Bankruptcy and liquidation advisory
Professional support in insolvency proceedings — from preparing the decision to handing over the closing financial statements.
Overview
Support at every stage of insolvency proceedings
Our firm provides comprehensive advice in connection with companies in liquidation or bankruptcy proceedings.
When insolvency threatens, the key question is room for manoeuvre. Once liquidation has been ordered with final effect, the executive officer may no longer act on behalf of the company: they cannot carry out a self-revision or enter into contracts. It is therefore worth turning to a specialist before the court decision is made, when the range of options is considerably wider.
In our experience help is often sought too late. The earlier the preparation starts, the greater the chance of working out a more favourable solution in the circumstances.
What we do
Where we help during the proceedings
In the early stage of the proceedings the former management must prepare closing financial statements on the company’s assets, financial position and results, and hand them over to the appointed liquidator. This and the related tasks are what we work on with you.
- Situation assessment. Review of the company’s accounting and financial position to prepare the decision.
- Closing financial statements. Compiling the statements on the assets, financial position and results.
- Accounting for the asset base. Documented substantiation of the assets shown in the financial statements.
- Substantiating earlier transactions. Putting the accounting background of transactions preceding the liquidation in order.
- Putting the books in order. Fully correcting incomplete or inaccurate bookkeeping for the periods before the proceedings.
- Returns and financial statements. Preparing the tax returns and financial statements that were not filed.
- Representation before the authorities. Representing the company before the authorities during the proceedings.
- Liaising with the liquidator. Professional preparation of the data supply and the handover of documents.
Frequently asked questions
What our clients ask most often
Why is it important to act before the court decision?
Once liquidation has been ordered with final effect, the former executive officer can no longer take any substantive step on behalf of the company: they cannot enter into contracts or carry out a self-revision. Before the decision, however, there is still room to put the records in order and to prepare.
What if the bookkeeping of previous years is incomplete?
In that case we undertake to put the bookkeeping fully in order for the periods preceding the proceedings and to prepare the tax returns and financial statements. This matters because the former management must be able to account for the assets shown in the financial statements and to defend the transactions preceding the liquidation.
What is the risk if the process is not conducted properly?
The proceedings are complex and hold many pitfalls. If the steps are not taken in accordance with the law, the consequences can even be criminal — a finding of tax fraud, breach of accounting rules, bankruptcy offences or misappropriation, for example. We therefore recommend seeing the process through with professional support.
What is the difference between bankruptcy and liquidation proceedings?
The purpose of bankruptcy proceedings is to keep the business going: under the protection of a payment moratorium the company reaches a settlement with its creditors. Liquidation, by contrast, aims at winding the company up without a legal successor, by selling the assets and satisfying the claims. It is worth thinking through the consequences of the choice in good time.
As a creditor, how can we enforce our claim?
The claim must be notified by the deadline and in the prescribed form, together with the documents supporting the entitlement. We help compile the claim, follow up its registration and resolve any accounting questions that arise during the proceedings.
Related services
Catch-up bookkeeping
Putting incomplete or incorrect records in order, self-revisions, supplementary returns.
DetailsVoluntary liquidation
Lawful wind-up of the company from the decision to deregistration from the company register.
DetailsAccounting
Full general ledger and analytical bookkeeping, tax returns and the preparation of financial statements.
Details
Request a quote
Do not wait for the court decision
Tell us where the proceedings stand or what insolvency situation you face, and we will discuss what steps are still available.