Die ausstehende Einlage in der Umwandlung

The German Transformation Act has been the subject of numerous publications which have carefully scrutinised this part of corporate law. German courts have already made several rulings on its interpretation. Nevertheless, little is known about situations in which the shares of transforming companies are not fully paid: The Transformation Act features only a few sections that address possible constellations. Common manuals offer solutions for some problems, but are inconsistent and vague. The present study deduces an overarching approach from general principles, thus making it possible to get a grasp of the phenomenon of partly paid shares. This new approach is illustrated by applying it to model cases.