Die Kapitalerhaltung nach dem MoMiG unter besonderer Berücksichtigung des Cash Poolings

The revision of the German Companies Act (GmbHG) in the shape of the introduction of the Act to Modernise the Law on Private Limited Companies and Combat Abuses (MoMiG) provides an opportunity to carry out a more detailed study of cash pooling from a company law and insolvency law point of view. Even five years after the enactment of the MoMiG, cash pooling is an issue that remains as topical as ever. Important questions with regard to the compatibility of this financial instrument with the prevailing general legal conditions still await final clarification, in particular the facts and circumstances governing the contest of claims in insolvency law.

For this reason, the present work investigates whether cash pooling can be structured in an effective and legally compliant form following the reform and, if so, how this can be done. The main focus of the study is on the area of maintenance of capital and on the treatment of internal group payment streams under insolvency law (previously known as equity replacement law).