Cleary Gottlieb

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Coordination but no consolidation: internal draft bill on group insolvencies in Germany

We have reviewed an internal draft of the German Federal Ministry of Justice (Bundesjustizministerium) of a Bill to Facilitate the Handling of Group Insolvencies (Entwurf eines Gesetzes zur Erleichterung der Bewältigung von Konzerninsolvenzen). For the first time in Germany, the Draft Bill would, if enacted as drafted, introduce special rules relating to the insolvency of group companies. The Draft Bill continues a recent series of legislative initiatives to modernize German insolvency law.

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