Regulierung von Geschäftsleiteropportunismus zulasten der Gläubiger in der Krise

Against the background of (German) restructuring law, this book examines entrepreneurial risk-taking behaviour and managerial opportunism in crises. Based on an analysis of econometric data, it is proposed that the concept of “creditor interests” should be oriented less towards the danger of risk-friendly actions by managers (so-called gambling for resurrection). Instead, a consideration of the duty of loyalty under company law and an analysis of English case law on directors‘ duties in crisis situations shows that the regulation of cash flows from the company should be at the center of the interpretation.