Tom Dittmar
Der überschuldungsvermeidende Rangrücktritt
Ein Plädoyer für die insolvenzrechtliche Regulierung von Gesellschafter-Fremdkapital
[The Subordination of Debt. A Plea for the Regulation of Shareholder Capital under Insolvency Law.]
2019. XXI, 300 pages. Published in German.
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Summary
The subordination of debt is a common German restructuring instrument. It allows a corporation to avoid the mandatory filing for insolvency proceedings. However, Germany's Federal Court of Justice (BGH) requires the subordination agreement to meet several requirements. This study discusses these specific legal criteria while also questioning whether the BGH-regime is in accordance with the legal principles of the MoMiG - the law tasked with modernising the country's limited liability company law and preventing misuse.