The aim of the presentation is to critically evaluate the importance of German insolvency law as an instrument for overcoming the financial and economic crisis and to develop reasonable reform suggestions. Following a description of the economic and legal points of origin, which must be taken into account as the basis of the evaluation of the decisions and actions already made or planned, thoughts on the goals and instruments of reform policy are presented. The focus of the presentation then turns to extra-judicial (pre-insolvency law) recapitalization, the insolvency statute as an instrument of recapitalization as well as the question of whether there should be a special act on the recapitalization of system relevant financial institutions. In closing, the most important results are summarized.

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The new regulations in AA 208 ff. of the German Insolvency Act (InsO) aimed to create the necessary legal basis for the performance of proceedings with insufficient assets. The legislator recognized that the rejection of applications to open insolvency proceedings or the termination of proceedings already opened can lead to the significant compromise of business activities. Despite the legislative goal of comprehensive regulation, significant questions regarding the performance of insolvency proceedings with insufficient assets remain unclear, particularly due to the vague formulation of A 208 of the InsO relating to the continuance of the administrative and assessment obligations of insolvency administrators. This work aims to tackle these uncertainties and pending issues in the legal regulation and highlight possible solutions.

This new edition of Corporate Insolvency Law builds on the unique and influential analytical framework established in previous editions - which outlines the values to be served by insolvency law and the need for it to further corporate as well as broader social ends. Examining insolvency law in the fast-evolving commercial world, the third edition covers the host of new laws, policies and practices that have emerged in response to the fresh corporate and financial environments of the post-2008 crisis era. This third edition includes a new chapter on the growing issue of cross border insolvency and deals with a host of recent developments, notably; the consolidation of the rescue culture in the UK, the rise of the pre-packaged administration, and the substantial replacement of administrative receivership with administration. Suitable for advanced undergraduate and graduate students, professionals and academics, Corporate Insolvency Law offers an organised basis for rising to the challenges of an ever-shifting area of the law.

Diese Festschrift ist dem GAttinger Ordinarius fA1/4r Zivil-, Handels- und Prozessrecht gewidmet.

The volume at hand contains a special edition of the commentary by Wolfram Henckel on 129-147 of the German Insolvency Act from Jaeger's extensive commentary on the Insolvency Act. It contains the entire insolvency appeal procedure and provides a basic, current and comprehensive commentary on this core part of the Insolvency Act. With the aid of this commentary, answers can be found to the many questions that confront those active in the field of insolvency appeal law. This work is geared towards attorneys, judges, certified accountants, and insolvency administrators."

This volume offers a comprehensive presentation of European insolvency law and considers questions relating to the cross-border insolvency proceeding. Due to the European Insolvency Regulation (EIR), the issues arising from the cross-border insolvency proceeding are no longer purely academic matters but are now present in the European area and have become problematic for professionals dealing with the application and interpretation of Community insolvency law.

This timely new work provides the most comprehensive coverage of debt restructuring tools available in the UK including analysis of the new restructuring plan under Part 26A of the Companies Act 2006 and emerging themes from related precedent case law. The book is the first of its kind to provide a comprehensive analysis of the new restructuring plan. Part A explains the law and practical application of the main types of creditor schemes of arrangement and restructuring plans in the UK. It analyses the tools available to market participants and other key stakeholders by reference to the capital structures most commonly seen in middle market and top tier European financings. Part B provides a comparative analysis between company voluntary arrangements (including recent case law) and schemes and restructuring plans to enhance the reader's understanding of the implications of the various tools available. Part C covers administration and receivership sales and appropriations under the Financial Collateral Arrangements Regulations for private and public companies, written from the perspective of a practitioner with practical issues in mind. The primary subject matters of the book are complemented by chapters analysing the "distressed disposals" regime in the Loan Market Association form of Intercreditor Agreement, liability management transactions under high yields nots/bonds, and scheme/restructuring plan-related pensions issues. This work is essential reading for all insolvency and debt finance lawyers advising on financial restructurings in the UK and Ireland. It provides practitioners involved in "new money" lending with a greater understanding of the consequences that transaction structuring and commonly negotiated features (e.g, debt incurrence regimes and other covenants, controls and carve-outs) may have in a workout scenario. This product includes a copy of the hardback and a digital version available on PC, Mac, Android devices, iPad, or iPhone for quick and easy access wherever you are.

