Vorinsolvenzliches Sanierungsverfahren und alternative Reformmodelle

The performance of German restructuring and insolvency law has been put to the test by the consequences of the global financial crisis and competition from English restructuring procedures in recent years. This dissertation examines whether the ESUG (the German law on facilitating the restructuring of companies) has sufficiently improved the legal framework for early, efficient restructuring, as well as whether and in what form Germany should introduce a pre-insolvency restructuring procedure. Based on a detailed analysis of the ESUG, the thesis pinpoints the remaining need for reform, questions the potential and the reasonableness of pre-insolvency restructuring procedures, and evaluates alternative reform models. Taking into account existing foreign restructuring models, the thesis develops elements for an efficient pre-insolvency restructuring procedure and considers the legislative adjustments necessary if such a procedure is introduced. Recent European developments are included in the overall assessment.