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2 years ago

InsO study 2015

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

German insolvency law is

German insolvency law is internationally competitive; however, respondents from other countries see US and UK law as more competitive Which insolvency law do you think is the most attractive when it comes to restructuring? Percent All respondents Well-informed 1 International respondents German law 39 33 6 UK law 29 36 32 US law 26 24 42 Spanish law 1 2 3 Dutch law 1 1 0 Other 4 4 16 "I believe that ESUG has made German insolvency law more competitive. If you want to restructure operationally as well as financially, I think the InsO self-administration/protective shield procedure is actually more suitable than a SOA under UK law." – German commercial bank "If we had a pre-insolvency restructuring procedure then Germany would also be a competitive location for restructuring." – Anglo-Saxon distressed investor 1 Participants responded positively to the question: I feel that I have sufficient information about the options available to me in other legal systems SOURCE: Noerr; McKinsey 4

Changes to ESUG have made German restructuring law more attractive – broad agreement in all groups surveyed Changes to ESUG have made German restructuring law more attractive Percent The high level of agreement ... ... continues across all groups Completely agree 30 Yes No Mostly agree Slightly agree 26 36 92 Judge Insolvency administrator Commercial bank 86 88 87 14 12 13 Slightly disagree 6 Other creditor 89 11 Mostly disagree 1 Consultant/lawyer 95 5 Completely disagree 1 Other 100 "Even though ESUG still has a few wrinkles to iron out, it is so much better than what we had before in Germany." – Anglo-Saxon distressed investor SOURCE: Noerr; McKinsey 5

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