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Why does Germany need to reform its insolvency law...again?

On the sidelines of Debtwire's Germany Forum in Frankfurt, the chair of Latham & Watkins' German insolvency practice Frank Grell, summarises what updates to the ESUG regime hope to achieve. 

"It's a shame that people have to go to the UK to use the Scheme of Arrangement," says Frank Grell, when he sat down to speak with Adelene Lee from Debtwire at the recent German conference. 

"We have come a long way. The ESUG is working with the protective shield and investors are getting more comfortable with it. What we now need is something that is tailor-made only for financial restructuring."

The conference featured a panel session examining the upcoming pre-insolvency procedure in Germany. Speakers considered whether it goes far enough to facilitate out-of-court restructuring or whether the UK Scheme of Arrangement would remain the fallback option for complex cases. Paolo Castagna, Head of Restructuring at UniCredit and Arndt Geiwitz, Partner at Schneider Geiwitz & Partner, also considered what complications may arise from Brexit for COMI shifts. 

In this video, Frank also talks about the year so far. Despite an absence of new deals coming to market, ongoing restructuring cases such as Scholz, have kept many in the market busy. 

Contributing factors to a quiet restructuring pipeline include the quantitative easing programme from the ECB and the economic picture in Germany making it possible for companies to avoid entering a restructuring process. 


Frank Grell is Partner in Latham & Watkins’Hamburg office and chairs the German Restructuring and Insolvency Practice. His practice focuses on insolvency and restructuring, including corporate reorganizations, debt restructuring, out-of-court and in-court representation of creditors of distressed companies and investors in such companies, including in particular protective shield/insolvency plan proceedings and loan-to-own strategies. 




We hope you enjoyed our Interview. For more presentations and interviews from the Debtwire Germany Forum visit the German insights zone today.

Hannah Ogunlowo Event Producer Debtwire

Hannah is responsible for speakers and event programmes at Mergermarket Group. She leads content for Debtwire's European fixed income events and Mergermarket's M&A events in Italy, Germany, MENA, UK and South Africa.

Hannah Ogunlowo Event Producer Debtwire

Hannah is responsible for speakers and event programmes at Mergermarket Group. She leads content for Debtwire's European fixed income events and Mergermarket's M&A events in Italy, Germany, MENA, UK and South Africa.

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