Das Insolvenzplanverfahren als Sanierungsmöglichkeit für Unternehmen
Bastian Heinemann and
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Bastian Heinemann: Bucharest University of Economic Studies
Steffen Lange: Bucharest University of Economic Studies
Zeitschrift für interdisziplinäre ökonomische Forschung, 2016, issue 1, 36-43
The subject of the Insolvency Act has fundamentally changed after the insolvency law reform in 1999 (Pirntke, 2005). The reform focused on the refurbishment of companies that were afflicted with crisis. It also aimed at replacing liquidation as the process target. Liquidation used to be the primary aim in the past (Schmittmann, 2007). This was mainly due to the increasing number of corporate insolvencies in the past. Insolvencies resulted in the loss of many jobs and the damage of the economy (Seidl, 2006). In parallel with the American law, the so-called insolvency plan procedure was introduced in Germany for this purpose. The insolvency plan is the main topic of the Insolvency Act and is basically a tool for corporate restructuring. Since the introduction of this reform, the insolvent party is protected from the creditor's access during and after the bankcruptcy. It is also possible to terminate contracts unilaterally, if they are not economically meaningful (Haarmeyer, 2006).
Keywords: Finance; Internal Organisation (search for similar items in EconPapers)
JEL-codes: G20 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:zfioef:0004
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