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German experience with reorganization in the frame of insolvency proceeding

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  • Olga Kupec

Abstract

Unitary insolvency proceeding was the core of insolvency code reformation, that has been in effect since 1991. This law replaced former bankruptcy code and compensation code. The pattern was set by American Chapter 11 US Bankruptcy codes. One of the main goals was to create legal system that would enable to reorganize companies in difficulties and so protect values and jobs. German insolvency law proposes in fact two reorganisation modes. Reorganization according to an insolvency plan and transferred reorganization (asset deals). Especially the transferred reorganization is very popular in practise because of quite fast process and risk and former burden elimination. Twenty years application of this legal regulation proved the insolvency code application in practise. The insolvency code provided many companies second chance. In spite of that, a critical approach is necessary as well as realisation of limits and problems that appear in practise. Two decades experience with companies' reorganization in Germany could be an inspiration for solving critical situations in Czech companies and for Czech insolvency law as well.

Suggested Citation

  • Olga Kupec, 2011. "German experience with reorganization in the frame of insolvency proceeding," Ekonomika a Management, Prague University of Economics and Business, vol. 2011(3), pages 13-32.
    • Handle: RePEc:prg:jnleam:v:2011:y:2011:i:3:id:138:p:13-32
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    References listed on IDEAS

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    1. Icks, Annette & Kranzusch, Peter, 2010. "Sanierungen in Insolvenzverfahren: Übertragende Sanierungen und insolvenzplanbasierte Eigensanierungen in NRW," IfM-Materialien 195, Institut für Mittelstandsforschung (IfM) Bonn.
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    1. Kranzusch, Peter & Icks, Annette, 2018. "Die Nutzung insolvenzrechtlicher Sanierungswege durch kleine und mittlere Unternehmen: Das Beispiel der Eigenverwaltung," Daten und Fakten 19, Institut für Mittelstandsforschung (IfM) Bonn.

    More about this item

    Keywords

    reorganization; reorganizace; insolvency law; company crisis; German insolvency code; reorganization plan; insolvenční zákon; podniková krize; německý insolvenční řád; plán reorganizace;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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