{"id":6385,"date":"2019-11-23T17:42:23","date_gmt":"2019-11-23T16:42:23","guid":{"rendered":"https:\/\/centuros.com\/stellungnahmen-und-gutachten\/"},"modified":"2020-10-20T11:31:33","modified_gmt":"2020-10-20T09:31:33","slug":"review_and_assessments","status":"publish","type":"page","link":"https:\/\/centuros.com\/en\/review_and_assessments\/","title":{"rendered":"Review & Assessments"},"content":{"rendered":"

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IDW S6 & Co. \u2013
\nWhat do they entail?<\/h2>\n

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<\/div>\n<\/div>\n[\/vc_column][\/vc_row][vc_row content_width=”grid” full_screen_section_height=”no” css=”.vc_custom_1592823837028{padding-top: 40px !important;padding-bottom: 100px !important;}”][vc_column offset=”vc_col-lg-6 vc_col-md-12″][vc_column_text]If a company finds itself in financial difficulty, banks and other funding partners require a financial recovery assessment, to enable them to provide further, legally watertight funding or to make decisions about restructuring measures. The Institute of Public Auditors in Germany (IDW) has defined the requirements of a financial recovery assessment in its S6 standard. This standard is established practice and accepted by all those involved in any financial recovery process. A financial recovery assessment must also take account of the latest FCJ jurisprudence in addition to the IDW standard. A financial recovery concept is required in order to structure any required funding for the next few years and get the company fit for the future.[\/vc_column_text][vc_empty_space height=”2em”][\/vc_column][vc_column offset=”vc_col-lg-6 vc_col-md-12″][vc_column_text]A CENTUROS-authored financial recovery assessment not only serves to meet formal requirements, but also provides the company with substantial added value in the form of our extensive analyses and practically relevant action recommendations. Furthermore, if a company is in an advanced state of crisis, we examine whether there are grounds for a bankruptcy petition. This review helps the company\u2019s legal representatives avert any liability risks. An IDW S11-compliant assessment is a binding appraisal of whether the company is insolvent (\u00a717 InsO \u2013 German Insolvency Code) and\/or over-indebted (\u00a719 InsO – German Insolvency Code).[\/vc_column_text][vc_empty_space height=”2em”][\/vc_column][\/vc_row][vc_row content_width=”grid” anchor=”audition” full_screen_section_height=”no” css=”.vc_custom_1603186277149{padding-top: 100px !important;background-color: #f7f7f7 !important;}”][vc_column offset=”vc_col-lg-12 vc_col-md-12″][vc_column_text]<\/p>\n

What needs to be audited?<\/h2>\n

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Insolvency<\/strong><\/em><\/h5>\n

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The company is unable to meet its payment obligations that are due and this is not just a temporary payment stoppage.<\/p>\n

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Imminent Insolvency<\/strong><\/em><\/h5>\n

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The company\u2019s financial plans and budgets reveal that future payment obligations can\u2019t be met. There is no acute risk of insolvency.<\/p>\n

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Over-Indebtedness<\/strong><\/em><\/h5>\n

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The company\u2019s liabilities exceed its assets and the Continued Existence Forecast is not positive. Here, assets are recognised as liquidation values.<\/p>\n

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Obligation to file for bankruptcy<\/p>\n

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Right to file for bankruptcy<\/p>\n

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Obligation to file for bankruptcy<\/p>\n

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Typical procedure in the case of
\ncompanies in an advanced state of crisis<\/h2>\n

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