Security measure (§ 21 InsO)

After the insolvency filing, the court examines admissibility and merits — a review phase during which the estate must be secured. § 21 InsO allows the court to order preliminary measures such as appointing a preliminary administrator, disposal bans or suspension of enforcement.

This phase typically lasts 4–8 weeks. Operations often continue under preliminary supervision. Deals are only possible in narrow exceptions (urgent sale of perishables, „free-hand sale” with court approval).

For buyers, the SICHMASS phase is early positioning: contact with the preliminary administrator, signalling interest, preparing the data room and structure. After the opening decision the actual deal phase begins.