Sylvia Claire SebeikatTermingeschäfte in der Insolvenz

About this book deutschenglish

The use of derivatives in both the financial sector and the real economy has increased markedly over the last forty years. The volume of derivative transactions did not even decline significantly after the financial crisis in 2008. The German Insolvency Code (Insolvenzordnung, InsO) contains a special provision regarding derivatives (§ 104 InsO) that stipulates the termination of these contracts on the opening of insolvency proceedings. In principle, the insolvency administrator has the right to demand the continuation of contracts that are favourable to the insolvent party or to reject contracts that are not favourable to the insolvent party. The special provisions of the Insolvency Code exclude this right with regard to derivative transactions to the possible detriment of the insolvent estate.

This study examines whether and to what extent these special provisions of the Insolvency Code are necessary. In this connection, particular emphasis is placed on the so-called close-out netting agreements in Master Agreements which are regularly concluded between financial market participants. Since the revision of § 104 InsO at the end of 2016, these contractual provisions are explicitly recognised by the Insolvency Code. Critics see this as a result of extensive lobbying by financial services institutions at the expense of the non-privileged and unsecured insolvency creditors. This study also focuses on whether this criticism is justified and to what extent close-out netting provisions should be given privileged treatment.

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