However, if you are already close to insolvency, it is advisable for you to obtain a certificate confirming that your company is not (yet) in insolvency, but only in imminent insolvency. As a reference, in Germany, such a certificate should be edited in accordance with IDW S9. There may even currently be a payment stoppage, but this must be clearly resolvable within a short period (in Germany: max. 3 weeks). The certificate must also show that restructuring the company is not an obviously hopeless venture. For this purpose, a suitable rough concept must be attached, which, however, must go into much less depth than a restructuring concept. In Germany, a restructuring concept in accordance with IDW S6 is required. Finally, the shareholders must certify in writing that they are willing to restructure their company.
Such a certificate gives the management the security of being free from liability for delaying insolvency and buys time to take further steps.
But expect the preparation of such certificates (in accordance with IDW S9) to take time: Depending on the size of the company and the complexity of its structures and business, estimate about 2-3 weeks. If your liquidity development does not allow this time, you can save this certificate and the costs, which are usually and understandably settled in advance. Besides, such a certificate is only a snapshot. It does not absolve you from liability for the future.
However, such a certificate may enable you to enter into protective shield proceedings, which may have certain advantages over a possibly otherwise pending regular insolvency. However, the certificate may not be older than one week at the time of application for protective shield proceedings.
Finally, there is the possibility of proving the existence of reasons for opening insolvency proceedings in accordance (in Germany such a certificate should fulfill the requirements of the standard IDW S11.
In each country, the local regulations should be applied.