The Schutzschirmverfahren (protective shield proceedings under Section 270d of the German Insolvency Code) is the narrower variant: it is only available as long as the company is not yet illiquid, it requires a certificate from an independent expert and it gives the company up to three months to draw up an Insolvenzplan (the plan creditors vote on in German insolvency proceedings) without pressure. In return, the company may propose the insolvency monitor (Sachwalter) itself and is protected against enforcement measures.
The price is the tight timeframe: anyone who comes too late can no longer choose the protective shield. Which route fits depends on the liquidity situation, and this must be calculated reliably for that purpose.
