Examination of reasons for opening insolvency proceedings according to IDW S 11
As a managing director, you must always be informed about the economic situation of the company in order to be able to recognize indications of a risk of insolvency. Otherwise, you risk liability and punishment for delaying insolvency. In its Standard 11 (IDW S 11), the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer in Deutschland e.V.) has established the requirements for assessing the existence of reasons for opening insolvency proceedings (insolvency maturity), taking into account the case law of the highest courts. This assessment requires sufficient knowledge of German insolvency law. According to the case law of the highest court, you have a maximum of three weeks to establish that the company is ready for insolvency and then to file an insolvency petition without delay. If you consult an independent expert, you may wait for the result of his assessment.
Our team supports you in examining the grounds for filing for insolvency in accordance with IDW S 11.