This work is a response to the EU Commission Recommendation of 12.3.2014 on a new approach to business failure and insolvency (C(2014) 1500 final). In it, the author develops a detailed and comprehensive proposal for the introduction of pre-insolvency restructuring proceedings employing both German and English law (Scheme of Arrangement and Company Voluntary Arrangement) in order to analyse the necessary components of such proceedings and make specific recommendations. The emphasis lies on the appointment of a custodian, the introduction of a restructuring moratorium, the voting process and the prerequisites that are necessary for the plan to become binding. Interdependencies to potential subsequent insolvency proceedings are also examined, as well as the German Law on Bonds (Schuldverschreibungsgesetz) and the Law on the Restructuring of Credit Institutions (Gesetz zur Reorganisation von Kreditinstituten).