Can I start a new business after insolvency?
March 27, 2024 | 30,00 EUR | answered by Katja Winterberg
Dear bankruptcy lawyer,
My name is Norbert Ehlert and I have a question regarding the establishment of a new company after a bankruptcy. Some time ago, I had to declare bankruptcy because my former business was no longer viable and I couldn't handle my debts anymore. Now I am wondering if I have the possibility to start a new company or if this is prohibited due to my bankruptcy.
Currently, I am in a difficult situation as I miss my entrepreneurial activities and would like to work in this field again. However, I am worried that my bankruptcy could greatly impact my future opportunities. I definitely want to act legally and avoid further problems.
So my question to you as an expert is: Is it possible to start a new company after a bankruptcy and what legal aspects should I consider? Are there any specific regulations that could affect my situation? What steps should I take in this case to ensure that my new company is on a solid legal foundation and I do not fall into financial difficulties again?
Thank you in advance for your support and advice. I look forward to hearing from you and gaining clarity on this matter.
Sincerely,
Norbert Ehlert
Dear Mr. Ehlert,
Thank you for your inquiry regarding starting a new business after insolvency. It is understandable that you are concerned about your future prospects and want to ensure that your new business is built on solid legal foundations. I would be happy to assist you with my expertise in insolvency law and answer your questions in detail.
In general, it is possible to start a new business after insolvency. The insolvency itself does not prevent you from becoming an entrepreneur again. However, there are some legal aspects to consider. First and foremost, it is important to analyze the causes of your insolvency and learn from any mistakes to avoid similar problems in the future.
One of the key regulations that could affect your situation is insolvency law itself. If you have carried out insolvency proceedings as a director of a company, this may impact your ability to conduct business. For example, you may be excluded from management for a certain period of time or have to meet specific requirements to start a new business again.
To ensure that your new business is on solid legal footing, I recommend seeking advice from an experienced insolvency lawyer. They can help you understand the legal framework and take appropriate measures to minimize any risks. Additionally, you should create a business plan to solidify your business idea and identify potential sources of funding.
Overall, it is possible to start a new business after insolvency, but it is important to be aware of the legal aspects involved. With the right guidance and planning, you can ensure that your new business starts successfully and avoid falling into financial difficulties again.
I hope this information is helpful to you and I am available for any further questions you may have. Good luck with your endeavor and all the best for your entrepreneurial future.
Sincerely,
Katja Winterberg
Insolvency Lawyer
