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2 years ago

InsO study 2015

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

The

The 2015 McKinsey/Noerr InsO study explores the international competitiveness of German insolvency law after 3 years of ESUG ESUG (March 2012) 3 years later ESUG OBJECTIVES • Strengthen the competitiveness of German insolvency law • Stop German companies attempting to restructure under UK law KEY CHANGES • Strengthen influence of creditors • Simplify self-administration • Eliminate obstacles and delays to the insolvency plan proceedings ESUG ANALYSIS • Legislators are not due to assess ESUG until 5 years have passed • Preliminary study with interim findings after 3 years • Focus on competitiveness in an international context • To this end, a survey was conducted in March 2015 of around 220 restructuring and insolvency experts • More than 2/3 of respondents already have some experience with other legal systems SOURCE: Noerr; McKinsey 2

Delivering high creditor satisfaction is still seen as the most important objective of a restructuring How would you describe a successful restructuring? Percent Other Retain jobs Preserve legal entity 3 0 0 15 25 21 62 6 0 0 6 5 8 6 15 9 24 28 35 20 Ensure high creditor satisfaction 61 0 38 69 88 50 58 48 Total Judge Insolvency administrator Commercial bank Other creditor Consultant/ lawyer Other SOURCE: Noerr; McKinsey 3

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