For the 11th time Schultze & Braun (GmbH Rechtsanwaltgesellschaft) published its Yearbook Insolvency and Restructuring in Germany, now edition 2020. The Yearbook does not cover a general theme, rather contains a potpourri of substantial and statistic subject, legislative texts (the German Insolvency Act and the Regulation recast) and a glossary of legal terms with translations in various languages. Also matters of implementing the EU’s Directive on Preventive Restructuring Frameworks are discussed. Two authors, Andreas Beck and Roland Fendel, explain in this context how creditors can avoid losing some or all of their collateral as a result of debtor-driven restructuring plans and moratoriums. From the book, which can be downloaded for free from www.schultze-braun.de/yearbook, I would like to just mention three contributions.
Professor David Hahn of Bar-Ilan University in Tel Aviv writes about substantial Israeli insolvency and restructuring law as it was was comprehensively reformed in 2018. In the end it mentions that the new Act ‘… adopted in whole UNCITRAL’s Model Law on Cross-Border Insolvency. Part IX of the New Insolvency Act is an exact Hebrew translation of the Model Law.’ That’s remarkable, as the strongests proponents of the Model Law, USA and UK, in several provisions took their own course in their respective texts.
In an anonymised case study, Annerose Tashiro and Detlef Specovius, describe step by step how unprofitable foreign subsidiaries in Canada and the USA can be successfully wound up.
Finally, an industry report draws attention. Three authors describe the crisis affecting independent bakeries and bakery chains. It shows no signs of abating. The authors discuss causes and potential solutions.
With two more flowcharts, on the protective shield procedure and corporate insolvency, the Yearbook ends, offering something for everyone.