Niklas Häger
Selected engagements
01. Corporate
restructuring
Important lessons learned from the process.
Scope and size of the project:
50 FTE, revenue of approximately EUR 8 million, four months.
50 FTE
​Scope of project
EUR 8 MILLION
Revenue
4 MONTHS
Project Duration
Corporate Restructuring
Project Type
Challenge
A formal reconstruction is often the last available step before bankruptcy. It gives the company temporary protection, but it also creates a difficult operating environment.
Old debts are frozen. New commitments must be paid in cash. Suppliers become cautious. Customers ask questions. Employees need clarity. Unions, authorities, creditors, tax matters, media questions and operational risks all have to be handled at the same time.
The legal process also introduces new deadlines and dependencies. A reconstruction plan must be prepared with the administrator and approved by the court. Extensions must be justified. Cash control becomes immediate. Leadership must continue to run the business while confidence is under pressure.
Lesson
A formal reconstruction should not be the first option. Before entering a court-led process, management and owners should assess whether an out-of-court settlement is possible.
With the right preparation, creditor dialogue and external support, an informal settlement can often be faster, more discreet and significantly less costly than a formal legal process.
If reconstruction becomes unavoidable, funding must be secured before the process starts, or at least be close to secured. The board must understand its legal position. Tax debts, wage guarantees, supplier exposure and liquidity must be controlled from the first day.
The reconstructionist matters. So does the operational team around the company. Legal protection alone does not save a business. The company still needs leadership, cash discipline, supplier management and a credible operating plan.
A proper due diligence must also look beyond the operating company. It should include the parent company, the capital structure, ownership interests and the real financial capacity behind the business.
Final reflection
In restructuring work, trust is necessary, but control is stronger. When invoices are not paid on time, even strong products and capable teams are no longer enough. Cash behaviour tells the truth before the formal reports do.