The success of the insolvency proceeding for the insolvency creditor and the attainment of the insolvency goals are decisively dependent on the aptitude and ability of the insolvency administrator. The insolvency court's supervision of the insolvency administrator is therefore of essential importance to the success of the insolvency procedure. This work aims to encourage legal debate regarding the supervisory role of the insolvency courts and also the everyday management of the insolvency courts.

This second edition of Commentary on the European Insolvency Regulation expands upon what has become a widely cited work on the recast EU Regulation on Insolvency Proceedings. It incorporates important developments in the case law since the Regulation was recast in 2015, as well as other significant updates. As with the first edition, it provides a detailed article-by-article commentary on the Regulation, written by a group of expert scholars and practitioners from a range of European jurisdictions. Drawing on a rich body of CJEU and national case law, as well as scholarly developments, analysis of the Regulation is accompanied by a chapter explaining the background to the Regulation's enactment and recasting, identifying its key features, and examining the relationship between the Regulation and new European Restructuring Directive. As well as retaining the distinctive features of the first edition-the multi-jurisdictional focus of the expert contributors, and in-depth examination of the legislative provision and case law -the second edition offers new analysis of issues that have arisen since the publication of the first edition in 2016, including updates on the impact of Brexit and the passage of the European Restructuring Directive in 2019. This edition of Commentary on the European Insolvency Regulation is therefore a key new work for all those who advise or research on the topic of European insolvency law.

The thousands of mergers, acquisitions, and start-ups that have characterized the past years of business have created an increasing number of corporations in financial trouble: specifically, a shortage of venture capital or quick cash. Consequently, bankruptcy protection is now viewed as a strategic move to protect corporations from their creditors and allow them to reorganize. Fully revised and updated with new case studies and the latest coverage of regulations, "Bankruptcy and Insolvency Taxation, Fourth Edition" provides the answers to the questions financial managers will have on the tax aspects of bankruptcy strategy.

International insolvency is a newly-established branch of the study of insolvency that owes much to the phenomenon of cross-border incorporations and the conduct of business in more than one jurisdiction. It is largely the offspring of globalization and involves looking at both law and economic rules. This book is a compendium of essays by eminent academics and practitioners in the field who trace the development of the subject, give an account of the influences of economics, legal history and private international law, and chart its relationship with finance and security issues as well as the importance of business rescue as a phenomenon. Furthermore, the essays examine how international instruments introduced in recent years function as well as how the subject itself is continually being innovated by being confronted by the challenges of other areas of law with which it becomes entangled.

This book is the third volume in the Oxford International and Comparative Insolvency Law Series. It addresses one of the critical issues of any insolvency by providing comprehensive analysis of the law and practice in relation to creditor claims. As with the two previous volumes in the series the book provides a comparative view by setting out the relevant law and practice in over 20 jurisdictions drawing out the divergences and common features of domestic insolvency laws from a broad spectrum of countries. Areas covered include submission of claims, verification and admission of claims, ranking of insolvency and administration claims, treatment of non-enforceable claims, and voting and participation rights. Quality, uniformity and the high level of detail of National Reports are the key benefits of this volume. The book assists practitioners in assessing which ranking and participation rights could be asserted by the various types of creditors in the jurisdictions covered. For scholars it provides access to a wealth of information which is currently not accessible in English.

This work examines the effects of covenants on the position of creditors and their claims for credit in the event of debtor insolvency. In addition, the study examines the question whether any specific obligations arise for the creditor in this situation and whether the creditor faces any threat of liability risks or legal challenges.

