The New Draft Law for Preventive Restructuring Procedures in Germany
On 19 September 2020 the German Ministry of Justice published the long awaited draft law (the ‘Reform Bill’) transposing the EU Restructuring and Insolvency Directive 2019 (the ‘Directive’). The Reform Bill will not only introduce a preventive restructuring framework, but also a number of relevant changes to the German Insolvency Code following the results of an evaluation in 2018.
