{"id":44037,"date":"2017-11-26T16:11:32","date_gmt":"2017-11-26T14:11:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/distressed-ma-opportunities-and-risks\/"},"modified":"2017-11-26T16:11:32","modified_gmt":"2017-11-26T14:11:32","slug":"distressed-ma-opportunities-and-risks","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/distressed-ma-opportunities-and-risks\/","title":{"rendered":"Distressed M&A \u2014 opportunities and risks"},"content":{"rendered":"

Dr. Barbara Deil\u00admann<\/strong> \u2014 Attor\u00adney at Law and Part\u00adner Baker & McKen\u00adzie, D\u00fcsseldorf<\/p>\n

Dr. Sabine Otte LL.M.<\/strong> \u2014 Lawyer Baker & McKen\u00adzie, D\u00fcsseldorf<\/p>\n","protected":false},"excerpt":{"rendered":"

Accor\u00adding to the insol\u00advency statis\u00adtics of the Fede\u00adral Statis\u00adti\u00adcal Office, the number of corpo\u00adrate insol\u00adven\u00adcies has risen drama\u00adti\u00adcally since the begin\u00adning of 2009: In May 2009 alone, there were 14.9 % more corpo\u00adrate insol\u00adven\u00adcies than in May 2008. In the wake of the finan\u00adcial crisis, tradi\u00adtio\u00adnal compa\u00adnies such as M\u00e4rk\u00adlin, Rosen\u00adthal, Schies\u00adser and Arcan\u00addor are also affec\u00adted by insolvency.<\/strong><\/p>\n

Howe\u00adver, insol\u00advency does not neces\u00ads\u00ada\u00adrily lead to the breakup of the company. In nume\u00adrous cases, at least indi\u00advi\u00addual busi\u00adness units of the insol\u00advent company can be restruc\u00adtu\u00adred. In most cases, a so-called trans\u00adfer\u00adring reor\u00adga\u00adniza\u00adtion \u2014 also known as an \u201cin-court sale\u201d \u2014 takes place, in which the assets and legal rela\u00adti\u00adonships that make up the company\u2019s busi\u00adness opera\u00adti\u00adons are trans\u00adfer\u00adred to stra\u00adte\u00adgists (e.g. compe\u00adti\u00adtors) or finan\u00adcial investors.<\/p>\n

The acqui\u00adsi\u00adtion of an insol\u00advent company or a busi\u00adness unit is gene\u00adrally carried out by way of an asset deal, as the acqui\u00adrer wishes to acquire only the assets, while the liabi\u00adli\u00adties are to remain in the insol\u00advency estate. As a rule, the purcha\u00adser is only prepared to assume obli\u00adga\u00adti\u00adons arising from contrac\u00adtual rela\u00adti\u00adonships that are essen\u00adtial for the conti\u00adnua\u00adtion of the busi\u00adness, in parti\u00adcu\u00adlar from long-term supply, employ\u00adment, license and rental agree\u00adments. The insol\u00advent previous entity is subse\u00adquently liqui\u00adda\u00adted. A share deal plays a subor\u00addi\u00adnate role in the acqui\u00adsi\u00adtion of a company out of insol\u00advency: it is only chosen if the acqui\u00adrer atta\u00adches parti\u00adcu\u00adlar importance to the acqui\u00adsi\u00adtion of assets which the insol\u00advent company owner cannot trans\u00adfer indi\u00advi\u00addu\u00adally, such as good\u00adwill. \u2014 The follo\u00adwing article high\u00adlights the oppor\u00adtu\u00adni\u00adties and pitfalls that the acqui\u00adrer should defi\u00adni\u00adtely consider when acqui\u00adring a company out of insol\u00advency. The subject of this article is only the acqui\u00adsi\u00adtion of a company after the opening of insol\u00advency proceedings.<\/p>\n","protected":false},"featured_media":41030,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2511,2541,2544],"product_tag":[1943,1944,1945,1946,1947],"class_list":{"0":"post-44037","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2010-2","8":"product_cat-dr-barbara-deilmann-en","9":"product_cat-dr-sabine-otte-en","10":"product_tag-barbara-deilmann-en","11":"product_tag-sabine-otte-en","12":"product_tag-corporate-insolvency","13":"product_tag-asset-deal-en","14":"product_tag-goodwill","15":"pa_sprache-english-3","16":"pa_sprache-german","18":"first","19":"outofstock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"\nDistressed M&A - opportunities and risks - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/distressed-ma-opportunities-and-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Distressed M&A - opportunities and risks - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"According to the insolvency statistics of the Federal Statistical Office, the number of corporate insolvencies has risen dramatically since the beginning of 2009: In May 2009 alone, there were 14.9 % more corporate insolvencies than in May 2008. 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