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With effect as of 1 January 2021, Germany implemented the requirements of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (the 'Restructuring Directive'). In doing so, Germany ventured beyond the minimum requirements set out in the Restructuring Directive by establishing a pre-insolvency restructuring framework through the so-called Corporate Stabilisation and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen (Unternehmensstabilisierungs und -restrukturierungsgesetz) or StaRUG). One of the main aims of the Restructuring Directive was that 'viable enterprises and entrepreneurs that are in financial difficulties should have access to effective national preventive restructuring frameworks which enable them to continue operating'.1 The new instruments of StaRUG are consistent with this overall intention and close the gap between consensual restructurings and court-monitored (debtor-in-possession or trustee-led) insolvency proceedings. These instruments make Germany a competitive jurisdiction for restructuring cases, and in cross-border scenarios, which can and should no longer be ignored. [ABSTRACT FROM AUTHOR]

There is general consensus in Germany that the provisions of the German Insolvency Act are insufficient to ensure that group insolvencies are properly addressed. In 201 3, the German Parliament presented draft legislation to facilitate the management of group insolvencies which was reactivated by the German Federal Government in January 2014.This article summarises the current status of this draft legislation as well as the most important changes proposed and evaluates these in the context of the current discussion on the management of group insolvencies within European legislative bodies. [ABSTRACT FROM AUTHOR]

The article focuses on the phenomenon highlighting the recognition of reorganization and insolvency proceedings among companies in Germany based on the law scheme in Great Britain. It explores the decision of the English High Court of Justice to the case of Rodenstock GmbH, which it enjoyed the benefits of the English law scheme. It also outlines the likelihood of the High Court of Justice's decision to the Rodenstock case in Germany.

The article presents an overview of the various programs organized by the Creditors' Rights Subcommittee of the International Bar Association Section on Insolvency, Restructuring and Creditors' Rights during the past two years. Topics discussed include a panel discussion of lawyers, accountants and insolvency practitioners working on the insolvency of the Petroplus oil refinery, a discussion on the insolvency of multinational law firms, and a discussion on the distressed real estate market.

In this article, the authors express their gratitude to the former co-chairperson of the Creditors' Rights Subcommittee of the Insolvency Section of the International Bar Association (IBA) namely Anja Droege Gagnier and Chris Donoho for their fabulous work in dealing with the position of creditors in restructuring and insolvency situation. They states that in the upcoming 2013 IBA Annual Conference held in Boston, Massachusetts, the committee will focus on law firms as debtors.