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Debt Restructuring in Germany

Author

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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.)

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.

Suggested Citation

  • Bork Reinhard, 2018. "Debt Restructuring in Germany," European Company and Financial Law Review, De Gruyter, vol. 15(3), pages 503-515, November.
    • Handle: RePEc:bpj:eucflr:v:15:y:2018:i:3:p:503-515:n:4
    DOI: 10.1515/ecfr-2018-0016
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