Wed, Jun. 28, 2006

New Bankruptcy Rules

CK - Washington.   The Berlin cabinet resolved today that new rules should help going businesses survive bankruptcy, the Department of Justice announced in a press release dated June 28, 2006. Involuntary liquidation should be the last option.

A major change in the German insolvency law relates to a procedural issue: Dissolving the cartels of attorneys available as bankruptcy trustees. These cartels are widespread in the court districts and prevent new appointees from being included in lists from which the courts choose trustees in bankruptcy.

In the future, the lists will be open while the courts may continue to apply quality criteria similar to those recently upheld in the District of Columbia in Pamela H. Roth et al. v. Rufus G. King, III.


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