Die Kombination deutscher und englischer Restrukturierungsverfahren

• Autores: Philipp Zehlicke, Franz Bernhard Herding, Josef Parzinger
• Localización: ZIP : Zeitschrift für Wirtschaftsrecht, ISSN 0723-9416, Vol. 45, Nº. 4, 2024, págs. 164-177
• Idioma: alemán
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• Resumen
  • Deutsch

    Der Beitrag untersucht aus einer praktischen Perspektive die Möglichkeit der Kombination von deutschen und englischen (vorinsolvenzlichen) Restrukturierungsverfahren, um für Unternehmen in einer finanziellen Krise, deren Finanzierungsstruktur englischem Recht unterliegt, einen Weg zur umfassenden Restrukturierung ihrer Eigen- und Fremdkapitalstruktur aufzuzeigen.

  • English

    The authors examine from a practical perspective the possibility of combining German and English (pre-insolvency) restructuring proceedings to enable a way for German distressed companies whose financing arrangements are governed by English law to achieve a comprehensive restructuring of their equity and debt structure. For a long time, German distressed companies had to take the cumbersome route of a restructuring migration to the United Kingdom in order to benefit from cramdown possibilities regarding dissenting creditors outside contractual majority rules in pre-insolvency proceedings. With the introduction of the Act on the Stabilisation and Restructuring Framework for Enterprises (StaRUG), German restructuring law now knows statutory possibilities to overcome dissenting creditor behaviour. However, many distressed companies are still drawn to London as European restructuring centre. There are many practical reasons for this, as well as legal ones. British restructuring tourists have to bear in mind that, post Brexit, the recognition of English proceedings in Germany is questionable in some constellations. Against this background and the experience with the combination of Dutch and English restructuring instruments in the “Vroon”-restructuring, the article examines the possibility of the simultaneous and, thus, parallel use of English and German restructuring proceedings by the same legal entity in order to achieve a comprehensive restructuring in parallel proceedings.