esug an important amendment of the german insolvency ordinance
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ESUG – an important amendment of the German Insolvency Ordinance. A brief overview over the main changes. B ackground. Insolvency Ordinance from 1999 EIR from May 2002 Forum shopping Need for improvements. Purpose of the ESUG.

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esug an important amendment of the german insolvency ordinance

ESUG – an importantamendment of theGerman Insolvency Ordinance

A briefoverviewoverthe

mainchanges

b ackground
Background
  • Insolvency Ordinancefrom 1999
  • EIR from May 2002
  • Forum shopping
  • Needforimprovements
purpose of the esug
Purpose of the ESUG
  • Primarygoal: insolvencyproceedingshallbecomemoreprojectable
  • Establishing a rescueculture
  • Disempowerment of theinsolvencystigma
the respective amendments i
The respectiveamendments I
  • Increasingthecreditors‘ influence on theadministrator‘sselection:

byinstituting a preliminarycreditors‘scommittee, s. 21, 22a

byselection of theadministrator, s. 56a (56 par. 1 3rd sent.)

Note: twoprofessions! Restructuringexperts vs. Insolvency administrators

the respective amendments ii
The respectiveamendments II
  • Betterinformation of thecourt, s. 13 (forimprovingthequality of thedecisions)
  • See also s. 22 par. 6, 2dn s. GVG and s. 18 par. 4, 2nd s. RPflGfortheeducation of thejudges and judicialofficers
  • Non-reform: concentration of courts
the respective amendments iii
The respectiveamendments III
  • Improvements of the plan proceeding
    • Lessremediesforobstructingcreditors
    • Inclusion of the insolvent company‘sshareholders
    • Debt-equityswap
    • Permissibility of a plan containingsolelydirectionsforhow to proceeduntiltheneststep („verfahrensleitender Plan“)
the respective amendments iv
The respectiveamendments IV
  • Strengthening of the „debtor-in-possession“ (Eigenverwaltung)
    • General admissibility, s. 270
    • Preliminarydip, s. 270a
    • Relationship with company‘sofficialsweakend, s. 276a
the respective amendments v
The respectiveamendments V
  • Incentiveforearlyopening
    • S. 270b: protectiveumbrellaproceeding (Schutzschirmverfahren)
    • Germany‘sreaction to the English Scheme of Arrangement
    • A threemonthsperiodfordrafting a plan
    • Successdependent on communication with stakeholders
outlook
Outlook
  • The legislatorisexpected to changethementality!
  • Successdepends on theprofessionals
  • Whatisneededaresuccessstories
  • The European competition will notstophere
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