Your purchase has been completed. Your documents are now available to view.
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.
This book examines the problems that arise again and again when third parties unexpectedly intervene in insolvency plans. This book provides an academic appraisal of the topic that also includes an economic and jurisprudential analysis, as well as an examination of structural problems that are relevant in practice. These investigations are rounded off by case studies and an outlook on potential interventions in restructuring plans.
The work offers a comprehensive presentation of current and future German and European insolvency law. It explains the conditions required to permit a coordinated legal procedure according to current and future law. Selected precedent-setting case law from German and European insolvency courts is analyzed in terms of its relevance to practice.
This volume presents the decisions by the Ninth Civil Senate of the German Federal Supreme Court of importance to insolvency law and their doctrinal impact. The volume covers Federal Supreme Court rulings from 2012 to 2014, thereby continuing the jurisprudence from earlier years already considered in previous volumes.
The book explains how German and European insolvency law created today's standardized debt relief programs in response to the socioeconomic crisis of the debtor. The new system applies different strategies that strengthen the debtor’s commitment to the insolvency procedure once it has become inevitable so as to further the interests of both debtors and creditors.
This work is intended to provide insolvency administrators, agriculturalists, and their agricultural advisors with the knowledge required to conduct an agricultural insolvency procedure. The studies also aim to show the options open to the insolvency administrator and to creditors for configuring the process, and the related risks, liability problems, and rules that need to be taken into account.
The ESUG (Law for the Further Facilitation of the Restructuring of Enterprises) has induced a profound change in insolvency law. The rulings of the German Supreme Court (BGH)have had a profound impact onthe dogmatic content of the German Insolvency Act. The book goes on to explain court interpretations (mostly by the Supreme Court) of the provisions of the German Insolvency Law that is still in force.
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.
This work contains a comprehensive presentation of liquidation according to section 84 InsO in the event of an insolvency debtor's participation in a community or company. This work also focuses on the insolvency-related features resulting from the liquidation procedure. In addition, the very role of the insolvency administrator in each phase of the liquidation is called into question. Various problem areas are identified and the procedure is evaluated in terms of its legal efficiency. The focal point of the evaluation is the question of how solutions suitable for daily practice can be applied to these issues.
For the first time, possible legal insolvency issues pertaining to check payments from the viewpoint of the individual persons participating in check payment transactions are comprehensively addressed in detail and according to legal doctrine.
The new regulations in §§ 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 § 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.
A possible alternative to the liquidation of the debtor by means of bankruptcy or insolvency proceedings is the restoration of his or her solvency through either insolvency proceedings or outside of such proceedings. This can be accomplished with the aid of various measures. This work presents one of these options in detail within the scope of a comparative examination of German and Russian law: credit issuance geared toward long-term restoration of debtor solvency, the restructuring loan.
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 publication is based on presentations given at the 4th Insolvency Law Symposium in Kiel (Germany) on current issues of German and international insolvency law. The following topics were addressed:
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.
A commercial tenant's interest in the retention of the rented item can be of paramount importance. In the event of landlord insolvency, the landlord's demands fade into the background and the creditor's rights take precedence. This unforeseeable development for the tenant can endanger the tenant's very existence due to divestiture of the rented item, i.e. his business, shop or factory. This work deals with the typical scenarios of such cases and answers the question concerning the possibility of effectively preventing the specialized right of termination according to § 111 of the German Insolvency Act.
This conference volume is based on presentations held at the Hanns-Martin Schleyer-Stiftung Symposium in Kiel on the 8th and 9th of June 2007 on the topic of new issues in insolvency law. The following issues were presented: choosing your bankruptcy trustee, the protection of the creditor in an Austrian insolvency proceeding, current BGH adjudication (BGH: German Federal Supreme Court), the act of executing judgments, new developments in the field of capital replacement law, and problems in the practice of insolvency planning.
This work addresses the problems that the insolvency administrator encounters in cases of commercial legal funding and state funded legal aid. It aims to provide practical guidance to those involved in legal proceedings in which these problems arise daily.
The present conference volume is based on lectures that were given on May 19/20, 2006 at the symposium of the Hanns-Martin Schleyer-Stiftung in Kiel on questions of German and international insolvency law. The focus was on examining questions on preparing the insolvency proceedings through the insolvency court, creditors, debtors and temporary administrators, on problems of transnational insolvency proceedings, in particular in interaction with arbitration proceedings, and the insolvency of local authorities.
The present study deals with the particular difficulties of the reorganisation of transnational groups of companies in the context of cross-border insolvencies within Europe. The development of approaches is based on an analysis not only of the EC-Regulation but as well on the potential of convergences in the national insolvency-legislations.
The principle of the equal treatment of creditors in bankruptcy proceedings has always been regarded as the paramount principle of bankruptcy law. In spite of this, it was never realized without exception in any German bankruptcy law, and this includes the new bankruptcy regulations as well. Legal debate is required on the criteria according to which a difference may be made in the treatment of creditors in bankruptcy proceedings.
