Best Restructuring & Insolvency Lawyers in Hamburg

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Hahn und Partner
Hamburg, Germany

Founded in 1960
200 people in their team
German
English
Lawyers Hahn and Partners in HamburgThe law firm was founded on January 1, 1960 by attorney Gustav-Adolf Hahn († on February 21, 2011).Connections to independent medical associations formed the basis from which medical law initially developed as one of the main pillars of the law firm....
Hamburg, Germany

Founded in 2003
English
Korten Rechtsanwälte AG, headquartered in Hamburg, Germany, is a distinguished business law firm dedicated to serving entrepreneurs, managers, and high-net-worth individuals. The firm's clientele spans a diverse spectrum, including silent partners, medium-sized company buyers, creative founders,...
CLAYSTON
Hamburg, Germany

Founded in 2005
50 people in their team
German
English
WE ARE CLAYSTONA worldwide union of lawyers,law firms, and tax and financeconsultants. You can find usall over the planet in themajor finance, trade andpolitical centers. We speak 12 languages ​​butprimarily yours. We knowthe law of 24 countries andadvise clients in all legalmatters...
Watson Farley & Williams LLP
Hamburg, Germany

Founded in 1982
5,000 people in their team
German
English
We are an international law firm advising on complex transactions and disputes through local knowledge and an integrated international network. We have a strong sector focus, combining our technical excellence with deep industry knowledge across energy, transport and associated infrastructure.Our...
MTR Legal Rechtsanwälte
Hamburg, Germany

Founded in 2000
50 people in their team
German
English
MTR lawyers www.mtrlegal.com/en/ is an international full service law firm. The lawyers counsel on corporate and commercial law, business law, tax law, IT law and IP law and distribution law. The law firm advises international companies, corporations, mid-sized businesses and private clients...
Rose & Partner LLP
Hamburg, Germany

Founded in 2011
50 people in their team
German
English
Law Firm ROSE & PARTNER in BerlinLawyers, Certified Specialist Lawyers & Tax AdvisorsWelcome to ROSE & PARTNER! We are a well-established German law firm specialising on corporate law, real estate law, financial industry regulation, tax law, inheritance law & family law with offices...
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About Restructuring & Insolvency Law in Hamburg, Germany

Restructuring and insolvency law in Hamburg is governed by both German federal law and local practices within the city. Restructuring focuses on helping businesses in financial distress reorganize their operations or finances to avoid insolvency. Insolvency law, on the other hand, determines the process when individuals or businesses can no longer meet their debts. Hamburg, as a leading German commercial hub, sees frequent activity in this legal field due to its dense network of businesses, shipping firms, and service providers. Specialized local courts, experienced insolvency administrators, and a robust legal infrastructure make Hamburg a crucial location for effective handling of restructuring and insolvency matters.

Why You May Need a Lawyer

There are several situations in which consulting a restructuring and insolvency lawyer in Hamburg is advisable:

- You are a business owner facing financial difficulties and need to explore reorganization or debt restructuring options. - You are worried about personal insolvency due to mounting debts or loss of income. - You are an investor, creditor, or supplier seeking to protect your rights when a business partner is at risk of insolvency. - You have received a formal payment demand or notice of insolvency proceedings. - You need guidance on how to proceed with collective layoffs, employment contracts, or asset sales during restructuring. - You require assistance navigating negotiations with banks or other creditors. - You need to understand your legal obligations and liabilities as a managing director or board member in the face of insolvency. - You want to reclaim assets or challenge transactions involving insolvent businesses. - You require advice on cross-border insolvency matters, especially with international business partners.

