The insolvency law is one of the core components of the comprehensive body of legislation that ensures the confidence of the legal community in a legal system. It regulates the conditions of widespread debtor liability and at the same time defines the framework within which creditors can expect their rights to be preserved through a reorganization and recapitalization of the indebted company. The actual effect of the insolvency law does not end at a country's borders. Insolvency proceedings are structured according to the right to have universally applicable validity. Joint legislation on cross-border insolvency proceedings is now in effect in the form of intrastate legislation in almost all member states of the European Union. This shared European legislation is impacting intrastate reform processes and influencing the insolvency legislation. Furthermore, the intrastate legislation is being influenced by the UNCITRAL-Model law. Academic debate is increasingly concerned with the convergence movement that has been triggered as a result. Practical applications require legal dogmatic clarification of the increasingly complex regulations of insolvency legislation, and information on structures and problems of foreign European and extra-European insolvency laws, as well as and in particular with regard to its interaction with German laws. The DZWIR publication series is a forum of these discussions. It is being published as a series of monographic examinations of fundamental questions on German, European and international insolvency legislation. As such, this series contributes to the legal dogmatic clarification of disputes as well as to the promotion of European integration of national insolvency legislation.

Das Buch analysiert den Paradigmenwechsel von einem Zerschlagungs- und Verteilungsrecht hin zu einem modernen Sanierungsrecht. Der Autor zeigt dabei Moeglichkeiten auf, die zu einer Verfestigung und Verfeinerung des Sanierungsgedankens im Insolvenzrecht fuhren koennen. Am Anfang der Untersuchung steht die historische Entwicklung des Sanierungsgedankens, es folgt eine Betrachtung der bisherigen Umsetzung. Um den weiteren Reformbedarf des Insolvenzrechts aufzudecken, werden europaische Rechtsordnungen sowie Vorhaben auf europaischer Ebene daraufhin untersucht, ob sie eine Vorbildfunktion fur das deutsche Sanierungsrecht haben koennten. Es werden konkrete Vorschlage zur AEnderung des Insolvenzrechts unterbreitet, die geeignet sein koennten, Sanierungen in Deutschland noch weiter zu erleichtern.

"...a comprehensive, well-structured guide for those dealing with insolvency and restructuring aspects on a regular basis." German-British Chamber of Industry & Commerce* This manual examines the main formal processes involved in the world of corporate insolvency and restructuring such as liquidation, administration, receivership, company voluntary arrangements and schemes of arrangement. The Fourth Edition covers: - The Part 26A scheme of arrangement (or 'restructuring plan'), standalone moratorium and provisions for the protection of supplies introduced by the Corporate Insolvency and Governance Act 2020 - The regulations concerning disposals by an administrator to connected persons - The Supreme Court decision in BTI 2014 LLC vSequana S.A. and others clarifying when directors have a duty to creditors rather than shareholders - The legislative changes accompanying Brexit and other important developments in case law relating to cross-border matters - The use of special managers in complex compulsory liquidations as seen in the cases of Carillion, British Steel and Thomas Cook - The Pensions Schemes Act 2021 and its impact on the restructuring landscape This is an indispensable reference source for experienced practitioners and offers junior professionals, company directors and company secretaries a valuable introduction to the subject. *Review of a previous edition

Dieser Band untersucht die Rechtsprechung des Bundesgerichtshofs zum Nachweis des subjektiven Tatbestands der Vorsatzanfechtung. Die Untersuchung setzt sich mit der Frage auseinander, ob die Rechtsprechung des Bundesgerichtshofs insbesondere in den Fallgruppen der Anfechtung kongruenter Deckungen, der Anfechtung von Rechtshandlungen im Rahmen fehlgeschlagener Sanierungsbemuhungen und der Anfechtung bargeschaftsahnlicher Lagen zu sachgerechten Ergebnissen kommt oder ob eine Reform des Vorsatzanfechtungstatbestandes erforderlich ist.

