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The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring Directive of June 20, 2019 ((EU) 2019/1023) and introducing a self-administrated restructuring option outside the standard insolvency proceeding.
THE PRE-INSOLVENCY RESTRUCTURING PLAN
The core element of the SanInsFoG is the option of a self-administrated pre-insolvency restructuring by way of a restructuring plan with the support of its creditors. In principle, the restructuring procedure allows the restructuring of a person’s (in most cases a company’s) debt. It includes not only financial debt but all kinds of debt except liabilities towards employees, claims based on deliberately committed unlawful acts as well as administrative fines or monetary penalties. Through the restructurin ....

Morgan Lewis , Development Of The Restructuring , German Act , Further Development , Insolvency Law , European Restructuring Directive , Criminal Procedure , மோர்கன் லெவிஸ் , வளர்ச்சி ஆஃப் தி மறுசீரமைப்பு , ஜெர்மன் நாடகம் , மேலும் வளர்ச்சி , நொடித்துப்போனது சட்டம் , ஐரோப்பிய மறுசீரமைப்பு உத்தரவு , குற்றவாளி ப்ரொஸீஜர் ,