Bankruptcy – a bad word for many. However, bankrupt companies buy the epitome of self-actualization for others. You see the challenge of turning a broken business back into a successful company with the right strategy. But is it even possible to lead a company out of a crisis that way? And above all, is it worth it at all? When does a company go bankrupt? When a company has to file for bankruptcy depends primarily on its legal form. As a rule, one can speak of an insolvent company if either there is a threat of insolvency or if this has already occurred. In the case of a corporation, such as a GmbH, one speaks of insolvency according to the InsO (Insolvency Ordinance) if the company is overindebted. Then there are different procedures how to proceed with a bankruptcy. One way of doing this is to sell the insolvent company…
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