In the Middle Ages, when bankruptcy was in its infancy, options for debtors were limited.

Welcome to issue 8 of Global Insight, bringing you reports on breaking legal developments in restructuring law across borders and in jurisdictions around the world. http://viewer.zmags.com/publication/3cb77927#/3cb77927/1

On 16 May 2013, the Act Shortening Residual Debt Discharge Proceedings and Strengthening the Rights of Creditors (“Gesetz zur Verkürzung des Restschuldbefreiungsver- fahrens und zur Stärkung der Gläubigerrechte”) was passed into law by the German parliament.

The Landesbanken's transformation since the financial crisis of 2007-8 has not been as dramatic as experts expected, but there has been some movement, Reuters reported in a timeline. Banks have pared back the international operations and exotic investments that triggered so many losses, and have refocused on their grass roots German business.

The High Court recently ruled on the use of exit consents in relation to an exchange offer as part of a debt restructuring where the original bond issue was governed by English law.

EUROPEAN UPDATE: Group Insolvency Law under Discussion in Germany and Europe (citation: Dr. H. Philipp Esser, Group Insolvency Law under Discussion in Germany and Europe, XXXII ABI Journal 4, 50-51, 103-04, May 2013) - H. Philipp Esser

Commercial Fraud/International/Technology & Intellectual Property (2013 ABI Annual Spring Meeting) - Hon. Judith K. Fitzgerald, David W. Tohn, Cullen Drescher Speckhart

The law of 6 April 2013 on dematerialised securities entered into force on 19 April 2013. It introduces a legal regime for dematerialised securities, inspired by existing regimes in Belgium, Switzerland and France.

The reform of German insolvency law for company groups is making progress. A draft reform act to amend the German Insolvency Act (Insolvenzordnung) was presented by the Federal Ministry of Justice in the beginning of 2013.

The highest Czech Court decision defining “known creditor” within Council Regulation (EC) No. 1346/2000 has European wide impact. In order to understand the influence of the decision, it is necessary to briefly describe the Czech law provisions for lodging claims. Winter 2012/2013