Die übertragende Sanierung in der Eigenverwaltung

In the USA, the acquisition of companies in insolvency by way of an asset deal (so-called 363 sale) without an insolvency administrator has revolutionised restructuring practice in recent decades. Insolvency debtors carry out these sales, also known as fire sales, at an early stage of the proceedings without an insolvency plan (which restructures the legal entity), which is actually provided for in the US Chapter 11. As in the German transferring reorganisation, the company changes its owner, the legal entity remains in insolvency and is finally liquidated. Prominent proceedings in the USA, such as those of Chrysler, General Motors and Lehman Brothers, are sales that were settled in this way and in the shortest possible time. From a comparative law perspective, Alexander Joost explores the question of what opportunities and risks the transferring reorganisation in self-administration offers and whether the transfer of US regulations could be profitable.