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.
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