2 years ago

InsO study 2015

  • Text
  • Insolvency
  • Restructuring
  • Proceedings
  • Mckinsey
  • Creditor
  • Esug
  • Creditors
  • Preliminary
  • Respondents
  • Germany


International respondents are extremely interested in having English as an additional language of the court BACKUP English should be introduced as an additional language of the court for insolvency proceedings where the majority of creditors are international Percent Tend to agree Tend to disagree Total 47 53 Germany 41 59 International 84 16 SOURCE: Noerr; McKinsey 18

Conclusion and outlook • Germany's insolvency law is mostly seen as positive after 3 years of ESUG – international respondents still recognize shortcomings compared to US and UK law • Disadvantage: restructuring against the wishes of individual creditors is only possible in comprehensive insolvency proceedings that cover all of the debtor's business relationships • A (pre-insolvency) restructuring procedure with the option of restructuring with only a limited group of creditors would be a major step toward improving the competitiveness of Germany as a restructuring location • The number of company insolvencies has fallen year on year since 2010 – litmus test of a major wave of bankruptcies is yet to be carried out. "Flight risk" for proceedings being conducted abroad has not yet been eliminated, especially not for large-scale and complex proceedings focusing on financial restructuring SOURCE: Noerr; McKinsey 19


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