Companies feel the effects when they have taken the wrong path (strategy crisis), when they earn too little (success crisis) and at some point the available money becomes scarce (liquidity crisis). Most companies only experience a liquidity crisis, which is ultimately threatening, after quite a while. However, as the Corona pandemic showed, it can also occur overnight.
There are companies that are obliged to indicate their insolvency to the insolvency court if they can no longer fullfill their financial obligations. This applies, for example, to GmbHs, UGs (limited liability companies), AGs or partnership companies.
Solo self-employed persons, owners of companies in their own name and freelancers do not have to indicate insolvency.
There are different types of insolvency proceedings. They are designed to settle company debts or private debts, including those arising from self-employment, if they can no longer be repaid.
Insolvency and restructuring
The opening of insolvency proceedings does not mean that business operations or self-employment must be discontinued or abandoned in any case. Insolvency law has a reorganization character. There are several ways to put a struggling company or private finances on a solid fundament. The new Extrajudicial Restructuring Act (StaRUG) even offers the possibility of avoiding insolvency proceedings altogether. The chances of being able to take advantage of these reorganization options increase the sooner self-employed people address the issue of impending insolvency. And if a business crisis is looming on the horizon: Get advice! Current note: Companies still waiting for the Corona bridging allowance may also have to file for insolvency.
Do not wait until the money runs out and the bank no longer gives a loan: The sooner advice is sought, the sooner insolvency can be prevented and successful reorganization made possible.
Specialized debtor and insolvency counseling for micro-entrepreneurs
Berlin City Mission | Evangelical Church (EKBO)
Lehrter Strasse 68 | 10557 Berlin
Phone 030 69033-3107 | Fax 030 69033-3109
Berlin Chamber of Industry and Commerce
Phone: 030 31510-0
Berlin Chamber of Crafts
Consultation "in private"
Tel.: 030 25903-467
If a business idea didn't work out or even went bankrupt, that doesn't mean you have to bury your dreams of self-employment once and for all. About every tenth founder starts for the second time (or even more often). There are good reasons for this (apart from a good business plan): you learn from your mistakes. However, the new start must be well prepared.