Corporate crises are a topic of outstanding importance. On one hand, this is evident in the development of the overall economic situation in Germany over the past two decades, which is currently characterized by a multitude of corporate insolvencies. On the other hand, against the backdrop of ongoing globalization, technological changes, and the resulting increasing pressure for companies to adapt, it can be assumed that the number of economic crises will remain consistently high in the future or even tend to rise. Closely related to corporate crises is the concept of turnaround, which is understood as a process of crisis management and, from a business perspective, demands or involves a drastic, positive change in the company's direction.