CEU Electronic Theses and Dissertations, 2015
| Author | Miessler, Ira Helene |
|---|---|
| Title | Creditors' rights and Cramdown in Reorganization - A Comparative Study of US Law and German Law |
| Summary | This thesis evaluates the different approaches to reorganization in the US and Germany with the focus on plan confirmation and cramdown provisions. It points out the different requirements for these provisions in both jurisdictions and analyzes why the success rate of reorganization proceedings in the US is much higher than in Germany. The thesis first builds a foundation for its evaluation by examining the approach to reorganization and cramdown under the US Bankruptcy Code. Then it analyzes the legal framework in Germany in direct comparison to the US system by drawing attention to similarities and differences between the two. Subsequently, it discusses possible reasons for the different success rate based on its findings and proposes a solution to increase the number of successful reorganizations in Germany. This thesis finds that reorganization is more successful in the US due to the lack of stigma hanging over the debtor, which as a result gives the debtor more power and more trust in its abilities. It proposes to reform the insolvency law regarding plan confirmation and cramdown in Germany in order to provide for an easier reorganization and make way for the possibility of removal of the bankruptcy stigma. |
| Supervisor | Tibor Tajti |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2015/miessler_ira.pdf |
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