Insolvency
Considerations for insolvencies, compliance and legacy system archiving
Transition of IT Systems
in Insolvencies
from Active Use to Archival Status
We would like to highlight that, in the context of company insolvencies, IT systems often become redundant as the company is liquidated and operations wind down. These systems can transition into what are commonly referred to as “legacy systems,” which may no longer be actively maintained or supported.
Necessity of Archiving Legacy Systems
for Compliance and Data
Preservation
In many instances, data from these legacy systems holds critical information that is vital for legal and
compliance purposes. However, as the company is dissolved, maintaining these systems may no longer
be feasible. To ensure continued access to crucial data and to meet regulatory requirements, archiving
of the legacy systems becomes imperative.
compliance purposes. However, as the company is dissolved, maintaining these systems may no longer
be feasible. To ensure continued access to crucial data and to meet regulatory requirements, archiving
of the legacy systems becomes imperative.
Realizing Long-Term
Preservation & Compliance
Through Legacy
System Archiving
Archiving legacy systems not only facilitates access to crucial data but also ensures long-term preservation and compliance. By decommissioning and archiving outdated systems, organizations can fulfill their legal obligations while also potentially reducing operational costs associated with legacy system maintenance.
Extensive Experience in
Insolvency Archiving
We would like to emphasize that we have extensive experience in archiving systems resulting from company insolvencies. Over the years, we have successfully managed archiving projects for numerous insolvent companies, ensuring the preservation of critical data and information.
Comprehensive Compliance with Regulatory Requests and Requirements
We would like to emphasize that in cases where regulatory requests are received, we fully cooperate and provide all necessary documentation, including not only the disclosure of relevant data but also all communications and any additional measures required to meet regulatory requirements.
Legacy
System Analysis
Our application retirement process begins with a thorough analysis of your legacy system. This analysis is crucial for estimating the timeframe and costs associated with archiving your legacy system, whether it’s SAP or another type of legacy system. The results of the system analysis will be presented to you as a fixed-price offer, which you can accept or decline. The system analysis covers technical and business aspects such as system access, database type and size, required reports, and more.
Legacy System
Project Archiving
Upon completion of the system analysis, you decide to proceed with the project with us. A kick-off meeting marks the beginning of the project, where your team will meet our experienced project manager. We take on the archiving tasks of your legacy system, relieving your resources. The project includes various milestones such as system access, data export, data transfer and documentation of all processes. The project duration typically ranges from 3 to 6 months, depending on the complexity of your legacy system. Throughout the process, our teams and project managers are available for support.
At the end of the project, we conduct testing and acceptance phases to ensure that all data has been successfully transferred. We accompany these phases to require minimal resource allocation and ensure that all requirements are met before the project’s completion.
Legacy System
Archiving Result
As a result of migrating to a proprietary software solution called ViewBox, all essential tables and documents are migrated there to be ready for future inquiries. ViewBox, a retrieval system, allows for easy and efficient access to the archived data. Additionally, we reconstruct all essential reports to ensure that crucial information remains available even after the original system has been decommissioned. After the implementation of ViewBox, the original system can be shut down.
At the end of each project, you will receive comprehensive documentation so that even years
later an expert third party can see how the archiving was carried out and, above all, how it
was tested. In addition, we store all individual tests and individual archiving steps in a Jira
ticket system until the archiving system is deleted.
World of ViewBox
As a cutting-edge reading and research system, AvenDATA’s ViewBox software enables you to search, analyze, and authorize data swiftly and efficiently. ViewBox also offers a highly automated feature for data deletion after a defined period. Utilizing a dependable cloud infrastructure, ViewBox ensures secure access to your data through an intuitively operable web application.
ViewBox undergoes regular security checks and is already employed in hundreds of enterprises for retrieving historical data from decommissioned legacy systems. Serving as a proven solution, ViewBox provides a dependable means to access and effectively utilize historical data.
Cost-Efficient Solutions
in Insolvency Cases:
Our Commitment
We understand the urgency of providing cost-efficient solutions, especially in insolvency proceedings, and we want to emphasize that this is precisely what we offer. Our extensive experience and expertise enable us to provide effective and economical solutions that meet the specific requirements of insolvent companies.
In insolvency cases, cost reduction and maximizing resource efficiency are paramount. We strive to assist our clients in these challenging situations by offering cost-efficient solutions that still meet the highest standards of quality and effectiveness.
Continuous Support
for Consultants and Auditors
We take pride in our commitment to being readily available to our clients for any requirements from tax consultancy, auditing, regulatory auditing, and legal advice. Since the inception of our operations, we have been accustomed to collaborating closely with external experts and swiftly addressing their inquiries. Our dedicated team is poised to efficiently accompany and provide professional support for all inquiries or audits.
Contact us for a Smooth Decommissioning of Your Legacy Systems
Our experienced team is available to efficiently and cost-effectively manage the decommissioning process of your legacy systems, regardless of their version, in a short timeframe.
Trust AvenDATA for a successful decommissioning of your legacy systems and contact us today for more information.
