Rechtswettbewerb und Debt Governance bei Anleihen

In 2009, the recast German Bond Act ( Schuldverschreibungsgesetz, SchVG) introduced significant changes that were supposed to simplify and extend the possibilities to restructure corporate bonds prior to formal insolvency and aimed at enhancing the position of German law vis-à-vis English and US-American law. Against this background, Markus Reps puts the German Bond Act to the test by applying an economic and comparative law perspective. He concludes that German law remains in need of substantive reforms and proposes specific improvements, in particular related to resolving the bondholders' collective action problems (debt governance) and promoting legal certainty.