Corporate Restructuring PT
Apply Icon

Reorganization Concepts under the German Insolvency Law II

level of course unit

second cycle, Master

Learning outcomes of course unit

Upon successful completion of the course, students are able to interpret the new legal innovations of the German Insolvency Code by ESUG and the thus associated reorganization options.

prerequisites and co-requisites

not applicable

course contents

With the ESUG (Act to further facilitate the reorganization of companies), the German legislature has expanded the creditors’ possibilities of influencing the insolvency proceedings through the instrument of the preliminary creditors' committee. The operation of a creditors' committee will be shown, including the associated far -reaching consequences on the appointment of the (preliminary) insolvency administrator. The control and transparency of the proceedings were significantly improved from the point of view of the involved parties.

From the debtor’s point of view and that of the management (and shareholders) the self-administration was significantly strengthened by the ESUG. By the provisions of § § 270 a and 270 b InsO insolvency in the opening process the self-administration allows the management to benefit from the advantages of the insolvency proceedings for the purposes of reorganization and restructuring without having to lose control. The requirements and the associated effects of these two approaches are explained in detail. - According to the forecast, these approaches are going to be of significant importance in the field of reorganization and restructuring advisory services in the near future.

Furthermore, the differences between the insolvency plan for a transferring reorganization and the contents of an insolvency plan will be discussed. In this context, emphasis will be placed on the group formation and the resulting possibility of strategic considerations. Particularly, the participants’ interests represent an important component for the considerations and the design influencing a plan. Also important is the concept of "symmetry of victims", stating that reorganization contributions may not only be expected from the bankruptcy creditors and creditors entitled to separate satisfaction , but also from the shareholders themselves by either bringing in new capital or provide part of their shares..

recommended or required reading

George Michael, Klöckner Thomas & Wazlawik Thomas (2013) Rechtliche Anforderungen an ein Sanierungsgutachten in Deutschland. In: Exler, Markus (Hrsg.) Restrukturierungs- und Turnaround-Management, S.393-409, Berlin,
Hamburger Kommentar zur InsO, 2012
Frankfurter Kommentar zur InsO, 2011
Frind, F. (2011). Die Praxis fragt, ESUG antwortet nicht, Zeitschrift für das gesamte Insolvenzrecht, H. 50, S. 2249 ¿ 2261
Seeburg, D. & Böhmer, M. (2011). Debt-to-Equity-Swap nach § 225a InsO, Zeit-schrift für das gesamte Insolvenzrecht, H. 43, S. 1927-1941
Römermann, V. (2012). Neue Herausforderungen durch das ESUG, GmbH-Rundschau, S. 421-415
Göb, M. A. (2012). Das Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen, Neue Zeitschrift für Gesellschaftsrecht, S. 371-377

assessment methods and criteria

written examination or homework

language of instruction


number of ECTS credits allocated


course-hours-per-week (chw)


planned learning activities and teaching methods

Lecture, group work, presentation and task discussion

semester/trimester when the course unit is delivered


name of lecturer(s)

Prof. (FH) Dr. Markus W. Exler

year of study

2.year of studies

recommended optional program components

not applicable

course unit code


type of course unit

compulsory (integrated lecture)

mode of delivery

In-class course

work placement(s)

not applicable


Situm Mario
Prof. (FH) DDr. Mario Situm, MBA
Director of Studies
+43 5372 71819 147
questions -  Any
Any questions -
We are here to help you.
+43 5372 71819 500

Internationales Symposium Restrukturierung

Am 23. Oktober 2020 findet das „9. Internationale Symposium Restrukturierung“ an der Fachhochschule Kufstein Tirol statt.

Im Mittelpunkt der Jahreskonferenz 2020 steht das Rahmenthema "Gute Führung". Details finden Sie hier.

Restrukturierungs- und Turnaround-Management

ild: Buch Restrukturierungs- und Turnaround- Management


Der berufsbegleitende Masterstudiengang „Unternehmensrestrukturierung & -sanierung“ ist nach einjähriger Begutachtung offiziell „TMA zertifiziert“ – das renommierte Qualitätssiegel des Verbandes der deutschen Restrukturierungsexperten (TMA).

Weitere Informationen siehe hier.