Check Lists
Prepared lists to manage „Standard“-Insolvency-To Do‘s in the different phases of the insolvency process
Start of preliminary insolvent period
- Change of bank accounts – Notification to customers
- Selection of members of insolvency team – Definition of responsabilities ans authorization by insolvency administrator
- Formulate information letter to creditors/suppliers to notify regarding the opening of the preliminary insolvency – Mailing out court order (external communication)
- Define and communicate competencies and core processes within insolvent company (internal communication and instruction)
- Adjustments to IT system and applications (e.g. ordering forms, authorizations, etc.)
- Implementation of „simplified“ ordering process by introducing supplier limits (if applicable)
- Identification of key suppliers – Establishing contact and scheduling of personal meetings
- Implementation of „emergency“ list for key materials/suppliers to prevent production stops
- Set up cashflow calculations with daily updates and integrated controlling functions
- Adjust payment runs according to newly installed accounts of insolvency administration
- Define processes and responsabilities to deal with separation rights
- Define communication and processes in dealing with installed supplier pools
- Preparation and implementation of consistent documentation of all supplier agreements
Insolvency opening
- Preventive: informing suppliers up-front about opening of insolvency and transition from preliminary insolvency period before
- Providing court order about insolvency opening
- Renewal of authorization letters for the respective companies in insolvency
- Adjust registered company name (adding „i.I.“)
- Official information letter to creditors to file claims to insolvency table
- Clarification of permamnent contractual arrangements/analysis of cases in which insolvency administrator has the choice of performance (based on §103ff InsO)