The German Federal Court of Justice (Bundesgerichtshof - BGH) confirmed in a decision on May 7, 2020 (file number IX ZB 56/19) that distressed debt traders have the unrestricted right to inspect insolvency files.

So far, restructurings in Germany have been implemented either by way of consensual preinsolvency solutions or formal and comprehensive insolvency proceedings with court oversight. The EU Restructuring Directive (EU) 2019/1023 of 20 June 2019 paved the way for the implementation of pre-insolvency restructuring proceedings in all EU member states that allow debtors to restructure effectively at an early stage.