The out-of-court settlement offers a company the possibility of discreet restructuring without having to initiate liquidation proceedings. The advantage of such a settlement lies on the one hand in the discretion, but on the other hand also in the speed. In addition, there are no legal minimum quotas or payment deadlines. A prerequisite for the silent settlement is a contract, which must be concluded with each creditor and which provides that the remaining debt is forgiven in return for the payment of a certain quota of the existing debt.
However, the unanimity principle must be taken into account, which is often problematic in practice and stands in the way of the settlement. Accordingly, all creditors whose claims are not satisfied in full must agree to the settlement.
