This can be done by launching a reorganisation, carrying out a restructuring (whereby loss-making parts of a company are split off and liquidated), or going into administration/requesting a suspension of payments. However, if the tide cannot be turned, then there are generally plenty of possibilities to partly or wholly relaunch the enterprise, through a bankruptcy, for example.
There are a lot of possibilities in this respect, but there are many pitfalls. In exceptional cases, preparations can even be made down to the last detail prior to the bankruptcy (the so-called pre-pack/administration). The relaunching of a company requires a lot of preparation, because an astoundingly large number of issues must be taken into consideration and ultimately tough negotiations have to be carried out with the bankruptcy trustee or receiver. We have often prepared an extensive relaunch and action plan.
We are definitely specialists in preparing and guiding distressed companies in relaunching themselves. The most important thing in this respect is that we go through the process with you as a partner. Your wishes are always the first priority.