Geschäftsleiterpflichten in der Unternehmenskrise

Insolvency law in Germany is usually invoked very late with the restructuring efforts of a company which is in crisis. The fact that a company is already in the middle of, or just on the verge of going bankrupt can often be identified much earlier. In this stage of the crisis, the question arises as to whose interests, the directors of a stock corporation or GmbH have to prioritise when making their decisions. Can they continue to focus only on shareholders' interests (i.e., typically maximization of profits), or, with the crisis deepening, do they or should they focus on creditors' interests?
This thesis develops a three-step definition of a company in crisis and, on that basis, suggests an innovative and practical approach to solving situations of conflicting interests. Such potential conflicts are demonstrated by means of case studies. A special focus is given to risk-intensive decisions. The solutions offered are also inspired by a comparative analysis of certain aspects of Insolvency under Austrian and English law.

Jessica Mohaupt is practicing as attorney in the area of corporate law / M&A.