Im zweiten Abschnitt des zweiten Teils der Insolvenzordnung ( 38 ff. InsO) sieht das Gesetz eine Einteilung der Glaubiger in funf Gruppen vor. Es wird unterschieden zwischen Insolvenzglaubigern, nachrangigen Insolvenzglaubigern, Aussonderungsberechtigten, Absonderungsberechtigten sowie Masseglaubigern. Jeder Glaubigergruppe werden unterschiedliche Rechte zugewiesen und teilweise erhebliche Beschrankungen auferlegt. Angesichts der unterschiedlich ausgepragten Rechtspositionen ist es fur einen Glaubiger von entscheidender Bedeutung, welcher Kategorie er zugeordnet wird. Nicht selten ist diese Fragestellung daher Gegenstand entsprechender Auseinandersetzungen. Der Autor liefert eine systematische Untersuchung der in den 38 ff. InsO vorgesehenen Glaubigerkategorien und legt die dogmatischen Grundlagen der insolvenzrechtlichen Glaubigereinteilung offen. Aufbauend auf den zur Funktion der insolvenzrechtlichen Glaubigereinteilung gewonnenen Erkenntnissen wird die Umsetzung der Glaubigereinteilung in den einzelnen Normen der Insolvenzordnung umfassend analysiert.

Der Autor untersucht die Verjahrung von Masseverbindlichkeiten und die Spannungslagen zwischen Rechtsverfolgung der Masseglaubiger und ordnungsgemasser Masseverwaltung. Er setzt sich mit den verschiedenen Arten der Masseverbindlichkeiten, deren Geltendmachung und Verjahrung sowie dem Greifen von Hemmungstatbestanden auseinander und grenzt sie zu Massekosten und Insolvenzforderungen hin ab. Nach Auslegung und unter Berucksichtigung von Treu- und Glauben kommt er zu dem Ergebnis, dass Masseverbindlichkeiten ausserhalb des Insolvenzverfahrens geltend zu machen sind und i.d.R. nach den allgemeinen zivilrechtlichen Regelungen verjahren und ermittelt Ausnahmen. Der Autor stellt die Pflicht des Insolvenzverwalters, sich auf die eingetretene Verjahrung zu berufen, fest.

Der Band der auf dem X. Kieler Insolvenzrechtlichen Symposium gehaltenen Vortrage deckt das Feld des gesamten Insolvenzrechts ab: Von praktisch hoechst bedeutsamen Zustandigkeitsfragen internationalen europaischen Insolvenzrechts bei grenzuberschreitenden Insolvenzen, dem bislang noch nicht ausgeleuchteten Recht der Genussrechte in der Insolvenz uber insolvenzstraf- und insolvenzsteuerrechtliche Probleme, das insolvenzrechtliche Vergutungsrecht, das Gegenstand heftiger Diskussionen ist, nur scheinbar ausdiskutierte Fragen der Aus- und Absonderungsrechte bis hin zu Fragen des Verhaltnisses von Insolvenzrecht und Gesellschaftsrecht reicht der Bogen der Themen, die verhandelt worden sind.

Buying and Selling Insolvent Companies and Businesses aims to be a comprehensive guide to its readers, being useful to insolvency practitioners and other professionals involved in insolvency, including lawyers, accountants, company directors and company secretaries. It is also of use to potential investors and their advisers as well as being of interest to students who may wish to specialise in insolvency. The new third edition has been updated to include: - Corporate Insolvency and Governance Act 2020 which brought in a new moratorium procedure and restructuring plan as permanent measures in response to COVID-19 - the impact of Brexit on insolvency laws - the impact of the significant rise in the use of company voluntary arrangements - the new Pensions bill, which will have an impact on advisors to insolvent companies

