In Germany there are two major settings for restructuring measures. Since 2021, the Corporate Stabilisation and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen (StaRUG)) allows restructuring measures, especially the implementation of a restructuring plan, without the initiation of insolvency proceedings. In addition, restructuring measures can be taken within a formal insolvency proceeding. In such cases, the restructuring is normally achieved either by an asset deal or an insolvency plan. The insolvency proceedings can be conducted as self-administration or by the appointment of an insolvency administrator.German insolvency proceedings have the characteristic that they consist of two steps. First, a preliminary insolvency administrator is appointed by the court. The management can only act with the approval of the preliminary insolvency administrator. This phase normally lasts approximately three months, and, during this stage, the restructuring process is already initiated. In the case of a debtor-in-possession proceeding, the court appoints a preliminary monitor who has a supervisory position while the management of the company remains in charge. In a second step, the court opens the main insolvency proceedings and appoints the preliminary insolvency administrator/monitor as the final insolvency administrator/monitor.