“Reorganization through bankruptcy, a opposition seems to be in itself, because in the public perception is, that insolvency is still equated with the final failure and the need for market adjustment by an orderly market exit. The fact, that this thinking in the categories of the 19th century, today still is in the mind as a central problem of recognizing strategic options for bankruptcy. And many business leaders and advisors firmly established, but does not see, that since the middle of last century, here a fundamental change has taken place. The first in the Anglo-American States accelerated rehabilitation approach due to insolvency was also recorded in Germany increasingly in the 70th and was followed by the realization, that the bankruptcy is the largest value destroyers, while the renovation gets tied up in the company values as well as jobs, supplier relations, regional structures etc. and at the same time the business and economic damage is minimized. This development has been included in the 1999 reformed german insolvency law and has reached with the entry into force of the law to further facilitate the restructuring of companies (ESUG), March 1, 2012,  its preliminary view point.” grasp Prof. Hans Haarmeyer and Robert Buchalik in their book” reorganization place liquidation “excellent together.

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