Sovereign debt is a complex and highly topical area of law and this work represents a new main reference book on the subject bringing together contributions from world leading practitioners, scholars and regulators. Divided into five parts the book opens with a part on restructuring which analyses contractual provisions and the role of institutions such as the International Monetary Fund. The second part, on enforcement, considers the position of a sovereign as a defendant analyzing the availability of special immunities and matters of defense and arbitration pertinent to sovereign debt. Part three of the book is concerned with complicating factors such as economic, political or banking crises and how these relate and complicate the task of addressing an unsustainable sovereign debt stock. In this section the particular and topical issues concerned with restructuring in a monetary union are explained. The fourth part provides economists' explanations of why and how sovereigns borrow and the causes of a sovereign debt, which enriches understanding by providing context to the purely legal aspects of the work. The book closes with a section which covers proposed reform to sovereign debt systems. Dedicated to the leading expert Lee Buchheit, this work contains comprehensive and rigorous analysis on sovereign debt management which no specialist should be without.

A Debtor World contains a collection of contributions about the societal implications of private debt. The essays comprising this volume are authored by dozens of leading U.S. and international academics who have written about debt or issues related to debt in a wide range of disciplines including law, sociology, psychology, history, economics, and more.
The goal of this collection is to explore debt neither as a problem nor a solution but as a phenomenon and to promote the exchange of knowledge to better comprehend why consumers and businesses decide to borrow money. It asks what happens to businesses and consumers under a heavy debt load, and what legal norms and institutions societies need to encourage the efficient use of debt while promoting a greater understanding of the global phenomenon of increased indebtedness and societal dependence.

This new guide to schemes of arrangement draws together all of the elements of the law and practice concerning both creditor and member schemes.
Member schemes of arrangement have become the preferred method of implementing takeovers in the UK. Creditor schemes of arrangement are increasingly used in restructuring matters and the trend in their usage in foreign companies is likely to continue as many credit documents across Europe are arranged and underwritten in London under English law. The book considers the effect given to an English scheme in foreign jurisdictions, and other Private International Law issues.
A major issue for those considering a scheme for creditors is whether a scheme or CVA (Company Voluntary Arrangement) is more appropriate and this book assists the reader by including an analysis of the pros and cons of schemes and CVAs.
There are very few sources of information on schemes of arrangement and the area takes much of its substance from case law. This book, addressing the law and practical issues faced by practitioners on a day-to-day basis, is a first in the field.

This is the first volume in the new Oxford International and Comparative Insolvency Law Series. The series will provide a comparative analysis of all important aspects of insolvency proceedings and domestic insolvency laws in the main economically developed and emerging countries, starting with the opening of proceedings. This volume addresses the commencement of insolvency proceedings over business debtors and the conditions in which they may arise. It explains the types of proceedings available and the participants involved. The book also analyses the effect of such action on the various players, assets and liabilities concerned. The detail and uniform nature of the treatment of topics helps practitioners to understand specific features of a foreign legal system and effectively brief foreign counsel. For all readers, the book provides access, through analysis in the detailed commentary, to material that was previously only available in a foreign language. Most major legal families (including various mixed legal systems) are covered to reflect the needs of the international insolvency community and intergovernmental organizations. This is the only book that offers a thorough comparative analysis of existing domestic insolvency laws concerning the opening of insolvency proceedings in the main economically developed and emerging countries.

This book examines the circumstances under which a company needs restructuring, and for which companies that would be possible given the nature of the corporation and the economic viability. It discusses the criteria for judging whether a reorganization has been a success. Bork considers the legal mechanisms involved in restructuring including the extent to which the law provides the rules for a moratorium and the rights creditors may exercise over the debtor's assets. It also tackles the legal processes and how a reorganization can be commenced. The book includes analysis of the role of management and the partners or shareholders and the extent to which either legal system assigns the decision-making powers to the right persons. It considers how each regime deals with the assets involved and whether there are rules to reverse payments made during the crisis and the possibility of a set-off claim. Other aspects considered include special rules for terminating or modifying disadvantageous contracts including contracts of employment, and costs of restructuring procedures under given legal conditions. Providing a thorough consideration of the extent to which English and German company law (including the proposed changes to German law) enhances or limits the prospects of businesses seeking to reorganize, this work offers a valuable reference source for practitioners advising companies on where to base their restructuring and gives scholars further research material concerning the remaining issues in English and German restructuring law.