On the bill of the Federal German Government for an Act Serving the Further Facilitation of the Reorganization of Enterprises (ESUG)
Now that the Federal Government's bill for the Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen (ESUG, Act Serving the Further Facilitation of the Reorganization of Enterprises) is available, the first of the three stages of reforming German insolvency laws has (nearly) been completed. At its core, the Reorganization Facilitation Act is intended to enable companies to be reorganized early, thus contributing to a new culture of reorganization in Germany. In Stages Two and Three, the Federal Government will then address consumer insolvency proceedings as well as the laws governing corporate insolvency and the professional standards of insolvency administrators. The Federal Minister of Justice, Sabine Leutheusser-Schnarrenberger, has stated that the reform of insolvency laws is among the major reform projects in German commercial law.
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