best-course-of-action-for-a-foreign-corporation-with-a-local-subsidiary-nbsp\">In the event of&nbsp;a severe profitability and liquidity crisis, what would you consider the best course of action for a foreign corporation with a local subsidiary?&nbsp;<\/h3>\n\n\n\n<p>The best approach is to act&nbsp;decisively and transparently. A foreign parent company should swiftly engage&nbsp;local restructuring&nbsp;expertise&nbsp;to navigate legal, market, and cultural specifics, while ensuring&nbsp;close coordination&nbsp;between headquarters and local management.&nbsp;<br>Germany&nbsp;has its own regulatory, contractual, and competitive dynamics \u2014 as well as labor law specifics \u2014 all of which can significantly influence strategic options.&nbsp;<br>It is crucial to&nbsp;determine&nbsp;whether the issue is&nbsp;temporary or structural, and this requires&nbsp;qualified local insight. From experience, I can say: the&nbsp;quality of the&nbsp;restructuring&nbsp;team&nbsp;is decisive \u2014 well-known names alone are no guarantee of success.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-established-is-private-equity-in-germany-nbsp-with-regard-to-nbsp-restructuring-nbsp\">How established is private equity in Germany&nbsp;with regard to&nbsp;restructuring?&nbsp;<\/h3>\n\n\n\n<p>Private equity plays an increasingly significant role in&nbsp;Germany\u2019s distressed <a href=\"https:\/\/mf.ag\/en\/transaction-advisory\/\">M&amp;A<\/a> market. While banks and traditional shareholders&nbsp;remain&nbsp;key stakeholders, private equity investors often provide the&nbsp;capital and operational&nbsp;expertise&nbsp;required&nbsp;to reposition companies for long-term success.&nbsp;<br>At&nbsp;Valtus&nbsp;we regularly collaborate with&nbsp;PE firms and family offices&nbsp;to assess opportunities and develop sustainable turnaround strategies in crisis situations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-personal-qualities-do-you-consider-most-important-for-a-restructuring-leader-nbsp\">What personal qualities do you consider most important for a restructuring leader?&nbsp;<\/h3>\n\n\n\n<p>Resilience, empathy, and decisiveness.&nbsp;A restructuring leader must inspire confidence, make tough decisions under pressure, and engage stakeholders with respect and authenticity.&nbsp;<br>If the goal is to secure a company\u2019s long-term future,&nbsp;strategic vision&nbsp;is as&nbsp;essential as technical restructuring&nbsp;expertise.&nbsp;<br>In many crises, the root cause lies in a&nbsp;lack of leadership and accountability&nbsp;over time. Therefore, strong, visible leadership that&nbsp;managers,&nbsp;employees&nbsp;and&nbsp;stakeholder&nbsp;can identify with is&nbsp;absolutely essential.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-you-handle-the-emotional-dimension-of-restructuring-especially-with-employees-and-management-under-stress-nbsp\">How do you handle the emotional dimension of restructuring, especially with employees and management under stress?&nbsp;<\/h3>\n\n\n\n<p>It is vital to take&nbsp;tough decisions in a human way. Everything starts with&nbsp;honest and transparent communication&nbsp;\u2014 though not everyone is prepared to face it.&nbsp;<br>Recognizing emotions is crucial: people are more likely to accept difficult measures when they feel&nbsp;informed and treated fairly.&nbsp;<br>I believe in the principle that&nbsp;clarity is kindness&nbsp;and that&nbsp;courage must outweigh comfort. Staying human, even when making&nbsp;hard decisions, makes all the difference.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-you-balance-short-term-survival-with-long-term-strategy-in-nbsp-a-restructuring-nbsp\">How do you balance short-term survival with long-term strategy in&nbsp;a restructuring?&nbsp;<\/h3>\n\n\n\n<p>The immediate priority is to&nbsp;secure liquidity and stabilize operations. However, success depends equally on developing a&nbsp;credible long-term strategy&nbsp;that convinces stakeholders of the company\u2019s viability.&nbsp;<br>The art of restructuring lies in balancing both dimensions \u2014 ensuring survival today while positioning the company for sustainable success tomorrow.&nbsp;<br>In doing so, I always&nbsp;emphasize:&nbsp;keep&nbsp;your clients\u2019&nbsp;clients&nbsp;at the center of all mid- and long-term initiatives.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-nbsp-does-nbsp-valtus-nbsp-germany-offer-nbsp-with-regard-to-nbsp-restructuring-nbsp\">What&nbsp;does&nbsp;Valtus&nbsp;Germany offer&nbsp;with regard to&nbsp;restructuring?&nbsp;<\/h3>\n\n\n\n<p>Valtus&nbsp;can provide comprehensive services&nbsp;with regard to&nbsp;restructuring. We have many&nbsp;experiended&nbsp;<a href=\"https:\/\/mf.ag\/en\/chief-restructuring-officer\/\">Chief Restructuring Officers (CROs)<\/a>&nbsp;and&nbsp;renowned&nbsp;restructuring <a href=\"https:\/\/mf.ag\/en\/interim-cfo\/\">CFOs<\/a> in our talent pool, and together with Management Factory \u2013 A&nbsp;Valtus&nbsp;Company&nbsp;we&nbsp;can issue expert opinions like <a href=\"https:\/\/mf.ag\/en\/going-concern-prognosis\/\">IDW<\/a> S6 and IDW S11. Recently I also published&nbsp;a webinar&nbsp;on leadership in times of crisis which you can watch on <a href=\"https:\/\/www.youtube.com\/watch?v=-uL4slfrIqk\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a>.&nbsp;At the <a href=\"https:\/\/www.handelsblatt.com\/adv\/firmen\/restrukturierung.html\" target=\"_blank\" rel=\"noreferrer noopener\">Handelsblatt<\/a> you find an article that summarizes&nbsp;the&nbsp;services&nbsp;of&nbsp;Valtus&nbsp;with regard to&nbsp;restructuring very well:&nbsp;<em>&#8220;Restructuring with&nbsp;integrity: the&nbsp;Valtus&nbsp;Group gets companies back on track&#8221;.&nbsp;<\/em>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-trends-do-you-expect-to-shape-the-restructuring-landscape-in-the-next-five-years-nbsp\">What trends do you expect to shape the restructuring landscape in the next five years?