Out of the crisis with turnaround management

The study examines the impact of the COVID-19 pandemic on companies of various sizes and industries, with many of them suffering losses in sales and having to take adjustment measures such as short-time working or taking out loans. The online survey aimed to gain insights into the mindset of company managers, particularly with regard to knowledge of legal aspects in insolvency-threatening situations and strategies for a turnaround. The authors plan to publish a detailed script and invite interested parties to contact them if they have any questions or would like to discuss the topic in more detail.

Findings from a survey of entrepreneurs

Excerpt from the study as a blog article

Numerous companies are currently in an economic crisis situation, often even in an insolvency-threatening situation. This is often triggered by the SARS-CoV-2 coronavirus, which has put the majority of the world’s companies in a challenging situation for over a year now. The situation affects many sectors and companies of different sizes, from solo self-employed workers to international corporations. A few sectors are benefiting greatly, such as the online sale of goods; far more companies are experiencing sales losses and have to adapt to the changed conditions, e.g. by working reduced hours, taking out loans / subsidies, etc.

With this in mind, we wanted to gain an insight into the companies and the mindset of company managers, executives and employees and therefore conducted an online survey in March 2021.

As passionate corporate reorganizers and consultants, we were also interested in the participants’ knowledge of the legal situation with regard to insolvency-relevant criteria, which may be of existential importance, and which tools and strategies for turnaround they consider important. As an insight from the survey, we also provide an insight into the topic of managing director liability in crisis situations. However, this should not be misunderstood as legally binding advice.

We present an extract of the survey results in this article .

A detailed script will be published shortly. If you are interested, please send us a message.

Feel free to contact the authors if you have any questions or would like to discuss a topic in more detail!

Dortmund, April 2021

Christian Kersten

Ralf Venema

Download

Here you can download the entire article as a pdf file.

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