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On 1 March various changes to insolvency law which aim to facilitate the
restructuring of operating companies will enter into force.
Stefan Sax, partner in the restructuring group in Frankfurt, comments "The
purpose of the reform is to improve the prospects of a successful restructuring
process, to involve creditors in the selection process of the (preliminary)
insolvency administrator and to improve the reliability and predictability of
insolvency proceedings. The reform also attempts to expand the opportunities
for the reorganisation of insolvent debtors through insolvency plan proceedings
and to limit the effects of potential appeals against such plans. The changes are
an important development in promoting Germany as a place where complex
restructurings can be achieved."

The German government also intends to implement further changes to
consumer insolvency proceedings and group insolvencies. These are beyond
the scope of this briefing.

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