Insolvenzplan (insolvency plan, §§ 217+ InsO)

Restructuring instrument in German insolvency. Governs debt restructuring, monetisation and, where relevant, going-concern continuation.

The insolvency plan is Germany's flexible restructuring instrument. It can govern debt-equity swaps, debt cuts, debtor continuation, share transfers and investor injections. Requires creditor-group approval (head and amount majority) and court confirmation.

Submission rights: debtor (§ 218 InsO), administrator (§ 218 InsO), in exceptional cases also creditors. The plan must regulate the estate distribution AND can shape the future of the company.

For buyers, the insolvency plan is the classic path to a share deal out of insolvency. The plan provides share transfer to the investor combined with debt relief and continuation. Very complex procedure — realistic only with a specialised team.

Related terms

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