Debt Restructuring in Germany

Bork Reinhard
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Bork Reinhard: Reinhard Bork holds a Chair for Civil Procedure and General Procedural Law at the Law Faculty of the University of Hamburg.

European Company and Financial Law Review, 2018, vol. 15, issue 3, 503-515

Abstract: For a long time, German restructuring and insolvency law had no pre-insolvency restructuring scheme binding on dissenting creditors. Only in opened insolvency proceedings a restructuring plan could be used for debt restructuring. Now the German legislators has taken means to improve German law in three ways: first, by updating the German Bond Act (also known as the German Debenture Act), especially through permitting the change of the bond conditions by a majority vote of the creditors if the conditions allow for such majority vote; second, by improving German insolvency law through the “Act for the Further Simplification of Company Restructuring (ESUG)” which enables the debtor to start early restructuring preparation proceedings (“protective umbrella proceedings”); and, third, by announcing the introduction of new pre-insolvency restructuring proceedings as a reaction to the EU Directive proposed by the European Commission on 22 November 2016.

Date: 2018
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DOI: 10.1515/ecfr-2018-0016

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