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A role model for implementing the restructuring Directive? The new german law for preventive restructuring procedures in Germany
On 22 December 2020 the Germán legislator adopted a comprehensive reform bilí for the Germán insolvency and restructuring law.1 The bilí contained a number of measures including Covid relief for struggling businesses and improvements to the Germán debtor-in-possession insolvency and insolvency plan proceedings. Most importantly the bilí produced a new law (StaRUG)2 3 with 102 paragraphs on a preventive restructuring framework in order to implement the instructions of the Restructuring and Insolvency Directive 2019? This article will explain tliis new framework for two reasons. First, it illustrates ways to implement the Directive for the current discussion in Spain. Second, it explains options for Spanish firms to access the Germán restructuring framework and benefit from its tools.
I. PREVENTIVE RESTRUCTURING TOOLS IN GERMANY - THE “GERMAN SCHEME”
1. Modular court assistance
2. The Germán translation of financial difficulties and a likelihood of insolvency
3. The procedural frame of preventive tools
II. ACCESSING GERMAN TOOLS FROM ABROAD
III. THE GERMAN ’MANDAT AD HOC'
IV. CONCLUSION
V. BIBLIOGRAPHY
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On 22 December 2020 the Germán legislator adopted a comprehensive reform bilí for the Germán insolvency and restructuring law.1 The bilí contained a number of measures including Covid relief for struggling businesses and improvements to the Germán debtor-in-possession insolvency and insolvency plan proceedings. Most importantly the bilí produced a new law (StaRUG)2 3 with 102 paragraphs on a preventive restructuring framework in order to implement the instructions of the Restructuring and Insolvency Directive 2019? This article will explain tliis new framework for two reasons. First, it illustrates ways to implement the Directive for the current discussion in Spain. Second, it explains options for Spanish firms to access the Germán restructuring framework and benefit from its tools.
I. PREVENTIVE RESTRUCTURING TOOLS IN GERMANY - THE “GERMAN SCHEME”
1. Modular court assistance
2. The Germán translation of financial difficulties and a likelihood of insolvency
3. The procedural frame of preventive tools
II. ACCESSING GERMAN TOOLS FROM ABROAD
III. THE GERMAN ’MANDAT AD HOC'
IV. CONCLUSION
V. BIBLIOGRAPHY
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