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Founding a UG despite personal bankruptcy? | starter kitchen

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In principle, the state does not put any obstacles in place for a debtor to become self-employed. From a purely legal point of view, the establishment of a company is also possible in the event of personal bankruptcy.

One Exception First of all: if it is not a personal bankruptcy, but also a business bankruptcy is the cause of the subsequent personal bankruptcyand whether the debtor has been convicted of certain crimes in the past (Disadvantage to creditors, failure to maintain accounts, bankruptcy), then he may not work as a managing director of a UG (limited liability) until 5 years after conviction.

The same applies in the event of a final conviction or a criminal injunction for bankruptcy delay, fraud or false information as well as credit fraud, breach of trust or salary withholding. Even then, the activity of managing director is excluded for 5 years from the legal effect. However, you can still become a shareholder in a UG (limited liability) if someone else takes over the management.

Important: If these restrictive conditions are not met and if the ordinary bankruptcy procedure is still in progress, the consent of the bankruptcy trustee is required pursuant to art. 35, paragraph 2, of the Bankruptcy Code for the self-employment path. In many cases this probably won't be that easy. Imminent or actual unemployment and low chances on the labor market, together with a very convincing concept for founding a company, may be sufficient arguments, but in the end the decision always rests with the bankruptcy trustee.

Also note that during the so-called good behavior phase there is an obligation not to take on new debt and to accept any reasonable work. These principles are not abolished just because you become self-employed. Furthermore, payments must be made to creditors in the same form as if the employment were accepted. Failure to do so could result in a rejection of the outstanding debt, which means that old debts are reinstated and interest is calculated retrospectively. If the bankruptcy proceedings fail, creditors may also have the option to seize the shares of the debtor's company.

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If all of this has been sufficiently considered and the bankruptcy trustee agrees to self-employment, there is nothing to prevent the establishment of a UG (limited liability) even in private insolvency.

Here you can find more information about founding a GU;

Our Instructions “Founding a GU – how it works” shows how to start a company in 2023, including the steps, a free UG sample protocol to download, and the cost of starting a UG.

Do you know what a UG is and have you decided to create an entrepreneurial company? Then check out ours UG Motif Pack which contains all the documents to create a GU yourself (and can help you save a lot on startup costs).

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