A guide to pre-insolvency and insolvency proceedings across Europe

The European business restructuring and insolvency landscape continues to evolve rapidly amid persistent macroeconomic and geopolitical challenges. While the lingering effects of the post-pandemic recovery and ongoing tensions remain, enterprises now contend with inflationary pressures, supply chain vulnerabilities, energy market instability, accelerated digital transformation, and escalating climate-related risks.

In response, governments and EU institutions have introduced targeted interventions and legislative reforms. However, as state support mechanisms are phased out, financing costs rise, and regulatory demands intensify, proactive management of financial distress emerges as a pivotal determinant of corporate resilience and long-term viability.

Since the previous edition of this European Insolvency Guide, the regulatory framework has undergone substantive advancements. This updated edition of the European Insolvency Guide draws on insights from Deloitte Legal practitioners across 23 jurisdictions, offering comprehensive analysis of national regimes alongside emerging EU-level trends.

In the "Germany" chapter, Frank Tschentscher, Torsten Cülter and Christina Wöste provide insights into the German market and regulations.