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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
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  • Vol 4 (2007)
  • Vol 5 (2008)
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  • Vol 17 (2020)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 18 (2021)

Vol 17 (2020) - Issue 5

Article preview

Implementation of the EU Directive on Restructuring and Insolvency: A Quick and Effective, thereby Cost-Efficient ‘German Scheme’ in the Aftermath of COVID-19

Ursula Schlegel, Rechtsanwältin and Solicitor (England and Wales), Schlegel Legal, and Tammo Andersch, Chairman, Andersch AG, a member of FTI Group, Frankfurt am Main, Germany

Synopsis
The imminent 'German Scheme', driven by the 'EUDirective on Insolvency and Restructuring', overlaps with an ongoing review of the German debtor-inpossession insolvency process dubbed 'rescue umbrella procedure'. Whilst strong industry voices advocate for a swift and pragmatic implementation of the Directive's preventive restructuring framework to manage the aftermath of COVID-19, others would like to see (variations of) the 'rescue umbrella' steering or even 'hibernating' troubled German companies through the crisis. Both options should be available and decided on a case-by-case basis. The article demonstrates that the Directive's objectives: quick, effective and thereby cost-efficient, can be achieved by underpinning the 'German Scheme's' legal framework with tailored, successive restructuring reviews, building into a modular system. These economic reviews match the Directive's 'milestones', likelihood of insolvency, drafting and negotiation of the restructuring plan and the prospects of the restructuring plan to prevent the debtor's insolvency; the latter to be reviewed by the court without delay when confirming a voted plan, ideally based on the reviews already available. The authors further propose for the expert providing such reviews to be appointed as PIFOR to best achieve the Directive's objectives.

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International Corporate Rescue

"International Corporate Rescue is truly unique in its reach as a global publication that gives in-depth commentary and analysis of the corporate restructuring and insolvency world against the backdrop of ever changing economic, policy and political parameters."

Kathleen Stephansen, Huawei Technologies USA, New York

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