Notwendigkeit und Wirkungsweise unechter Massedarlehen zur Finanzierung der Betriebsfortführung

Continuation of companies as going concerns under insolvency conditions requires liquidity, in particular during the critical period of interim proceedings. In this regard, the author looks at the usual German practice of allowing the debtor to realise and use the proceeds of collateral for interim financing in exchange for new collateral (so called „unechte Massedarlehen“ or interim financing using and exchanging collateral). He examines whether the current law requires the need of secured creditors to specifically agree to such use and, if so, explains the content of such agreements. The compendium is aimed primarily at legal practitioners who are concerned with relevant financing issues after an insolvency proceedings has been commenced.