Promoting an Effective Rescue Culture with Debt-Equity-Swaps?

The central question of this thesis is whether the restructuring instrument of a debt-equity swap pursuant to § 225a InsO has contributed towards the making of substantial progress towards a rescue culture in Germany – following the English rescue culture – and thereby strengthened the competitiveness of Germany as a location for restructurings. The comparative analysis discusses the economic, cultural and legal frameworks to implement debt-equity-swaps under German and English law. It specifically addresses the implementation of a (solvent) scheme of arrangement for financial restructuring, which has been a very popular instrument in recent years for German companies, however, it also raises questions about the recognition of the scheme’s effect in Germany. Finally, there is discussion of the extent to which the new insolvency norms are suitable to solve conflicts in corporate law.