"Shift of Fiduciary Duties" durch das StaRUG?

The author deals with the changes in German insolvency law as a result of the implementation of the EU Stabilisation Directive by the StaRUG. The duties of the managing director in the run-up to insolvency are also examined. Art. 19 lit. a) of the Restructuring Directive stipulates that the "interests of creditors, shareholders and other stakeholders" must be duly taken into account. Since then, it has been debated whether the StaRUG, by interpreting the Directive in line with European law, has indirectly initiated the shift favoured by many. The author examines this question and ultimately argues against a shift, which he underlines with regard to the legal comparison with England.