The acquisition of a company via asset deal is particularly important in the event of impending or ongoing insolvency. In general, assets are particularly cheaply available in these scenarios. If the buyer acquires the company before the insolvency proceedings are opened, the debts may remain with the seller, but there is a risk: If the total proceeds from the sale are not sufficient to satisfy the creditors, an insolvency petition must still be filed. In such cases, the insolvency administrator could challenge the transaction on the grounds of creditor disadvantage and retrieve the assets. The buyer then receives the purchase price back only in the amount of the insolvency quota.
The aforementioned risk can be ruled out if the buyer of the company waits for insolvency. In this case, the asset deal is settled directly with the insolvency administrator. However, the insolvent target company naturally has a flaw and is sometimes more difficult to restructure. However, in certain scenarios this may be acceptable.
Further advantages when acquiring from the insolvency administrator ("transferring reorganization") are: