The restructuring of distressed companies can also take place under the conditions of insolvency law. This is referred to here as reactivation management. Max Liebig compares this form of restructuring with the options of a classic or free restructuring. It becomes clear that there is no single optimal form of restructuring. Rather, different causes of crises, various constellations of stakeholders among the parties involved, and the available legal and business conditions must be distinguished in order to determine which companies are suitable for reactivation management.