New tools in German Insolvency Procedures combine German and US instruments

Achim Albrecht () and Thorsten Eidenmüller ()
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Achim Albrecht: PhD. Professur für Internationales Wirtschaftsrecht Westfälische Hochschule
Thorsten Eidenmüller: PhD., Girne American University, Faculty of Law

Zeitschrift für interdisziplinäre ökonomische Forschung, 2014, issue 1, 65-71

Abstract: Since 1999 the new German Insolvency Law has been reformed in many little steps in order to make it a useful tool to restructure ailing companies instead of liquidating them. The latest endeavor in this field is the Insolvency Amendment Draft called ‘Law to further relief the Reorganization of Companies’ (ESUG). It is the umpteenth effort to harmonize company laws and insolvency laws, to sweeten the Insolvency Plan procedures by weeding out bureaucratic structures and to make the outcome of such reorganization attractive for all involved parties. In the wake of this last lawmaking initiative, many commentators speak of a further ‘americanization’ of German Insolvency Law. This paper analyses in short the current evolution of German Insolvency Law as opposed to its role model, the US Chapter 11 Bankruptcy Proceedings and explains were the path entered upon will lead to.

Keywords: German Insolvency Law; German Insolvency Procedures (search for similar items in EconPapers)
JEL-codes: K30 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ris:zfioef:0075

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