With the increase in company bankruptcies directors and general managers of troubled companies have come into the sights of prosecuting authorities. It is already practically impossible in fact to draw a line between punishable behaviour and entrepreneurial errors of judgment. This applies in particular to the risks of penalties in and for causing absolute insolvency, as ascertaining this is linked with many valuation uncertainties and forecast risks. The aim of this work is to come closer to a clarification of the definition of absolute insolvency under the criminal law.
The present work examines different models and proposals on the insolvency of states and regional corporations.
The present volume contains a systematic comprehensive view of the decisions by the Federal Supreme Court regarding the new insolvency order which has been in effect since January 1,1999. In so doing, it goes over how the Federal Supreme Court has conferred contours and systematic structures to this field of law, which has been put into a state of unrest during the past seven years through the introduction of new legal institutes, the adoption of regulations from other legal systems, diverse new laws and their amendments.
Anliegen der Studie ist es, den Zusammenhang des neuen Eröffnungsgrundes der drohenden Zahlungsunfähigkeit einerseits und den neuen Instrumenten der InsO, dem Planverfahren und der Eigenverwaltung andererseits zu beleuchten. Nach den Vorstellungen des Reformgesetzgebers soll das neue Insolvenzrecht Instrumentarien bereitstellen, die es dem Schuldner erlauben, frühzeitig einen Insolvenzantrag zu stellen, um mit den Instrumentarien der Eigenverwaltung und des Insolvenzplanverfahrens sein Unternehmen zu reorganisieren bzw. abzuwickeln. Mit Eröffnung des Insolvenzverfahrens wird die Rechtslage zwischen den Beteiligten nicht abschließend geordnet. Das Insolvenzverfahren ist als Verfahren selbst das Ordnungsinstrument. Eingehend wird untersucht, wie sich die drohende Zahlungsunfähigkeit als tragender Pfeiler in der Architektonik des Insolvenzverfahrens als Mittel der Verfolgung eigener wirtschaftlicher und rechtlicher Interessen des Schuldners erweist.Die Arbeit zeigt auf, dass es keiner Überprüfung des Insolvenzgrundes bei einem Schuldnerantrag bedarf, wenn dieser mit dem Antrag auf Eigenverwaltung und der Vorlage eines Insolvenzplanes verknüpft ist, sofern dieser auf den Insolvenzgrund der drohenden Zahlungsunfähigkeit gestützt wird. Das Augenmerk des Gerichtes kann in diesen Fällen darauf gerichtet werden, zu prüfen, ob eine ausreichende Masse zur Kostendeckung vorhanden ist. Wenn diese Frage durch das Gericht bejaht werden kann, kann das Verfahren daher eröffnet werden. Ein widerstreitender Vortrag gegenüber den Gläubigern und dem Insolvenzgericht hinsichtlich der drohenden Zahlungsunfähigkeit wird hierdurch vermieden. In der Folge ist sowohl eine Entlastung des Schuldners als auch der Insolvenzgerichte zu erwarten.
The German Government intends to enact a fundamental reform of the insolvency code. Effected are stipulations regarding bankruptcy and reorganization of companies, as well as such regarding bankruptcy of individuals and the right of discharge of residual debt. In addition to a comprehensive introduction this book contains detailed materials (synopses, draft laws) as well as current statements by scholars and well-established insolvency practitioners.
The work deals with the relationship of temporary bankruptcy administration to the bankruptcy dispute in the opened proceeding. This theme generally receives great attention in case law and literature. However, the particular questions to which the work is dedicated have not been previously addressed at the center of academic discourse, although they are of great practical relevance both for the temporary bankruptcy administrator and the creditors. In fact, a circular argument exists between the security of the assets and the equal treatment of creditors in the temporary bankruptcy proceeding. This clearly emerges if not only the debtor, but also the temporary bankruptcy administrator is involved in the disputed legal action, and if the opposing party refers to his confidence in the legally validity of the legal action. Both decisions of the BGH [German Federal Supreme Court] from March 13, 2003, which are the focus of the work, deal with this combination.
As a central provision of the substantive insolvency law, § 103 of the InsO [Insolvency Statute] is of great practical importance. When an insolvency proceeding is opened, the insolvency administrator is often required to decide on the type of settlement for a number of mutual "provisional" contracts, meaning contracts not completely fulfilled by any party. This applies in particular for company insolvencies. In the past, the insolvency administrator's right of election was already a common subject matter of scholarly works. However, only the legal position within the insolvency proceeding stood at the center of these investigations. Therefore, the goal of the present work is the investigation of the legal position existing between the parties to the contract after the insolvency proceeding is cancelled either after complete final distribution or after an insolvency plan comes into effect.
The starting point is the fundamentally tense relationship between the contractual law of obligations and substantive insolvency law, and the associated question regarding the effects of the opening of the proceeding on the claims for fulfillment that are still open. The author presents the problems that arise with the application of the latest BGH [German Federal Supreme Court] judicature, according to which the opening of the proceeding affects only the "enforceability" of the claims for fulfillment, and offers solution recommendations. Particularly relevant in practice are the difficulties that result from the renunciation of the "forfeiture theory" when the insolvency reorganization plans go into effect.
The present conference volume is based on lectures which were presented at the symposium of the Hanns-Martin Schleyer Foundation in Kiel dealing with German and international insolvency law.