The German Federal Ministry of Justice and Consumer Protection has recently presented the long-awaited draft bill to introduce a new pre-insolvency business stabilization and restructuring regime into German law. The availability of this ground-breaking new "German Scheme" will significantly change the German restructuring landscape and elevate it to an internationally competitive level. In particular, the German Scheme will close the gap between consensual out-of-court restructurings and in-court restructurings since the latter can to date only be implemented in Germany by means of comprehensive insolvency proceedings.
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