In 1999, insolvency law was fundamentally restructured. The primary objective was to promote a greater willingness to restructure: for the first time, restructuring and liquidation were presented as equally valid alternatives for handling insolvency. This was particularly reflected in the new instrument of the insolvency plan. Further legal changes aimed to encourage companies in economic difficulties to file for insolvency at an early stage. Guido Paffenholz and Peter Kranzusch examine the advantages of the insolvency plan procedure for companies willing to restructure and highlight potential difficulties in the process. Through an empirical survey of companies that have undergone an insolvency plan procedure, as well as supplementary case studies on specific aspects, they address the following question: Can insolvent companies in Germany be restructured more easily than before?.