Der Nachrang von Gesellschafterdarlehen in der Insolvenz bei der Konsortialfinanzierung und der Mehrheit von Gläubigern

The German Insolvency Code provides for a general subordination of shareholder loans during insolvency proceedings. In cases where shareholder investors and banks join forces in syndicated debt financing, there is a risk that the whole credit arrangement may be subordinated if insolvency occurs. This work deals with these issues in relation to both the scope and the legal consequences against the background of the relevant legal provisions. The author thereby also presents possible solutions, which may be taken as general guidelines for practitioners.