Roman WilleInsolvenzanfechtung von Kreditsicherheiten im Konzern

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When granting a loan to company which belongs to a group, in most cases the money will not remain with the borrower but will also be transferred to the other companies of that group. Therefore, a bank will request credit securities (also) from those other companies. Without such approach, establishing a liability of the other companies for paying the loan back to the bank would be significantly harder, or even impossible.

Nevertheless, by this extension of liability the risk increases that the provision of the security will be challenged in accordance with the German Insolvency Act (Insolvenzordnung). In the event of providing security by a third party, the rights to challenge the provision of a security are split, as the security provider and the borrower are not identical. As a result, the bank is at risk to possible challenge claims of each company participating in the secured loan. Accordingly, the risk increases that the securities are not available for the bank when they are needed the most: when the borrower is insolvent and, therefore, is not able to pay the loan back.

This study analyses the possible challenge claims resulting from the participation of different companies. It considers the provision of upstream, downstream and sidestream securities. The respective challenge claims can be possible against the bank as well as within the group of companies.

Further, the influence on the challenge rights will be analysed when the companies are part of a group of either stock corporations (Aktiengesellschaften) or limited liability companies (Gesellschaften mit beschränkter Haftung) under German law. Another aspect is to analyze the differences of providing physical securities (Sachsicherheiten) or personal securities (Personalsicherheiten).

A special purpose of this doctoral thesis is the development of an interpretation approach of the stipulations concerning challenge rights which is in accordance with one of the main targets of the German Act to Modernize Limited Liability Company Law and to Combat Abuse (Gesetz zur Modernisierung des GmbH-Rechts und zur Bekämpfung von Missbräuchen – MoMiG): strengthening the financing of groups. This target could not be achieved if the risks of providing securities for other companies’ loans would move from the corporate to the insolvency law.

Ihr Werk im Verlag Dr. Kovač

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