Local Laws Overview

The legal framework for restructuring and insolvency in Hamburg is primarily based on the German Insolvency Code (Insolvenzordnung - InsO). Some key aspects include:

- The Insolvency Code sets out procedures for insolvency applications, administration, and the rights of creditors and debtors. - Companies facing impending insolvency have duties to file for insolvency with the local insolvency court (Insolvenzgericht) - in Hamburg, this is typically the district court (Amtsgericht Hamburg). - Failing to file for insolvency in a timely manner can result in personal liability for managing directors. - Certain legal tools, such as the StaRUG (Act on the Stabilization and Restructuring Framework for Companies), allow for pre-insolvency restructuring under court supervision. - Employees have certain protections regarding wages and employment during insolvency proceedings. - Creditors have the right to participate in the process, submit claims, and attend creditor meetings. - Sets of local rules and procedures apply at the Hamburg courts, so local legal expertise is invaluable. - German insolvency law also recognizes "self-administration" (Eigenverwaltung), allowing some debtors to retain control under supervision.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves measures to prevent insolvency, such as reorganizing finances or operations to restore solvency. Insolvency refers to the state in which a person or company can no longer pay debts as they become due and therefore may enter formal insolvency proceedings.

How do I know if my business is insolvent?

A business is considered insolvent if it cannot meet its payment obligations when due or if its liabilities exceed its assets. If you are unsure, a lawyer or financial advisor can help you assess your financial status.

What happens if I do not file for insolvency on time?

Failing to file for insolvency within three weeks of recognizing insolvency can result in personal liability for managers, including potential criminal penalties.

Can I restructure my business instead of declaring insolvency?

Yes, German law offers restructuring frameworks such as StaRUG, which allows for out-of-court restructuring agreements under certain conditions, helping businesses avoid formal insolvency.

What are the first steps I should take if I am facing insolvency?

Gather all financial documents, avoid preferential payments, and seek immediate legal advice. Prompt action is essential to protect your interests and comply with legal obligations.

Do employees lose their jobs in insolvency proceedings?

Not necessarily. There are legal procedures to protect jobs for a period during insolvency. Insolvency money (Insolvenzgeld) is provided by the Federal Employment Agency to cover wages for up to three months.

How are creditors treated in German insolvency proceedings?

Creditors must submit their claims to the insolvency administrator. Claims are then ranked and paid out according to the legal order of priority, which generally favors secured creditors first.

Can personal assets be at risk in business insolvency?

In most cases, managing directors of limited liability companies are not personally liable, unless there has been wrongdoing or delayed filing. Sole proprietors and partners in general partnerships may be personally liable.

Are there ways to save my business during insolvency?

Yes. Procedures like self-administration allow management to retain control while restructuring under supervision. Early intervention and expert advice increase the chances of survival.

Do I need a lawyer for insolvency proceedings?

While not always obligatory, legal representation is highly advisable to navigate complex procedures, protect your interests, and avoid potential liabilities.

Additional Resources

- Amtsgericht Hamburg (Hamburg District Court): Handles insolvency proceedings for businesses and individuals in Hamburg. - Federal Employment Agency (Bundesagentur für Arbeit): Provides insolvency money for affected employees. - Hamburg Chamber of Commerce (Handelskammer Hamburg): Offers information and support for businesses in distress. - Local Bar Association (Hanseatische Rechtsanwaltskammer): Can help you find specialized insolvency and restructuring lawyers. - Credit counseling services: Several non-profit organizations in Hamburg provide advice on debt and bankruptcy issues.

Next Steps

If you believe you may need legal assistance with restructuring or insolvency in Hamburg, consider the following steps:

- Collect all relevant documents, including financial statements, creditor lists, and contracts. - Avoid taking steps that favor certain creditors or alienate company assets without legal advice. - Contact a lawyer who specializes in restructuring and insolvency law in Hamburg. - Prepare a list of questions tailored to your situation and be open about your financial status. - Attend an initial consultation to assess your options, risks, and potential strategies. - If you are a business owner, notify your management or board as early intervention can be critical. - Stay informed about your rights and obligations during the process with guidance from your advisor.

Taking prompt and informed action can make a significant difference in the outcome for you or your business.

Lawzana helps you find the best lawyers and law firms in Hamburg through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Hamburg, Germany - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.