Insolvenzen in Deutschland: Entwicklung und ordnungspolitische Perspektiven

Fritz-Aßmus Dieter and Tuchtfeldt Egon

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2002, vol. 53, issue 1, 259-278

Abstract: The new German Insolvency Law came into effect January 1, 1999. The introduction took place at a time when there was a strong increase of business bankruptcies, which had begun already in the early 1990s, exceeding all earlier developments. The quantitative effects of the new Law on the development of bankruptcies cannot be verified yet, but its qualitative effects can be evaluated: Does the new Insolvency Law avoid, correct, or favor the deficiencies of market adjustments? First, the regulations of the new Insolvency Law are summarized. As main improvement to mention is the installation of the so called „insolvency plan“, which is supposed to create incentives for an efficient trade-off between liquidation and continuation of the business. Secondly, the development of the business bankruptcy filings is investigated. As one result of the new Law there had been an increase of the execution of orderly insolvency proceeding and less rejections because of no assets. It is agreed to be a positive signal from this perspective that the new proceedings obviously include an increased importance of market processes and private autonomy. The authors conclude that, considering the development of the bankruptcy filings in Germany, there still exists a strong necessity to remove in particular the structural and strategic kind of institutional market barriers.

Date: 2002
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DOI: 10.1515/ordo-2002-0115

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