Ettlingen – November 04, 2026 -- Ulrich Kammerer, who says he has personally handled about 400 insolvency and restructuring cases and helped secure assets worth roughly EUR 300 million, warns that executives who wait for creditors to apply pressure lose key restructuring options.
Kammerer, who has worked on corporate restructurings for around ten years and advises through UKMC, says many managers address restructuring only after the tax office, health insurers or other creditors start pushing. By then, he argues, important options may already be gone.
Timing of insolvency risk determines available restructuring routes
The distinction between impending and actual illiquidity is decisive. Impending illiquidity exists when a company is expected to miss future payment obligations. Illiquidity exists when due payments can no longer be met. For legal entities, over-indebtedness can also be a ground for insolvency. Kammerer stresses that the size of debt alone does not decide the case; what matters is when payments fall due and whether the company can meet them.
A reliable liquidity plan shows upcoming payments, whether available funds cover them and where gaps loom. While insolvency has not occurred, out-of-court restructuring can be examined under certain conditions. Once a company is illiquid or over-indebted, statutory duties to file for insolvency may apply.
StaRUG allows payment terms to be adjusted and some debts reduced
The Corporate Stabilisation and Restructuring Act (StaRUG) lets companies reorganise liabilities before they become illiquid, for example by adjusting payment terms or reducing certain debts. It does not allow arbitrary debts to be cancelled. Feasibility depends on how far the crisis has advanced, which liabilities exist and whether the company can generate sufficient cash in future. Statutory requirements must also be met.
Management first needs an overview of obligations and due dates, expected income and any arrears with the tax office, health insurers or other creditors.
UKMC builds restructuring plans around creditor negotiations
Measures include negotiating longer payment periods with creditors, reorganising liabilities and, under certain conditions, reducing debt. Agreements with individual creditors may suffice in some cases; others require broader restructuring. UKMC develops a tailored plan with other specialists and supports its implementation, with the aim that the company can cover its running costs and avoid renewed payment difficulties.