To embed, copy and paste the code into your website or blog: The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring Directive of June 20, 2019 ((EU) 2019/1023) and introducing a self-administrated restructuring option outside the standard insolvency proceeding. THE PRE-INSOLVENCY RESTRUCTURING PLAN The core element of the SanInsFoG is the option of a self-administrated pre-insolvency restructuring by way of a restructuring plan with the support of its creditors. In principle, the restructuring procedure allows the restructuring of a person’s (in most cases a company’s) debt. It includes not only financial debt but all kinds of debt except liabilities towards employees, claims based on deliberately committed unlawful acts as well as administrative fines or monetary penalties. Through the restructuring procedure it is also possible to amend or refine contracts to which the debtor is a party to create more favorable conditions for the debtor after the restructuring. However, the new restructuring procedure does not enable the early termination of contracts by court order as it was originally provided for in drafts of the SanInsFoG.