The Insolvency (England and Wales) Rules 2016 introduced extensive changes to insolvency practice, precedents and procedures - the biggest change to insolvency for over 20 years. Fully updated to take account of these new rules, which came into effect on 6 April 2017, Corporate Insolvency Practice is the only comprehensive 'how to do it' guide for solicitors and barristers to all the most common court applications in corporate insolvency. Covering areas as diverse as winding up petitions to administrations to the reuse of company names, this practical and accessible book seeks to give the inside track on what the court will expect both in terms of practice and evidence. It also provides the busy practitioner with a range of useful precedents and checklists, and sets out key statutory and practice material for each application. Packed with precedents, forms, checklists and statutory extracts, Corporate Insolvency Practice ensures you have readily to hand everything you need to prepare and present the most common insolvency applications. The new edition of this title will be an invaluable reference for all practitioners making insolvency applications in the Companies Court.

This new work provides timely analysis of the cross-border exercise of banking activity in the EU and its supervision, from the perspective of the 'home-host rule'. It examines the current system and the efficacy of recent reforms considering whether the centralisation of decision making and a more effective mutualisation of financing tools could improve the safety and soundness of the EU banking system and reduce the asymmetry of information between home and host authorities. The EU banking market is very integrated since banking institutions based in the Union are free to perform their activities within the single market. This has allowed EU banking institutions to significantly increase their cross border operations. This way of working is based on the home country control principle according to which EU institutions performing cross border activities continue to be supervised by their home country supervisor. However, this system has raised challenges for effectively performing supervision, resolution and crisis management of banking groups operating across the borders of many different jurisdictions. This book analyses how far recent reforms under the banking union regime have addressed these issues to ensure the integrity and stability of the European integration project. It utilises data to illustrate the cross border exposures between member states and how they influence home and host decision making. But it equally explores those areas that still remain within the national discretion such as non-performing loans, insolvency-liquidation of banks and deposit protection arrangements, to mention a few. The book analyses the main pillars of the banking union: the single supervisory mechanism (SSM); and the Single Resolution Mechanism (SRM) and the proposed European Deposit Insurance Scheme (EDIS); and the related tools designed to provide crisis management under the European Stability Mechanism (ESM). As such the work considers the impact of the Single Rulebook. In considering these pieces of regulation and mechanisms the book analyses how international standards and EU requirements undertake to divide responsibilities between the home and host state and the extent to which they align interests between the home and host and minimise potential conflicts of interests. In this analysis examples from a set of EU cross-border banks are used to illustrate the workings of home and host relationship between Member States and Third Countries, and the benefits of participating in centralisation of decision making and mutualisation of financing in resolution and depositor protection. This work provides a valuable resource for academics researching on central banking union and regulation, and helps legal practitioners to address questions of supervision, resolution and insolvency with a cross-border element.

The Asian Financial Crisis dramatically illustrated the vulnerability of financial markets in emerging, transitional, and advanced economies. In response, international organizations insisted that legal reforms could help protect markets from financial breakdowns. Sitting at the nexus between the legal system and the market, corporate bankruptcy law ensures that the casualties of capitalism are treated in an orderly way.
Halliday and Carruthers show how global actors--including the IMF, World Bank, UN, and international professional associations--developed comprehensive norms for corporate bankruptcy laws and how national policymakers responded in turn. Drawing on extensive fieldwork in China, Indonesia and Korea, the authors reveal how national policymakers contested and negotiated domestic laws in the context of global pressures. The first study of its kind, this book offers a theory of legal change to explain why global/local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and developing and transition economies the world over.

Homer Maxey was a war hero, multimillionaire and pillar of the Lubbock, Texas, community. During the post-World War II boom, he filled the West Texas horizon with new apartment complexes, government buildings, hotels, banks, shopping centres and subdivisions. On the afternoon of February 16, 1966, executives of Citizens National Bank of Lubbock met to launch foreclosure proceedings against Maxey. In a secret sale, more than 35,000 acres of ranch land and other holdings were divided up and sold for pennies on the dollar. By closing time, Maxey was penniless. Maxey sued the bank and every member of the board of directors, including long-time friends and business partners. Almost fifteen years, two jury trials and nine separate appeals later, the case was settled on September 22, 1980. Broke, Not Broken, the story of this record-breaking, precedent-setting legal case, illuminates a community and a self-styled go-getter who refused to back down, even when his opponents were old friends, well-heeled leaders of the community, a bank backed by powerful Odessa oil men and the most formidable attorneys in West Texas.

