Die Funktion des Insolvenzrechts im Wettbewerb der Rechtsordnungen

The European Commission has produced a proposal for a directive on preventive restructuring frameworks. In doing so, it has once again taken a stand against competition in legal systems, which has affected insolvency law for some time now. However, in reality this competition is more of a transatlantic phenomenon than a European one, which has increasingly called Germany’s and Europe’s politico-economic foundations into question. This study examines the function of insolvency law, exposes the current push for reforms as an attempt to adopt flawed fundamental values from US commercial law and calls upon German legislators to take a hand in the process of European legislation.