Die Subordination anteilsgestützter Unternehmenskredite

In restructuring situations, transferring shares as a credit security is often a vital instrument for corporations to gain access to loan capital. Against the background of this economic significance, the present study investigates the doctrinal foundations of so-called share-backed corporate loans. It explores the legal risks linked with this kind of financing, especially the threats the creditor faces due to the subordination regime in case of a corporation’s insolvency. It particularly focuses on the question of whether these risks can be averted by using a trustee as an intermediary. The thesis delimits the boundaries of the subordination statute in the field of security trusts, and proposes a model contract that creates a practicable possibility to avoid the subordination of share-backed loans.