Restructuring & Insolvency Data Rooms

Restructuring and insolvency processes generate VDR-intensive workloads under tight time pressure. European restructuring frameworks have evolved rapidly: the German StaRUG (in force since 2021), the UK CIGA's restructuring plan and Part 26A scheme, the French sauvegarde / redressement / liquidation framework, the Italian Codice della Crisi, and the Dutch WHOA all rely on lender, creditor, and court access to a controlled data room.

Restructuring VDRs serve dual roles: (1) creditor diligence on the company's financial and operational position, (2) court-supervised disclosure to ensure minority creditors are not disadvantaged. Time pressure is the defining feature — rooms often need to be set up in days rather than weeks.

This page covers how to configure a restructuring VDR, jurisdiction-specific considerations, and providers commonly used for European restructurings.

Last updated: May 2026.

European Restructuring Frameworks

  • Germany — StaRUG. Out-of-court restructuring with class-based plan voting since 2021.
  • United Kingdom — Part 26A Restructuring Plan + CIGA. Post-2020 toolkit; cross-class cram-down.
  • France — Sauvegarde / Sauvegarde Accélérée / Redressement / Liquidation. Tribunal de Commerce-supervised process.
  • Italy — Codice della Crisi. Modernized 2022; new pre-insolvency tools.
  • Netherlands — WHOA (Wet Homologatie Onderhands Akkoord). Out-of-court since 2021.
  • Spain — Ley Concursal. Pre-insolvency restructuring and Chapter 11-style features.

Restructuring VDR Structure

  • Financial position. Audited and management accounts, cash flow projections, working-capital position, debt schedule.
  • Operational — major contracts, customer / supplier dependencies, employee position.
  • Legal — corporate, litigation, contingent liabilities.
  • Restructuring plan — term sheet, class composition, modeled outcomes vs liquidation.
  • Independent business review (IBR) — typically prepared by a restructuring advisor.
  • Court / process docs — under sealed access.
  • Lender materials — NDA-controlled, role-segmented.

Providers Used in European Restructuring

  • [Drooms](/providers/drooms) — heavy use in DACH StaRUG and German restructurings.
  • [Papermark](/providers/papermark) — fast setup; small-mid restructurings.
  • [Admincontrol](/providers/admincontrol) — Nordic restructurings.
  • [Virtual Vaults](/providers/virtual-vaults) — Dutch WHOA and Benelux.
  • [FORDATA](/providers/fordata) — Polish / CEE restructurings.
  • Datasite / Intralinks — large UK schemes and cross-border restructurings.

Frequently Asked Questions

What is StaRUG?

Germany's Unternehmensstabilisierungs- und -restrukturierungsgesetz (in force since 2021) provides an out-of-court restructuring framework with class-based plan voting, similar to a US Chapter 11 plan but lighter-touch.

How fast can a restructuring VDR be set up?

Often within 48–72 hours. Most major providers can scale up rapid project management for time-pressured restructurings.

Are restructuring VDRs subject to GDPR?

Yes. Employee data, customer data, and creditor identity information are personal data and require lawful-basis processing plus standard processor controls.

Further Reading