Insolvency-Bancruptcy

The first time I heard about the word insolvency was during my interview at Daewoo. The human resource manager asked me "We are in an insolvency, do you know what that means?". I answered "Yes" but it was a lie. Afterwards I asked my whole family about their experiences with insolvency. Some of them told me they did not know and others answered that insolvency is like bankruptcy. Nowadays I know that this was a wrong consideration. I received that kind of definition again and again when asking to define insolvency. It is also a common consideration, that a company who is in an insolvency is already brake. The public is not get informed although the new insolvency procedure exists since the 1st of January 1999. Only a few people know the differences between insolvency and bankruptcy. This is not amazing because there is a lack of information about this topic. During my search for information about the topic I pushed at boundaries again and again. I found for example only one book about the new insolvency order. However, you get more in the internet. Therefore, this work is based on information taken from the internet.

I am still wondering about this fact because the insolvency openings are increasing nowadays. In the year 2001 the insolvency orders increased by 19 percent in whole Germany. In the first part of this year there is a growth of about 25 percent.

In the following table, I would like to point out the current situation in Germany.
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Inhaltsverzeichnis (Table of Contents)

• Introduction
• Insolvency and bankruptcy
• Course of insolvency
  • Who applies for insolvency?
    • The request by the creditor
    • The request by the debtor
  • Insolvency reasons
  • Role of the court
• The ways out of the insolvency
  • The rescue
    • The Process
• What happens to the employees?
  • The salary
  • The dismissal
  • The holidays
  • New employment
• The consumer insolvency
• Final conclusion

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This work aims to provide an overview of insolvency and bankruptcy in Germany, with a particular focus on business insolvency procedures. It delves into the process of filing for insolvency, the reasons for insolvency, and the role of the court. The text also explores the options for rescuing a company in insolvency and the consequences for employees. The author draws upon his personal experiences and the changing legal landscape of insolvency in Germany.

• Insolvency and bankruptcy procedures in Germany
• The process of filing for insolvency
• The role of the court in insolvency proceedings
• The options for rescuing a company in insolvency
• The impact of insolvency on employees

Zusammenfassung der Kapitel (Chapter Summaries)

• Introduction: The author introduces the concept of insolvency through his own experience and highlights the public's limited understanding of the process. He emphasizes the increasing number of insolvency filings in Germany and presents a table showcasing the current situation.
• Insolvency and bankruptcy: This chapter will likely delve into the definitions of insolvency and bankruptcy, clarifying their differences and exploring the legal framework that governs them in Germany.
• Course of insolvency: This chapter will likely cover the procedural steps involved in insolvency proceedings, including the different parties who can initiate an insolvency filing (creditors and debtors). It might also examine the reasons that lead to insolvency and the role of the court in overseeing the process.
• The ways out of the insolvency: This chapter is likely to discuss the options available to businesses facing insolvency, focusing on the possibility of rescue and the steps involved in the rescue process.
• What happens to the employees?: This chapter will likely address the consequences of insolvency for employees, covering topics such as salary payments, potential dismissal, holiday entitlements, and opportunities for new employment.
• The consumer insolvency: This chapter will likely explore the specific procedures and implications of consumer insolvency, potentially discussing the differences between business and consumer insolvency and the options available to individuals facing financial difficulties.

Schlüsselwörter (Keywords)

The core themes of this text revolve around insolvency and bankruptcy in Germany, encompassing legal procedures, the role of the court, rescue options, and the impact on employees. Key terms include insolvency, bankruptcy, insolvency procedure, creditor, debtor, rescue, dismissal, and employee rights. The author's focus on real-world examples and his personal experiences underscore the practical implications of these legal concepts.

Details

• College: BVL Campus gGmbH (FB English)
• Course: Englisch 4. Semester
• Grade: 2,2 (B)
• Author: Nikola Jacobs (Author)
• Publication Year: 2002
• Pages: 20
• Catalog Number: V8191
• ISBN (eBook): 9783638152334
• Language: English
• Tags: Insolvency-Bancruptcy Englisch Semester