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New tools in German Insolvency Procedures combine German and US instruments

Author

Listed:
  • Albrecht, Achim

    () (PhD. Professur für Internationales Wirtschaftsrecht Westfälische Hochschule)

  • Eidenmüller, Thorsten

    () (PhD., Girne American University, Faculty of Law)

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.

Suggested Citation

  • Albrecht, Achim & Eidenmüller, Thorsten, 2014. "New tools in German Insolvency Procedures combine German and US instruments," Zeitschrift für interdisziplinäre ökonomische Forschung, Allensbach Hochschule, issue 1, pages 65-71, September.
  • Handle: RePEc:ris:zfioef:0075
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    More about this item

    Keywords

    German Insolvency Law; German Insolvency Procedures;

    JEL classification:

    • K30 - Law and Economics - - Other Substantive Areas of Law - - - General

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