Downturns can be challenging for any company, but the current COVID-19 pandemic shows once more (as the financial crisis did in 2008 and 2009) that the effects of such a crisis on start-ups can be particularly severe. Collapsing investments and loss of sales can quickly become a threat to their existence, and founders must react quickly and effectively to the multiple challenges they are facing such as: What obligations of the start-ups must its managing directors monitor in a downturn? Which personal liability risks are involved? What happens to the employees and how do you deal with a potential loss of workflow, disrupted supply chains, unpaid invoices and the looming threat of insolvency?