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Concept / IDWS6

  • Situation and crisis analyses
  • Development of restructuring concepts
  • IDW S6 reports


  • Organization of restructuring in the scope of the act for further facilitating the turnaround of companies (ESUG) (§§270a and 270b Insolvency Code)



  • M&A in special situations
  • Sale / purchase of companies in acute crisis / insolvency situations

Restructuring concepts and IDWS6 reports

During company crises, when covenants, balance sheet figures or the like have worsened, your financing partners will come to you and request an independent report based on the IDWS6 standard.
This is to the fact that your financing partner will only be able to provide further funds in a legally binding manner, or decide on restructuring measures, on the basis of such a report.

Such a report must fulfill various requirements. To ensure it provides a basis for making decisions for your financing partner, it must for example take the latest rulings of the Supreme Court of Justice (BGH) into consideration. For this reason, banks place a lot of importance on having this report prepared by an auditor or experienced restructuring consultant.

Due to the depth required for creating such a report, it not only serves to fulfill the formal requirements, but also provides the company with significant added value.


Among other things, a IDWS6 report includes:

  • an objective, in-depth review of the current situation as well as the causes
  • determination of the stage of the crisis
  • a detailed representation of the resources of the company, the returns and marketability of the future business model as well as the path to achieving it
  • a restructuring concept including the service and financing measures
  • a detailed, integrated corporate plan to substantiate the ability to pay in future
  • statements regarding the ability to pay and continuity forecasts, which fulfill the requirements of the BGH rulings

Based on our experience and numerous IDWS6 reports as well as the subsequent support during implementation, we know exactly which demands your bank will make.

We are known by relevant German credit instructions as an experienced restructuring consultant, which means we can prepare an IDWS6 report in a fast, pragmatic and well-founded manner, and successfully assist you with the communication and negotiations with your financing partners.

Restructuring in the scope of ESUG

In situations where restructuring is no longer possible without going to court, we help you to utilize the new possibilities provided by insolvency law, self-administration or insolvency protection proceedings (§§270a and 270b Insolvency Act), in order to ensure maximum control and value retention for all involved. This process has the advantage that the company can continue to manage itself during the crisis.

We support the goal of restoring a healthy structure for the restructured company as quickly as possible through optimum preparation, and the selection and promotion of the most competent solicitor / insolvency trustee. If required and requested, we can also support you as an external body during the procedure, in order to establish trust and reduce your risks.

We support you prior to filing for insolvency with:

  • the review of possible options
  • the professional preparation and tactically correct filing
  • choosing the right solicitor

We support you after filing for insolvency with:

  • the assumption of responsibility as an organ during self-administration
  • the handling of insolvency-specific activities
  • the handling of communication with courts and solicitors
  • the stabilization of operations
  • the development and implementation of restructuring measures
  • the development and negotiation of insolvency plans
  • the search for and negotiation of investor solutions

The partners of CENTUROS are known by administrators, creditors and courts as experienced assistants during insolvency proceedings and can support you optimally during the realization of a restructuring project in the scope of structured insolvency proceedings.


  • M&A-transactions generally take 6-9 months to complete, based on the level of complexity of the transaction object. During insolvency proceedings, the M&A process („sell side“) often needs to be completed within a period of 6 to 12 weeks.
  • The period of time available for the transaction process during the (opened) proceedings, is significantly influenced by the available liquid resources required to maintain operations.
  • During the process, three exploitation options are usually available (restructuring by transfer, insolvency plan, liquidation), the economic and legal limits and possibilities of which should be considered and compared during the transaction process.
  • We are a leading consulting firm for SMEs in Germany, and our focal points include restructuring and M&As during insolvency. In 2015 alone, we were able to successfully conclude 7 transactions.
  • Furthermore, we also possess a wealth of know-how when it comes to restructuring and reorganization, which allows the transaction process with regard to existing restructuring approaches from the perspective of investors and the insolvency administrators/creditor committees to be prepared in a transparent manner.
  • The rapid identification of potential investors at home and abroad and the targeted structuring and execution of the transaction while taking deadlines, sector-specific peculiarities and insolvency regulations into consideration are key to ensuring the success of the M&A process.

„M&A during a crisis“ represents a swift and economically sound sales process, which requires transaction and well-founded restructuring know-how as well as knowledge of the relevant legal conditions and the interests of all involved parties (creditors, administrators, employees, partners, investors). The partners of CENTUROS possess this know-how and have proven it in more than 30 transactions.