Special Arrangements for Small and Medium-Sized Enterprises (SMEs) Including Natural Persons (but not Consumers)

The efficient application of an insolvency and, maybe even more, a restructuring framework rests on the assumption of some basic preconditions. The previous chapters should have made it obvious that a successful business rescue depends on institutions (courts, insolvency office holders, public agencies) that work with sufficient efficiency and transparency, a market that offers rescue finance as well as a purchase option for the business (a market price), and sufficient assets in the debtor’s estate to incentivise all participants to actively engage in the process based on the idea that they have something to gain from it (be it the continuation or take-over of the business, a payoff on their debt or a remuneration).