Based on the proprietary database „InsO-Results“, perspektiv periodically performs and publishes select analyses on large insolveny proceedings in Germany.
MAJOR CORPORATE INSOLVENCIES 2015: DEVELOPMENT WITH RESPECT TO FIRM SIZE AND TYPE OF PROCEEDING
The total number of corporate insolvencies as well as the number of major insolvency proceedings investigated in the following analysis reached an all-time low in the past year. A significant increase in the share of filing procedures for self-administration is observed at the same time.
Read more … Q1 2016
CHINESE M&A TRANSACTIONS IN GERMANY
Between 2004 und 2005 a total of 113 M&A transactions with a Chinese acquirer and a German target company have been identified across industries. Overall, a gradual increase in acquisition activity of Chinese investors can be stated during the observed time period. The significant share of so-called Distressed M&A transactions (approx. 26%), during which the acquisition target had been undergoing insolvency procedures at the time of takeover, is also noteworthy.
Read more … Q4 2015
INDUSTRY SOLUTION SPECTRUM OF MAJOR INSOLVENCIES
Regardless of the industry observed, the asset deal (German: Übertragende Sanierung) continues to be firmly established as the most common solution for completed major insolvency procedures (annual sales > EUR 20 million and employees > 100) in Germany. Apart from few sectors, liquidations apparently occur much more frequently than the implementation of so-called insolvency plan proceedings in the same context. In combination however, both continuation solutions asset deal and insolvency plan proceedings clearly dominate.
Read more … Q3 2015
TOP 5 INDUSTRIES – NUMBER OF INSOLVENCIES SINCE JANUARY 2008
Since 2008 both the automotive supply as well as the capital goods industry accounted for the most insolvency filings of so-called “large” insolvency procedures (sales > EUR 20 million and employees > 100) in Germany with 112 and 80 respectively. Despite the comparatively high number of applications, both industries are characterized by an above-average high solution quality.
Read more … Q2 2015
TYPE OF SOLUTION FOR LARGE INSOLVENCIES SINCE 2012
The percentage of companies which have been restructured via insolvency plan in so-called large insolvencies has significantly increased to 8% since the inception of ESUG in March 2012. Nevertheless, this remains a relatively low figure in total. Simultaneously, 29% of insolvency filings have been for self-administration in the period under review.
Read more … Q1 2015
DEVELOPMENT OF LARGE INSOLVENCIES 2008-2014
Favored by a continuing positive business climate company insolvency procedures are at an all-time low. However, this development is only limitedly reflected in “larger” insolvency procedures.
Read more … December 2014
SHARE OF SUBMITTED SELF-ADMINISTRATIONS BY ZIP REGIONS
The number of submitted major proceedings in Germany varies heavily by region. Hereof the share of filed self-administrations is mainly homogenous.
Read more … November 2014
SOLUTION QUALITY OF MAJOR INSOLVENCIES IN THE FIELD OF RENEWABLE ENERGIES
The ratio of asset deals (Uebertragende Sanierungen) has increased in the first two quarters. Of particular note is still the high ratio of employees taken over by foreign investors.
Read more … October 2014
ACCEPTANCE OF SELF-ADMINISTRATION (QII/2012 – QII/2014)
Since the implementation of ESUG, 85 of the observed 291 large insolvencies were opened in self-administration (29 percent). Hereof, proceedings under § 270a (51 proceedings or 18 percent) outnumbered proceedings under § 270b (34 proceedings or 12 percent).
Read more … September 2014
DEVELOPMENT OF MAJOR INSOLVENCIES ON QUARTERLY BASIS
The number of insolvency proceedings in Germany dropped to a record low in the second quarter 2014.
Read more … August 2014
DISTRIBUTION OF CORPORATE INSOLVENCIES ON ZIP-REGIONS (2008 TILL Q1/2014)
Most of the insolvency filings on major proceedings in Germany were conducted in North Rhine-Westphalia.
Read more … July 2014
TOP10 INSOLVENCY COURTS BY NUMBER OF MAJOR PROCEEDINGS (QII/2012 TILL QI/2014)
Over the last two years the local courts Duesseldorf and Hamburg took over the joined first places regarding number of major proceedings.
Read more … June 2014
SOLUTION QUALITY OF MAJOR INSOLVENCIES IN THE FIELD OF RENEWABLE ENERGIES (2008 – 2013)
Only half of the relevant major proceedings ended up in an asset deal in the former growth industry. The relatively high ratio of acquisitions by foreign investors stands out.
Read more … May 2014
SOLUTION QUALITY OF MAJOR INSOLVENCIES IN THE ENGINEERING AND PLANT INDUSTRY (2008 – 2013)
The majority of major insolvencies within the German role industry end up in an asset deal. The relatively high ratio of acquisitions by foreign investors stands out.
Read more … April 2014
MARKET SHARE OF SELF-ADMINISTRATION OF MAJOR INSOLVENCIES (QII/2012 – QIV/2013)
Even after the implementation of ESUG, the majority of the observed 248 large insolvencies were opened as classic proceedings. A first trend is obvious: The share of self-administrations increases with the size of the company.
Read more … March 2014
ACCEPTANCE OF SELF-ADMINISTRATION (QII/2012 – QIV/2013)
Since the implementation of ESUG, 55 of the observed 248 large insolvencies were opened in self-administration (22 percent). Hereof, proceedings under § 270a (32 proceedings or 13 percent) outnumbered proceedings under § 270b (23 proceedings or 9 percent).
Read more … February 2014
SIZE STRUCTURE OF COMPANY INSOLVENCIES (2009 – 2013)
While the number of corporate insolvencies decreased significantly in 2013, a sharp rise in major insolvencies could be observed: in 2013, 150 major insolvencies were applied for, which equals an increase of 25 major insolvencies or 20 percent in comparison to the previous year.nbsp]
Read more … January 2014