Sabrina MorthorstDie Obergesellschaft im Beherrschungsvertrag in der Insolvenz

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The parent company in the control agreement in bankruptcy

Even today it is not clear whether the control agreement exists in the case of a bankruptcy of the parent company. The Bundesgerichtshof (Federal Court of Justice) have dealt with this issue at the „Familienheim“ decision during the time of the bankruptcy regulations. The Bundesgerichtshof vote in favour for the termination of the control agreement. However, with the entry into force of the Insolvenzordnung at 01.01.1999 and the law relating the easing of overcoming of group bankruptcy in 2018, the jurisdiction of the Bundesgerichtshof is outdated. In this context, the present work deals with the specificities of the control agreement in the case of bankruptcy. It is examined whether the executive power of the group management can be exercised by the insolvency administrator of the parent company. Furthermore, it is questioned whether the liability of the insolvency administrator in accordance with § 60 Insolvenzordnung is sufficient for the takeover of the executive power of the group executive board or whether an analogy to § 309 Aktiengesetz is necessary. Bankruptcy in the control agreement is also not only examined in isolation. References to other related corporate structures are established. Finally, a focus is placed on the termination possibilities of the control agreement in bankruptcy. In this context, different stages of bankruptcy are considered. The work ends with a proposal to supplement to § 157 Insolvenzordnung with a second paragraph and a supplement to § 158 (1) with a sentence 2. The new regulations highlight the need for a legislation to create legal certainty. It is also confirmed that the decision on the continuation or termination of the control agreement is reserved to the creditors of the parent company when the bankruptcy proceedings are opened.

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