&nbsp;<\/h3>\n\n\n\n<p>I foresee a rapidly growing role&nbsp;for&nbsp;artificial intelligence (AI)&nbsp;in restructuring. AI will increasingly help to compensate for missing skills and accelerate decision-making in competitive environments.<br>&nbsp;<br>Established industry standards such as&nbsp;IDW S6&nbsp;and&nbsp;IDW S11&nbsp;will continue to evolve, providing more dynamic and practical frameworks for restructuring and insolvency analysis.&nbsp;<\/p>\n\n\n\n<p>As the&nbsp;VUCA world&nbsp;(volatility, uncertainty, complexity, ambiguity) becomes reality, traditional frameworks will need to adapt to faster dynamics and greater complexity.&nbsp;Therefore,&nbsp;I am convinced that the demand for&nbsp;CROs and&nbsp;interim restructuring managers will increase in the years&nbsp;to come.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;German&nbsp;restructuring framework underwent a significant transformation in 2021&nbsp;with the introduction of&nbsp;the&nbsp;StaRUG&nbsp;(\u201cUnternehmensstabilisierungs- und -restrukturierungsgesetz\u201c)&nbsp;that&nbsp;allows financially distressed companies to implement court-supported restructuring plans with limited stakeholder involvement before formal insolvency proceedings become unavoidable.&nbsp; At\u00a0Valtus\u00a0Alliance, we rely on a worldwide network of restructuring experts \u2013 because legislation and restructuring practices vary significantly from country to country. In this [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":65053,"parent":52969,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-64903","page","type-page","status-publish","has-post-thumbnail","hentry"],"featured_image_urls_v2":{"full":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png",1920,1080,false],"thumbnail":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-250x250.png",250,250,true],"medium":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-300x169.png",300,169,true],"medium_large":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-768x432.png",768,432,true],"large":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1024x576.png",1024,576,true],"1536x1536":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1536x864.png",1536,864,true],"2048x2048":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png",1920,1080,false],"gform-image-choice-sm":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png",300,169,false],"gform-image-choice-md":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png",400,225,false],"gform-image-choice-lg":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350.png",600,338,false],"profile_24":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-24x24.png",24,24,true],"profile_48":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-48x48.png",48,48,true],"profile_96":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-96x96.png",96,96,true],"profile_150":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-150x150.png",150,150,true],"profile_300":["https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-300x300.png",300,300,true]},"post_excerpt_stackable_v2":"<p>The&nbsp;German&nbsp;restructuring framework underwent a significant transformation in 2021&nbsp;with the introduction of&nbsp;the&nbsp;StaRUG&nbsp;(\u201cUnternehmensstabilisierungs- und -restrukturierungsgesetz\u201c)&nbsp;that&nbsp;allows financially distressed companies to implement court-supported restructuring plans with limited stakeholder involvement before formal insolvency proceedings become unavoidable.&nbsp; At\u00a0Valtus\u00a0Alliance, we rely on a worldwide network of restructuring experts \u2013 because legislation and restructuring practices vary significantly from country to country. In this article, Heinrich Schaible, CEO of Valtus Germany, interviews restructuring expert Andreas Greis from Valtus Germany about restructuring in Germany. What makes the legal framework for insolvency and restructuring unique in Germany?&nbsp; Germany\u2019s legal framework for restructuring is both highly structured and remarkably pragmatic. The&nbsp;StaRUG&nbsp;(\u201cUnternehmensstabilisierungs- und&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Henriette Guttenbrunner","url":"https:\/\/mf.ag\/en\/author\/henriette\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Restructuring in Germany\u00a0\u2013 IDW S6, IDW S11,\u00a0InsO\u00a0and\u00a0StaRUG\u00a0 &#187; Management Factory<\/title>\n<meta name=\"description\" content=\"With the introduction of StaRUG in 2021, Germany enabled court-backed restructurings for distressed companies before formal insolvency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mf.ag\/en\/restructuring\/restructuring-in-germany\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Restructuring in Germany\u00a0\u2013 IDW S6, IDW S11,\u00a0InsO\u00a0and\u00a0StaRUG\u00a0\" \/>\n<meta property=\"og:description\" content=\"With the introduction of StaRUG in 2021, Germany enabled court-backed restructurings for distressed companies before formal insolvency.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mf.ag\/en\/restructuring\/restructuring-in-germany\/\" \/>\n<meta property=\"og:site_name\" content=\"Management Factory\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-04T11:25:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mf.ag\/wp-content\/uploads\/2026\/01\/Website-Bilder-Neu-2026-01-13T103655.350-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/mf.ag\\\/en\\\/restructuring\\\/restructuring-in-germany\\\/\",\"url\":\"https:\\\/\\\/mf.ag\\\/en\\\/restructuring\\\/restructuring-in-germany\\\/\",\"name\":\"Restructuring in Germany\u00a0\u2013 IDW S6, IDW S11,\u00a0InsO\u00a0and\u00a0StaRUG\u00a0 &#187; 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