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Fear of bankruptcy wave: How Germany wants to save its zombie companies

2020-10-29T19:29:59.916Z


With a new law from January the government wants to make it easier to rescue troubled companies. Insolvency administrators fear for their benefices. Restructurers suspect huge business.


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The dead don't die:

Companies that are actually ready for bankruptcy get a second chance

Photo: Jan Feindt for manager magazin

Henning Schorisch (60) doesn't exactly get the joy of the spectacle out of the face.

With his round horn-rimmed glasses and narrow lips, the bankruptcy attorney, who has his headquarters in Halle an der Saale, looks more like a shy civil servant.

But appearances are deceptive.

At least professionally, Schorisch likes to go out of his way.

As a sequester, he turned the bankruptcy of the East German solar company Q Cells into a spectacle that had not been seen before.

For eight years, the lawyer has covered half of the German economy with liability, damages and repayment claims as if there were no tomorrow.

Affected are ex-board members, former supervisory board members, top law firms (Hengeler Mueller), top consultants (McKinsey), top auditors (KPMG) and even a top football club (Borussia Dortmund).

The occasion is not even a tangible scandal, and certainly not fraud as in the Wirecard case.

It's just a common issue - a possible late filing for bankruptcy.

And even that has not been proven after two instances.

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Source: spiegel

All news articles on 2020-10-29

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