Die rechtliche Erfassung aufeinander aufbauender Kapitalerhöhungen

This work provides guidance on the treatment of successive capital increases. It focuses on the consequences that the invalidity and unwinding of a preceding capital increase may have for subsequent capital measures. Proceeding from the general validity of the subsequent capital increase, it analyses the relevant resolutions, subscription agreements and the different scenarios. On this basis, the study develops guidelines for interpretation, adjustment and risk allocation, addressing both the German stock corporation (AG) and the German limited liability company (GmbH).