Gläubiger ohne Risiko

Credit derivatives can be used by creditors to rid themselves of their debtor’s default risk and act without any economic exposure, thus becoming ‘empty creditors’. This challenges a fundamental principle of insolvency law: the synchronisation of economic and legal ownership. Unlike in the USA, this phenomenon has barely been noticed in Germany so far. This work is the first to attempt to systematically explore the risks posed by empty creditors from the perspective of German insolvency law. The author analyses the mechanisms of the relevant credit derivatives and discusses the legal ways to prevent the risks both de lege lata and de lege ferenda. This book also addresses the fact that the German Insolvency Code itself allows for empty creditors, in particular in the form of creditors with a right to separate satisfaction, which should be subject to the same standards.