A simple yet essential guide on filing for bankruptcy in California. Bankruptcy can solve many financial problems- but not everything. Whether or not you are getting a lawyer to help you, you need to know what you are doing in your bankruptcy case so you don't get burned. Far too often, people file for bankruptcy unaware of what may happen and how bankruptcy will affect their debts and assets. After reading this easy-to-understand yet authoritative guide, you will be able to make a well informed decision about whether filing for bankruptcy in California is right for you. You will learn the basics of what happens in bankruptcy and what you need to do, including: What to think about when considering filing for bankruptcy. When is filing for bankruptcy a mistake. How much it will cost to file. What documents and information you need for filing. What property you can keep. What will happen to your house and/or car. Bankruptcy provides great benefits but it has downsides as well. The only way to know whether bankruptcy is right for you is to understand what bankruptcy can and cannot do for you in your unique circumstances. By reading this guide, you will not only save yourself hours and hours of stress and agony wondering about whether bankruptcy can help you. And, what you learn could save you hundreds, or more likely, thousands of dollars. The thought of filing a personal bankruptcy case may make you cringe, but it shouldn't. You should look at it as you would any major financial decision, such as buying a house, buying a car, or taking a vacation. You should consider how a filing may affect your life, how not filing may affect your life and decide which results are better for you. The only way to do this in California is to know the true consequences before you file. Written by, Ted Connolly, a nationally-known and respected bankruptcy attorney who has appeared on national television, including FOX Business News and in national publications, including USA Today, US News and World Report, and The Christian Science Monitor, He also co-authored the highly acclaimed Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems, with Joan N. Feeney, a bankruptcy judge on the United States Bankruptcy Court for the District of Massachusetts.

Corporate bankruptcy is a defining characteristic of the market economy. It encapsulates the fundamental conflict between capital and labour. Yet, with one or two notable exceptions, the political and social dynamics of bankruptcy law and practice have been largely overlooked by socio-legal scholars. This book remedies that neglect. It compares English and American insolvency laws to identify the underlying political forces that established corporate bankruptcy law on both sides of the Atlantic. It shows how corporate insovency regulation is the creation of the lawyers who interpret and administer it. This book will be welcomed as an important sociological study and advances our understanding of how substantive law results from conflicts among the professionals who help to create it.

Written by authors from South Square, consistently ranked in legal directories as the top set for insolvency and restructuring in the UK this book deals specifically with corporate administration and Company Voluntary Arrangements (CVAs) in the context of business recovery and rescue. The fourth edition has been fully revised and updated to include coverage and analysis of all case law developments as well as: - a new chapter on the UK government's proposed new Corporate Restructuring Plan - the new UK statutory pre-insolvency moratorium - the cross-border context for corporate administrations and rescue procedures post-Brexit - increased coverage of public sector special administration regimes

A decade after the Global Financial Crisis and Great Recession, developed economies continue to struggle under excessive household debt. While exacerbating inequality and political unrest, this debt - when combined with wage stagnation and a shrinking welfare state - has played a key role in maintaining economic growth and allowing households faced with rising costs of living to make ends meet. In Bankruptcy: The Case for Relief in an Economy of Debt, Joseph Spooner examines this economic model and finds it increasingly unsustainable. In a call to action to reduce debt burden, he turns to bankruptcy law, which is uniquely situated as a mechanism of social insurance against the risks of a debt-dependent economy. This book should be read by anyone interested in understanding the problem of consumer debt and how best to address it.