ESUG: German for “Modernising Bankruptcy Law”

For close on twenty years, Germany insolvency law has been one of the consistently and heavily criticised fields of German federal legislation. In the nineties it was deemed necessary to replace the Konkursordnung (Bankruptcy Code) enacted by KaiserWilhelm I by a modern Act, which would take into account the changes in the economic realities that had come about since the industrial revolution and would establish insolvency proceedings as a tool for properly organised corporate restructurings.