StaRUG – the first decisions are in

The StaRUG (the Geman implementation of the EU-Regulation on the “preventive restructuring framework”) has now been in force for three quarters of a year (see here) and the famous German shirtmaker Eterna is the first large and prominent company to undergo restructuring under the new law (see here, in German). Reason enough to take a … more

StaRUG – Restructuring Moderation, an option?

Even four and a half months after the German “Corporate Stabilisation and Restructuring Act” (“Unternehmensstabilisierungs- und -restrukturierungsgesetz”, “StaRUG”) came into force on 1 January 2021, reports of corresponding proceedings are (still?) limited (but see, for example, a decision by the Cologne District Court here, in German). However, the growing pressure to restructure after the final … more

StaRUG – how much “rescue” do you want?

Everyone is talking about restructuring, so I am too. In my small series of in-depth articles on the SanInsFoG in general and the StaRUG in particular (see already here and here), I will now deal with the aspect of what “depth of reorganisation” the StaRUG actually stipulates (with a small, but important for future case … more

StaRUG – a new star is born?

Hey, great that I may still experience this in my life-time! Almost ten years after my “Plädoyer für ein vorinsolvenzliches Sanierungsverfahren” (ZInsO 2011, 57, here, in German) and a good four years after my (rather rhetorical) question “Bedingt Sanierungsbereit?” (ZInsO 2016, 1778, here, in German), the has government (finally) finally presented the draft of the “Act on the Further … more

Corporate Finance: Bonds (in restructuring)

With a view to the burdens that various corona aid packages (see here, in German) may have left on the balance sheets of small and medium-sized enterprises in particular, alternative or supplementary means to classic loan financing become increasingly popular in Germany. Also, as is well known, the financing of the “transformation” of the German … more

“Turnaround” – do we still have the right focus?

“It’s not just about doing the right things, but doing things the right way.” Peter Drucker German insolvency law has been a permanent construction site since the end of the 1970s. This truism will not change even after the SanInsFoG came into force at the beginning of 2021 (see here), as the EU Commission’s efforts … more

COVInsAG (et. al.) going into overtime

The laws enacted by the legislator at the end of March 2020 to mitigate the consequences of the corona virus pandemic (“Corona Consequences Mitigation Act” („Corona-Folgen-Abmilderungsgesetz“), see here for details) were limited in time and would have mostly expired at the end of September 2020. In view of the ongoing pandemic, some of the relevant … more