Insolvenzzwecke in Deutschland und Frankreich

As a result of the recently announced restructuring and insolvency directive, the Europeanisation of bankruptcy law has reached a new peak. In view of this, there is an urgent need to discuss the law’s procedural purposes, as the EU member states’ national laws differ enormously in this respect. French law, for example, favours restructuring in many areas. In contrast, the German procedure primarily aims to satisfy creditors in equal measure, which appears indispensable in principle due to constitutional and European legal requirements. In the face of political ‘restructuring hype’, this comparative legal analysis also shows, however, to what extent a firm’s restructuring should be supported in German law and which paths would possibly be open for this undertaking. In this context, this study pays particular attention to pre-insolvency restructuring instruments within the parameters of the aforementioned directive.