Gewinnunabhängige Auszahlungen an Kommanditisten von Publikumskommanditgesellschaften und geschlossenen Investmentkommanditgesellschaften

The payment of excess liquidity to limited partners of limited partnerships through profit-independent "liquidity distributions" and their subsequent reclaiming by the company or the insolvency administrator has been of particular concern to the courts in recent times. Starting from a strict distinction between the internal relation-ship with the company on the one hand and the external liability towards the company's creditors on the other hand, the work systematically examines the various conceivable variants of profit-independent payments and assesses their risks for the limited partner. Then follows a description of the protective mechanisms working in favour of the limited partner. Those include, in particular, the objective interpretation and content review of the articles of association, as well as the prospectus liability. A critical analysis of the legal situation in the new special legal form of the public investment partnership created by the German Capital Investment Code [KAGB] completes the thesis.