Insolvency and Restructuring
Our Insolvency and Restructuring Services
There are a number of operational and financial challenges that can hinder organisational performance. Our specialists can work closely with management and other stakeholders to identify key issues and create strategic restructuring solutions aimed at an immediate positive impact and a sound basis for future trading.
Our global team of experts understand that running a business whose value is under threat can be highly stressful, which is why our approach is to work quickly and in partnership with stakeholders and recommend strategies that are straightforward to implement. The goal of this approach is to assist management teams to make informed decisions about what needs to be done, and when, to secure the optimum outcome for the business.
Where restructuring is not possible, we have significant experience is advising on formal insolvency procedures which will offer the best return for all stakeholders.
Our expertise includes, but is not limited to:
- Asset utilisation and collateral assessment
- Capital structure analysis and recommendations
- Liquidity and cash flow analysis/management
- Valuation and solvency analysis
- Working capital management
- Independent business reviews
- Pre-lending reviews
Formal insolvency proceedings - Chapter 11 advisory
- Stakeholder representation
Our global team of experts understand that running a business whose value is under threat can be highly stressful, which is why our approach is to work quickly and in partnership with stakeholders and recommend strategies that are straightforward to implement. The goal of this approach is to assist management teams to make informed decisions about what needs to be done, and when, to secure the optimum outcome for the business.
Where restructuring is not possible, we have significant experience is advising on formal insolvency procedures which will offer the best return for all stakeholders.
Our global team of experts understand that running a business whose value is under threat can be highly stressful, which is why our approach is to work quickly and in partnership with stakeholders and recommend strategies that are straightforward to implement. The goal of this approach is to assist management teams to make informed decisions about what needs to be done, and when, to secure the optimum outcome for the business. Contact us for more information.
Related Case Studies
Retail and Distribution
B & J Meltz
The company, a national discount chain selling a wide range of merchandise experienced losses as a result of a combination of factors including increased distribution costs, margins steadily declining, the recession and downturn in the global economy and increased competition.
Matuson & Associates were able to secure post commencement funding (PCF) to continue trading, and maintained continuity of stock from suppliers.
The business was successfully sold with value being realized for creditors in excess of what would have been achieved in a liquidation.
Matuson & Associates received the Turnaround Management Association of South Africa runner up award in the medium to large Business Rescue category in 2014 for this successful Business Rescue.
Retail and Distribution
Ellerine Furnishers (Pty) Ltd
Ellerine Furnishers (Pty) Ltd, a retailer of furniture and household appliances , commenced with Business Rescue in 2014. This has been the largest Business Rescue to date, based on the Public Interest score of the Company. The firm employed almost 8000 people and had operations in six African countries, comprising over 1000 stores.
In 2010 the provision of credit and financial services component was sold to African Bank. This resulted in a significant decrease in the Company’s income and profitability. A decision was taken that no further funding would be provided by ABIL or African Bank in August 2014 and it was thereafter resolved to place the company into Business Rescue.
Ellerine Furnishers held a deposit of R472million with African Bank that would have been utilised as Post Commencement Funding (PCF). However, the Bank was placed under Curatorship less than a week after the commencement of the Business Rescue. With no accessible funds in the bank accounts, there was an urgent need to secure PCF
PCF was eventually secured after extensive discussions with African Bank. Store closures, realisation of stock and sales of part of the business have all been carried out, saving approximately 2000 jobs to date.
The dividend paid to creditors to date has far exceeded the ‘best case’ dividend that creditors would have received in liquidation and it is estimated that the final dividend will be approximately 42c in the Rand.
Automotive
Geiger Technologies GmbH
In the case of Geiger technologies GmbH, PLUTA Rechtsanwalts GmbH succeeded in selling company shares to the Dutch investment company HTP. Geiger technologies supplies the car industry with components and generated revenues of approximately € 100 million. The insolvency Administrator, Dr. Martin Prager, succeeded in turning the company around. The Local Court of Weilheim had opened insolvency proceedings on 1 February 2009. Proceedings ended in mid-2015.
Our Global Services
At BTG Global Advisory we are committed to understanding the needs of all of our clients and formulating and delivering bespoke, tailored solutions using our expertise across our six core service areas.
Insolvency and Restructuring
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PLUTA attorney Florian Zistler ensures continued operation of Aalen hotel – follow-up solution agreed with PIAZZA
Mr Zistler and his PLUTA team have kept the hotel (with a total of 29 employees) fully operational since the company filed for insolvency in January 2025 and achieved solid business growth in that time. All jobs have now been saved with the agreement reached. Existing bookings also remain valid.
Bayreuth firm Communicall files for insolvency – PLUTA attorney Peter Roeger ensures continuation of operations
Communicall GmbH has filed for insolvency with the Local Court of Bayreuth, as the competent court. On 22 January 2026, the court then ordered provisional insolvency administration and appointed attorney Mr Peter Roeger from PLUTA Rechtsanwalts GmbH as provisional administrator.
Funke foundry creditors approve insolvency plan from PLUTA attorney Ingo Thurm
Insolvency administrator Mr Ingo Thurm from PLUTA Rechtsanwalts GmbH has announced welcome news: the future of Metallgießerei Wilhelm Funke GmbH & Co. KG based in Alfeld has been secured. Creditors unanimously approved the presented insolvency plan at today’s voting meeting.
Vynova Wilhelmshaven continuing to operate – PLUTA restructuring expert Dr Christian Kaufmann conducting process of finding investor
Insolvency administrator Mr Ingo Thurm from PLUTA Rechtsanwalts GmbH has announced welcome news: the future of Metallgießerei Wilhelm Funke GmbH & Co. KG based in Alfeld has been secured. Creditors unanimously approved the presented insolvency plan at today’s voting meeting.
The creditors’ approval of the insolvency plan is both legally and financially significant. Following court confirmation of the plan, it will be possible to terminate the insolvency proceedings in the near future. This provides the company with legal certainty, clear structures and the basis it needs to continue operating in the long term outside of the insolvency proceedings.