Saturday, November 15, 2008

Can Nikework With Lacelid

Synopsis The new bankruptcy law: "Back to the Future?" Prof. Haas

Professor Haas has changed in the current issue State law (SR) of 07.11.2008, issue 11, pages 359-360 deals with the changes in the indebtedness of affairs by the Financial Markets Stabilization Act.
He illustrates the differences and similarities between the previous version of § 19 paragraph 2 of Insolvency Act and the "new" term indebtedness, which corresponds to the bankruptcy of the old order. In his opinion, he is then expressed critical of the length of the receiver circuit and the loss of the legislature has sought bankruptcy "objectification", which should avoid delaying the insolvency application scenarios based on hope now. He concluded that the new rule, therefore, to higher Securityholder lead cases and more cases of mass dismissals for lack of will.

A highly readable contribution to the criticism, given the still low insolvency rates and the high number of rejections for lack of assets (§ 26 Insolvency Act) is well understood. Taking into account also the so far limited importance of insolvency trigger offense of indebtedness to the insolvent, the further postponement of the onset of indebtedness by the new version from the perspective of creditor protection is dangerous.

finds the reasoning of the legislature here
( BT-pressure. 16/10600, p. 21) .
Excerpt: "The current Financial crisis has led to large falls in value especially in equities and real estate. This can be for companies that are particularly heavily affected by these losses, leading to an accounting insolvency. Can not these losses are offset by other assets, the institutions were committed to this company to provide, within three weeks of entering this calculated indebtedness for bankruptcy. This would apply even if it can be made for the company in itself a positive continuation forecast and the turnaround is already looming in a few months "

more comments.
also dealt Schmidt, DB, 2008, S. 2467ff. with the new version.


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