Schutzschirm (protective shield, § 270b InsO)

The protective-shield procedure is a special form of preliminary Eigenverwaltung under § 270b InsO. The debtor gets up to three months, under a preliminary supervisor, to draft a restructuring plan (insolvency plan). Enforcement actions are suspended during this window.

Requires a debtor petition and an expert opinion that restructuring is likely to succeed (imminent or actual insolvency; no over-indebtedness ground).

For buyers, the shield signals a structured restructuring approach. Deals during the shield phase are typically investor deals as part of the restructuring plan — not classic asset deals.