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Corporate Restructuring (LL.M. corp. restruc.)

Degree Master of Laws (Magister Legum)
Application     access-restricted
Course commences winter semester only
Standard course duration 2 semesters (1 year) / 4 semesters (career-integrated)
Format options full-time / part-time
Language requirements none
Language of instruction German; simulation game is conducted in English
Other features postgraduate

Faculty of Law


Course outline

The LL.M. corp. restruc. course is angled at German and non-German law and business management graduates intending to follow up a broadly based education in law or business management with a course training them to become qualified consultants for enterprises in crisis, i.e. corporate restructuring and rehabilitation experts.

The modules and their teaching objectives

Module 1 “Restructuring, Rehabilitation and Insolvency Law”

  • introduction to German, European and international insolvency law
  • M&A in crisis, insolvency & receivership
  • liquidation and/or partial wind-up of business enterprises

The aim here is to instil in the students an understanding of the most important causes of insolvency and the essential legal and business-management methods and instruments for early strategic recognition of corporate crises. In addition, they are given the foundational knowledge required for the design of restructuring and rehabilitation strategies (incl. M&A). Furthermore, students will be acquainted with the essentials of German, European and international insolvency legislation, thus enabling them to employ insolvency as a potential strategic option in (court-ordered) corporate rehabilitation. Another class indicates how the liquidation and/or partial winding-up of business enterprises or business sectors can supplement and help to achieve restructuring and rehabilitation objectives.

Module 2 “Business Law”

  • introduction to legal aspects of accounting, publicity and auditing
  • corporate crises: problems and solutions from the perspective of commercial, company and enterprise law; criminal insolvency law
  • corporate crises: problems and solutions from the perspective of the laws on banking, financial services and taxation
  • legal issues and practicalities of personnel restructuring, job-creation and reskilling solutions

The aim here is to provide students with the foundational legal knowledge required to recognise over-indebtedness risks and the necessity of restructuring and rehabilitation and to supply them with an appropriate set of instruments related to the laws on accounting, commerce, companies, enterprises, banking, financial services and taxation enabling them to map out, plan and implement restructuring and rehabilitation strategies. Additionally, students are given an introduction to the legal and business-management aspects of personnel restructuring (including restructuring via job-creation & reskilling companies and transfer companies) and to comptroller activity in connection with personnel restructuring. 

Module 3 “Crisis Management and Communication”

  • financing in crisis
  • accounting, controlling, financial planning
  • crisis and rehabilitation management
  • crisis and turnaround communication: problems, measures and implementation of internal and external communication

The aim here is to outline the business-management foundations of financial rehabilitation. The subject matter includes rehabilitation of own and borrowed capital, the use of modern financial rehabilitation instruments, and access to public guarantees (notably Land guarantees). In addition, students are acquainted with the essentials of crisis and rehabilitation management geared to achieving and assuring restructuring and rehabilitation objectives. A further goal is to inform students about ways in which the management of an enterprise in crisis can acquit itself of the tasks posed by internal and external communication in the case of restructuring and rehabilitation.

Module 4 “Interdisciplinary Simulation Game”

In this simulation game, students draw upon recent examples of successful or unsuccessful corporate restructuring or rehabilitation to devise legally and economically sound restructuring and rehabilitation strategies and plans in which they can turn to account what they have learned in Modules 1 to 3. First the students are presented with the start situation (enterprise, commercial and market environment, causes and progress of crisis). Under the supervision of one of their teachers, they then map out, on an interdisciplinary basis, the basic features of a restructuring strategy (possibly involving structural re-orientation), make proposals for the implementation of the strategy and its financial control, and discuss the insights gleaned from the process.

Module 5 “LL.M. Thesis”

Under the supervision of one of the professors/lecturers teaching the LL.M. course on Corporate Restructuring, students write a thesis on a topic taken from the various sectors of corporate restructuring/rehabilitation with special reference to interdisciplinary, European and international aspects of the issue in question.

Module 6 “Final Oral Examination”

The aim of the concluding oral examination is to establish whether the examinees have attained the qualification and competence goals implicit in Modules 1 to 5, both in theory and practice.

Course structure

The course is designed to take one year. Students selecting the career-integrated option can elect to complete the course in two years. Classes take place in blocks of 3-4 days with an additional day earmarked for written tests.

Main research interests

Handelsrecht, Gesellschaftsrecht, Insolvenzrecht, Steuerrecht, Arbeits- und Betriebsverfassungsrecht, Betriebswirtschaft, Management und Unternehmensrestrukturierung.

Formal requirements


Access to the course is restricted. The current Admission Regulations are available here. Applications must be addressed directly to the Faculty of Law.

Prospective students from Germany

Prospective students from Germany can enrol without prior application at the Central University Administration building by the beginning of the lecture period. To matriculate, they are required to show a written statement of admission issued by the representative of the Master’s programme they wish to attend, confirming that the requirements set out in the Admission Regulations have been met. Please contact the Faculty of Law for further information on how to proceed.

International prospective students

Prospective students from other countries must apply in writing, so that their previous academic record can be verified. The deadline for international applicants is 15 July for the winter semester. Applications must be addressed directly to the International Relations Office. Please use the M.A. application form here and enclose the necessary documents.

Further information

Current information on procedure

Study and examination regulations

Examination regulations Magister Legum in Corporate Restructuring (28 May 2008)

Module Handbook

Please click here to find the latest Module Handbook.

Examinations board

Issues arising in connection with examinations, credit transfer and academic credential recognition are dealt with by the relevant examinations board/office. For more information, consult the academic advisor(s) indicated below.


The course Corporate Restructuring – Master of Laws has been accredited since the winter term 2008/09.


The tuition fees amount to EUR 8,000, plus a contribution to Student Services and an administration fee.

Academic advisors

Peter Schäfer
Friedrich-Ebert-Platz 2, Office 405
office hours by appointment
phone: +49 (0)6221 547650


Sebastian Bich
Friedrich-Ebert-Platz 2, Office 307
office hours by appointment
phone: +49 (0)6221 547648




Prof. Dr. Dres. h.c. Werner F. Ebke, LL.M.
Director, Institute of German and European Company and Economic Law

Friedrich-Ebert-Platz 2
D-69117 Heidelberg


Margarete Ghasroldashti
phone: +49 (0)6221 547642
fax: +49 (0)6221 547644


Student representation
phone: +49 (0)6221 547720
fax: +49 (0)6221 547654 (address to “Fachschaft”)

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Latest Revision: 2018-08-13
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