Acceso usuarios
Florian Bruder
On 1 January 2021 the new German Act on the Stabilisation and Restructuring Framework for Businesses (StaRUG) came into force, which transposes the EU Restructuring Directive (2019/1023) into German law. The StaRUG hasbeen long-awaited as it closes the gap in the German restructuring practice between out-of-court consensual restructuring and restructuring in in-court insolvency proceedings providing, inter alia, the instrument of a restructuring plan including a powerful cross-class cramdown mechanism. The instrument is in Germany in principle well known from the insolvency plan proceeding allowing to overcome obstructing minority creditors. This leads to the question which position the shareholders hold within UG framework and to which extent they can obstruct the restructuring plan.
