Germany 2024 – The end of the illusions

“2024, the year in which narratives break, illusions burst and hollow promises will implode.“ Alexander Kissler via Twitter (here). While at the beginning of 2023 we could at least still look (somewhat hopefully) into the “cloudy crystal ball” (here), the extent of Germany’s malaise became increasingly clear over the course of the year and at … more

Turnaround – but with a plan, please!

„Plans are nothing
planning is everything“

Dwight D. Eisenhower

The current economic situation (here), as well as the sharp rise in the number of corporate insolvencies in recent months (here, in German) prove that the German economy is in crisis mode. Of course, this crisis is not without consequences for individual companies. The following article explains what to do if the managing director recognises crisis signals in “his” company or receives a specific “crisis warning” from one of his advisors (see here for background information).


When the advisor “suddenly” warns…

“Just in time” for the upcoming economic crisis (see only here), the German higher courts are expanding the duties of advisors in general and lawyers in particular. After the BGH’ IXth Civil Senate had already tightened the liability of tax advisors with regard to omitted warnings of reasons for insolvency in a judgement from January 2017 (see in-depth here), the court now turns to lawyers and the duties of care to be observed by them. Shortly thereafter, the Higher Regional Court of Bamberg ruled in a similar manner on the duties of care of a restructuring advisor. The mostly stringent rulings complement each other and are groundbreaking for advisory practice in the event of corporate crises.