Preventing impending bankruptcy

The WHOA is to be regarded as the proverbial "big stick": if you do not succeed in reaching an amicable restructuring in consultation with the creditors, you have the possibility to appeal to the instruments offered by the WHOA. Often, however, it does not have to get that far (especially now that creditors also anticipate the application of the WHOA and for that reason are more willing to reach an agreement privately). For that you need to engage in discussions with creditors, banks, tax authorities, pension fund. You may have to part with some of the staff. You may need to find refinancing. What role do security holders play? The insolvency law attorneys regularly assist in such extrajudicial debt restructuring processes and the implementation problems that arise.