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Clifford Chance

Clifford Chance

Briefings

Insolvency avoidance rules re-loaded – ILO

28 November 2014

German insolvency law is regularly criticised for having relatively extensive insolvency clawback provisions compared to the provisions in other jurisdictions. These provisions allow insolvency administrators to challenge transactions which occurred during suspect periods (or hardening
periods) before filing for insolvency. German insolvency administrators have the statutory duty and monetary incentive to maximise the value of the estate, including by way of clawback, which is why they make frequently use of this right. 

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Insolvency avoidance rules re-loaded – ILO

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