Use the rescue company after bankruptcy
Unfortunately, it happens again and again that a company has to file for bankruptcy. So that in this case the company does not have to be completely closed and the employees become unemployed, a so-called rescue company can be set up.
What does rescue company mean?
A rescue company can be formed after a company has filed for bankruptcy. In order for this rescue company to be established, both the creditors and the debtors must agree.
- The business of the previous company can be continued within the framework of the rescue company. The prerequisite for this, however, is that the creditors have confidence in the continuation of the company. Establishing a rescue company is only worthwhile if there is a certain chance that the customers and thus the orders will remain.
- Employees would first be terminated by the company and given a temporary contract with the rescue company.
- The debts of the insolvent company are not transferred to the rescue company. In this way, the rescue company can continue to operate without any financial burden.
How it works after bankruptcy
A rescue company can be set up to save an existing company from bankruptcy. However, it can also be established after filing for bankruptcy. In the latter case, the following rules apply:
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- The rescue company takes over the operating resources of the insolvent company after the insolvency.
- The liabilities remain with the insolvent company.
- Existing employees can continue to be employed on a temporary contract.
- Certain contracts are automatically transferred to the rescue company. This primarily concerns rental contracts, but also insurance contracts. Contracts with suppliers and customers are usually not transferred to the rescue company.
A rescue company can help ensure that a company can "continue to exist" if this is also done under a different company name. In this way, however, the insolvent company has the opportunity to recover financially and could thus continue to operate. This would not only benefit customers and suppliers, but also employees. The business owner of the insolvent company can also work in the rescue company under certain conditions.
